John Paulson, the well-known billionaire hedge fund manager of Paulson & Co., has released his 13F, listing the transactions made during the second quarter.
Paulson’s position in Bank of America Corp. (BAC), which was previously one of the hedge fund’s largest, was cut by more than half. Paulson sold over 63 million shares of BAC, taking it out of his top 10 holdings.
Paulson continued to hold about 60 million shares of BAC. Paulson’s largest holding continued to be the SPDR Gold ETF (GLD), of which he sold no shares. The 31.5 million shares he now owns are now worth about $5.3 billion, having risen since the end of the second quarter.
Paulson’s second largest position at the end of the quarter was AngloGold Ashanti (AU), in which he sold about 2.5 percent of his stake. Paulson’s position in AngloGold is worth about $1.6 billion. Paulson also sold out of Kinross Gold (KGC), having previously held 19 million shares worth about $300 million.
Paulson sold about 19 percent, or 7.7 million shares, of his position in Citigroup Inc. (C), which was listed as Paulson’s third largest holding. The hedge fund retained about 33.5 million shares, now worth about $1 billion. Paulson & Co. increased its stake Wells Fargo & Co. (WFC) by about 13 million shares, or 60 percent, to over 33 million shares. Wells Fargo is now Paulson’s eighth largest holding.
Paulson also decreased his stake in Transocean (RIG), cutting the position to 18.8 million shares from over 24 million. Transocean remains Paulson’s fifth largest listed holding. Other large reductions include Alpha Natural Resources (ANR), Comcast (CMCSA) and Anadarko Petroleum (APC), selling over $400 million worth of each of these equities.
Paulson's largest new investment was in Life Technologies Corp (LIFE) in which the hedge fund bought about 7.5 million shares.
Disclaimer: This article is intended to be informative and should not be construed as personalized advice, as it does not take into account your specific situation or objectives.
Disclosure: I am long Citigroup.