Wednesday, July 10, 2013
Billionaire Paulson loses Midas touch
Hedge fund manager John Paulson's gold fund has lost 65 per cent of its worth so far this year after the portfolio declined 23 per cent last month, two people familiar with the fund said on Monday.
With roughly $US300 million ($330 million) in assets, the gold fund is the smallest portfolio in his New York-based firm's line-up with less than 2 per cent of its assets and it invests mostly Paulson's personal money, the people familiar with the fund said.
The fund's assets have fallen from roughly $US700 million at the end of the first quarter, according to those people. They did not want to be identified because the information is private.
The gold fund, which at one point managed almost $US1 billion, rose 35 per cent in 2010 and contributed to Paulson's estimated $US5 billion payday that year.
Read more: http://www.smh.com.au/business/markets/billionaire-paulson-loses-midas-touch-20130710-2pp33.html#ixzz2Ydjfhybo