From MineWeb.com:Billionaire John Paulson, who placed the bulk of his personal fortune in funds that bought securities linked to gold, made $5 billion in 2010 as gold climbed almost 30 percent last year.
The gold investments are primarily conducted through one of the largest ETFs in the world, SPDR Gold Shares, which is believed to hold near 1,230 tonnes of gold bullion. SEC filings reveal Paulson's hedge funds own 31.5 billion shares in the SPDR Gold Trust, worth an estimated $4 billion.
Citing a "person familiar with the matter," the Wall Street Journal said Paulson earned $1 billion in performance fees last year, normally a 20% cut of his funds' profits. The New York Times quoted unidentified investors in the Paulson Advantage fund who noted the gold-class shares of the Advantage fund surged 30.8% last year.
Paulson placed much of his own fortune in gold-denominated funds and a separate gold-focused fund. "Because gold rose sharply in value last year, the gold-denominated versions of his funds rose as much as 45%," the WSJ reported.
Paulson believes gold will outperform for the next year and is "the ideal vehicle to hedge against the risk of the U.S. dollar."........read in full
No comments:
Post a Comment