John Paulson's Hedge Fund Making Big Bet on Telecom (T, BCE, EQ, CYCL)
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John Paulson's Paulson & Co. hedge fund, which has been one of the best performers over the past few years, released their 13F for the quarter ended December 31, 2008. Paulson is mainly known for his prowess betting against the U.S. housing market, making an estimated $3-$4 billion from the trade.
From the filing, it appears Paulson is making a bet on telecom, raising his stake in BCE (NYSE: BCE) and showing new stakes in AT&T (NYSE: T), Centennial Communications (Nasdaq: CYCL) and Embarq Corp. (NYSE: EQ).
Paulson is still raking in the dough shorting European banks. Recently, Paulson made $67 million in under thirty minutes from his short of Lloyds Banking Group Plc (NYSE: LYG). His U.S. and European shorts are not required to be disclosed in this filing.
Below is a summary of Paulson & Co's notables moves:
- New 3M share stake in AT&T (NYSE: T)
- New 5M share stake in Centennial Communications Corp. (Nasdaq: CYCL)
- New 2M share stake in Embarq Corp. (NYSE: EQ)
- New 925K share stake in Northern Trust Corporation (Nasdaq: NTRS)
- Raised Boston Sci (NYSE: BSX) stake by 15M shares to 99.1M shares
- Raised BCE (NYSE: BCE) stake by 17M shares to 22.6M shares
- Raised NRG Energy (NYSE: NRG) stake by 3.3M shares to 5.3M
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