Paulson's Flagship Fund Hampered by Dip in Gold, Erases FY11 Gains
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John Paulson -- hedge fund titan and namesake of Paulson & Co. -- stuck to his guns (his golden guns, that is) in March, riding the gold slump all the way down.
According to people familiar with the knowledge, as quoted by Bloomberg, Paulson's Advantage Plus Fund held on as AngloGold Ashanti (NYSE: AU) dipped 12.5 percent in March. Gold bullion slipped 2.3 percent in March following a strike by Indian jewelers, lowered expectations of further monetary easing, and signals the U.S. economy is gathering some steam in its recovery.
The Advantage Plus Fund, which holds about 25 percent of its investments in gold-related stocks, fell 5.5 percent in March and 2.2 percent in the first quarter of 2012. The dip effectively erases gains in 2011 for the fund. Paulson's Advantage Fund fell 4 percent in March and is off about 1 percent for the year.
In other Paulson news: His Recovery Fund is up 2.8 percent in March and 9.5 percent in 2012. This fund looks to invest in holdings which will benefit from a long-term economic rebound.
Paulson's Enhanced Fund is up 0.9 in March and 13 percent from the year.
The SPDR Gold ETF (NYSE: GLD) is up 0.6 percent at last check.
According to people familiar with the knowledge, as quoted by Bloomberg, Paulson's Advantage Plus Fund held on as AngloGold Ashanti (NYSE: AU) dipped 12.5 percent in March. Gold bullion slipped 2.3 percent in March following a strike by Indian jewelers, lowered expectations of further monetary easing, and signals the U.S. economy is gathering some steam in its recovery.
The Advantage Plus Fund, which holds about 25 percent of its investments in gold-related stocks, fell 5.5 percent in March and 2.2 percent in the first quarter of 2012. The dip effectively erases gains in 2011 for the fund. Paulson's Advantage Fund fell 4 percent in March and is off about 1 percent for the year.
In other Paulson news: His Recovery Fund is up 2.8 percent in March and 9.5 percent in 2012. This fund looks to invest in holdings which will benefit from a long-term economic rebound.
Paulson's Enhanced Fund is up 0.9 in March and 13 percent from the year.
The SPDR Gold ETF (NYSE: GLD) is up 0.6 percent at last check.
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