John Paulson, the billionaire hedge-
fund manager coming off record losses in 2011, posted a 2
percent loss last month in his Advantage Plus Fund, according to
a monthly update to investors obtained by Bloomberg News.
The fund, which seeks to profit from corporate events such
as takeovers and bankruptcies and uses leverage to amplify
returns, is down 18 percent this year with the July loss.
Paulson’s Gold Fund, which can buy derivatives and other gold-
related investments, rose 0.2 percent in July and has declined
23 percent this year. Slumping gold-mining stocks have
contributed to declines in the Advantage funds and Gold Fund
this year. The firm’s merger arbitrage, credit and recovery funds, which comprise more than 60 percent of the firm’s $21 billion in assets, rose this year on the firm’s “long event positions,” Paulson said today in the letter to clients. Event-driven managers bet on companies facing mergers, spinoffs and bankruptcies....
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