Friday, April 19, 2013

Paulson's Advantage fund stung by plunge in gold

Hedge fund billionaire John Paulson's best-known fund is down 2.4 percent in April, largely due to the sharp selloff in gold, a source familiar with the numbers said on Thursday, Reuters reports.

The Paulson & Co Advantage fund is making money for the year, but just barely, with a 1.3 percent gain, the source said.

The fund's substantial holdings in several gold mining stocks, including a bet on AngloGold Ashanti Ltd, which is down 40 percent this year, have dramatically cut into the Advantage fund's returns.

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