John Paulson, the billionaire whose biggest hedge fund has lost 31 percent this year, cut his stake in Bank of America Corp. (BAC) stock by half and trimmed his Citigroup Inc. (C) position last quarter as financial shares slumped, according to Bloomberg..
Paulson & Co. sold 7.8 million shares of New York-based Citigroup, leaving the fund with 33.5 million shares as of June 30, according to a filing today with the U.S. Securities and Exchange Commission. The fund sold 63.2 million shares of Charlotte, North Carolina-based Bank of America, leaving it with 60.4 million, according to the filing.
Paulson, 55, who has been betting on an economic recovery by the end of 2012, scaled back those wagers after losses this year and told clients in June that he reduced his stake in Bank of America, which slumped 18 percent in the second quarter and 29 percent since then. Financial shares, including Citigroup, were among the fund’s biggest U.S. stock holdings in the first half of the year and have been a major part of his recovery bet.
Financial companies posted the worst performance among 10 industry groups in the Standard & Poor’s 500 Index in the second quarter, losing 6.3 percent….
Read more at http://www.bloomberg.com/news/2011-08-15/paulson-s-hedge-fund-sold-citigroup-bofa-shares-last-quarter-amid-decline.html
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