Hedge fund Paulson & Co., held 300 million shares of Citigroup Inc. (C) valued at $1.45 billion on September 30 and also let go its entire stakes on Goldman Sachs Group Inc. (GS), according to form 13-F filed with the U.S. Securities & Exchange Commission late Friday.
Form 13-F, is filed by investors who manage $100 million or higher funds, within 45 days of the end of a given quarter, enabling transparency into the portfolios of well-known money managers. The third quarter's deadline is Monday.
The New York-based Paulson & Co., an employee owned hedge fund sponsor founded in July 1994, primarily provides its services to pooled investment vehicles. John Alfred Paulson, president of Paulson & Co., Inc, is renowned for his betting that the housing market would collapse, has invested in bank stocks that plunged during the 2008 financial crisis.
On September 30, the group had stakes in 39 securities for a total market value of $20.46 billion. When compared to the second quarter, Paulson reduced its stakes in JPMorgan Chase & Co., Petro-Canada, Humana Inc (HUM), State Street Corp (STT) and AT&T Inc (T), while buying Hartford Financial Services Group Inc.(HIG). Earlier this week, Paulson reportedly raised its Cadbury stake to 2.54% of the company's outstanding shares.
Citigroup seems to be sought after by hedge funds, as David Tepper, through his Appaloosa Management LP acquired 79.7 million Citigroup shares, in the third-quarter, while another hedge fund, Renaissance Technologies, sharply reduced its stake in Bank of America (BAC) and significantly raised its stake in Citigroup to 21.5 million shares from 17,700, in its SEC filing.
C finished Friday's trading at $4.05, on the NYSE.
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