2010-05-18 06:48:00
A Look at John Paulson's Q1 Buys and Sells
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It's that time again.
Paulson & Co Inc filed their 13F-HR on Monday with the SEC for Q1/2010.
The 13F-HR filing lists all of the hedge fund firm's long positions (stocks, options, etc) in Section 13(f) securities. This particular filing includes all of the long positions in Section 13(f) securities that Paulson & Co Inc was holding as of March 31st, 2010.
Seeing as how John Paulson has quickly become one of the most revered and respected hedge fund managers in the world, there was a great deal of anticipation for this latest filing.
What would John Paulson, the man who made billions betting against the subprime mortgage market when everybody else was buying, be buying and selling in Q1/2010?
First off, before we get into that, let's give you a few numbers.
Paulson & Co Inc held a total of 60 Section 13(f) securities as of March 31st, 2010. These securities had a total value of $21,157,999,000.
In the quarter before, Paulson & Co Inc had reported holding a total of 57 Section 13(f) securities that had a total value of $19,795,476,000.
Ok - now let's break out some specific numbers from the first quarter.
Paulson & Co Inc initiated a total of 18 new positions in Q1/2010. In addition, the hedge fund firm decided to part ways with 15 of the positions that were being held as of Q4/2009.
The largest single purchase? MGM Mirage Inc (MGM). Paulson & Co Inc snapped up a total of 40,000,000 shares in the company - at the end of Q1, Paulson and Co Inc reported that this position had a total value of $480,000,000.
Here are the top five purchases for Paulson and Co Inc from Q1:
MGM Mirage Inc. (MGM), COMMON - 40,000,000 shares, $480,000,000 Total Value
Apache Corporation (APA), COMMON - 3,400,000 shares, $345,100,000 Total Value
MYLAN INC/PA (MYL), COMMON - 11,370,100 shares, $258,215,000 Total Value
Family Dollar Stores, Inc. (FDO), COMMON - 6,000,000 shares, $219,660,000 Total Value
Devon Energy Corporation (DVN), COMMON - 3,300,000 shares, $212,619,000 Total Value
Now - the biggest sales.
Some of these sales came as a result of a merger. It's interesting to note that Paulson decided to sell his entire stake in Philip Morris, as he elected to part with his entire 9 million share stake.
Here are the top five sales:
Sun Microsystems, Inc. (JAVA, COM NEW) - 74,000,000 shares, $693,380,000 Total Value
Philip Morris Intl (PM, COM) - 9,000,200 shares, $433,720,000 Total Value
Pepsi Bottling Group Inc. (PBG, COM) - 10,400,000 shares, $390,000,000 Total Value
IMS Health Inc. (RX, CMN) - 18,000,000 shares, $379,080,000 Total Value
Bank of America Corporati (BACPRS, CMN) - 13,760,000 shares, $205,299,000 Total Value
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Now - Paulson and Co Inc added to nine of their existing positions, while reducing two. The top five additions (in terms of % change) were:
364%, Hartford Financial Services (HIG, COMMON)
93%, Apollo Group, Inc. - Class A (APOL, CL A)
30%, XTO Energy, Inc. (XTO, COMMON)
11%, Bank of America Corp (BAC, COMMON)
5%, Kinross Gold Corp (KGC, COM NO PAR)
The two positions that Paulson decided to trim down were:
-50%, Mead Johnson Nutrition Company (MJN, COM CL A)
-8%, Marshall & Ilsley Corp (MI, COM NEW)
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Paulson continues to be a big fan of gold, as his 31.5 million unit position in GLD (SPDR Gold Trust) is his company's single largest position (I'm sure that his gold fund investors are very happy right now).
Paulson also continues to hold very large stakes in Bank of America (BAC) and Citigroup (C).
Here are the top largest Paulson & Co Inc positions (that were reported on this filing) as of March 31st, 2010:
SPDR Gold Trust (GLD), 31,500,000 shares, $3,431,925,000, GOLD SHS
Bank of America Corp (BAC), 167,794,229 shares, $2,995,127,000, COMMON
Citigroup Inc. (C), 506,700,000 shares, $2,052,135,000, COMMON
Anglogold Ashanti Ltd. (AU), 43,749,864 shares, $1,660,307,000, SPONSORED ADR
Comcast Corp. (CMCSA), 44,000,000 shares, $828,080,000, COM NEW CL A
Suntrust Bank Inc. (STI), 30,380,700 shares, $813,899,000, COMMON
Boston Scientific Corp (BSX), 99,135,000 shares, $715,755,000, COMMON
Capital One Financial Cor (COF), 17,000,000 shares, $703,970,000, COMMON
XTO Energy Inc. (XTO), 13,000,000 shares, $613,340,000, COMMON
Kinross Gold Corp (KGC), 33,140,000 shares, $567,078,000, COM NO PAR
Filed under: Hedge Fund News
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