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Coming off savage losses in 2011, John Paulson's eponymous Paulson & Co. hedge fund initiated new positions in several stocks during the second quarter, including JPMorgan Chase
JPM and Wells Fargo
WFC. The two Dow components are the two largest U.S. banks by market cap.
Paulson previously rose to acclaim for betting against sub-prime mortgages before the onset of the financial crisis. However, his company would later endure rocky returns in 2011 for heavy long side bets on bank stocks that were ill-timed.
The 13F filing with the Securities and Exchange Commission also
indicated that the hedge fund added to its stake in custodial bank State Street
STT.
During the second quarter, Paulson & Co. eliminated stakes in Anadarko Petroleum
APC, SunTrust
STI, Family Dollar
FDO and United Rentals
URI.
Positions that Paulson added to during the quarter included the SPDR Gold Shares
GLD, the largest ETF backed by physical gold. Paulson's gold funds have been among the lone bright spots for the firm over the past year. Other positions that were added to included HCA
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, Gaylord Entertainment
GET, Quest Software
QSFT and Hillshire Brands
HSH.
The hedge fund also initiated new positions in Cablevision
CVC, Cooper Industries
CBE, Equinix
EQIX.
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Posted In: Long IdeasNewsShort IdeasFuturesHedge FundsCommoditiesMovers & ShakersAfter-Hours CenterMarketsTrading IdeasETFsJohn PaulsonPaulson & Co.
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