John Paulson Pares Gold Miners While Adding to Recovery Trades
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John Paulson, the billionaire hedge-fund manager battered by the selloff in gold, pared stakes in gold miners last quarter while adding shares of companies that stand to benefit from a stronger economy.
Paulson & Co., which manages $18 billion out of New York, exited its $32 million stake in Barrick Gold Corp., the world’s biggest gold producer by sales, and reduced holdings in other mining companies, according to a regulatory filing yesterday. The firm bought a $295.3 million stake in Family Dollar Stores Inc., $192.9 million in Hess Corp. shares, and a $44.2 million stake in Citigroup Inc.