John Paulson’s Paulson & Co has been marred by reports of declining returns recently, but the legendary investor quashed these comments in a sit-down at SALT Conference. Paulson said that the tales of his losses have been greatly exaggerated. The largest of Paulson’s holdings are still concentrated in gold—the top five include SPDR Gold Trust (ETF) (NYSEARCA:GLD), Sprint Nextel Corporation (NYSE:S), Life Technologies Corp. (NASDAQ:LIFE), AngloGold Ashanti Limited (NYSE:AU) and Realogy Holdings Corp (NYSE:RLGY).
Paulson & Co. filed their 13F with the SEC yesterday, and the new portfolio shows several notable moves.
John Paulson Buys Hess, Family Dollar, H.J Heinz
Paulson initiated a new position in Hess Corp (NYSE:HES), a hot favorite of hedge funds in Q1 who are looking to benefit from the Elliott Management’s activism. The fund bought 2.69 million shares of the oil and gas explorer in the last quarter. Paulson bought 5 million shares of Family Dollar Stores, Inc. (NYSE:FDO) and 1.87 million shares of InterOil Corporation (USA) (NYSE:IOC).
Other notable buys of Paulson’s fund were, Citigroup (NYSE: C), H.J. Heinz Company (NYSE:HNZ) and Vodafone Group Plc (ADR) (NASDAQ:VOD).
Sells Nexen, Murphy Oil, Barrick Gold
John Paulson sold 25.5 million shares of Nexen Inc. (USA) (NYSE:NXY)—this stock has been a frequent sellout among hedge funds in the last quarter. Paulson also exited stakes in Murphy Oil Corporation (NYSE:MUR), NRG Energy Inc (NYSE:NRG) and Barrick Gold Corporation (NYSE:ABX) in the last quarter. Paulson’s Gold fund is one of the only funds that has been a net loser for the investor in this year so far, however Paulson is still bullish on the commodity.
Adds to Sprint-Nextel, Mcmoran
Paulson increased his position in Sprint Nextel Corporation (NYSE:S), McMoRan Exploration Co (NYSE:MMR), Pioneer Natural Resources (NYSE:PXD) and Clearwire Corporation (NASDAQ:CLWR) in Q1