John Paulson's Paulson & Co. hedge fund has taken new
positions in Verizon Communications and CBS Corp. but stood pat on
its extensive gold holdings in the first quarter, according to a
securities filing Thursday.
The biggest new position the firm took in the period came in
Verizon, buying 8,742,725 shares worth $415.9 million by the end of
the quarter. The hedge fund also initiated a 4,476,600-share stake
in CBS, worth $276.6 million.
The firm also increased its holdings in General Motors by 115%
(taking a $138 million position by the end of the quarter); Cobalt
International Energy Inc. by 108% (owning $499.3 million in shares)
and American Airlines Group Inc. by 43% (a $445.2 million
stake).
Paulson & Co. also cut its stake in Hess Corp. by 62%, down
to 1,750,000 shares.
Paulson has been one of the most bullish investors in gold, but
his firm made no change in the size of its holdings in the gold
exchange-traded fund SPDR Gold Trust. Its value grew 6.4% in the
quarter.
The positions were revealed in a 13F filing with the Securities
and Exchange Commission, a quarterly requirement for investors
managing more than $100 million. The report indicates the number of
shares held and the value of each stake at the end of the
quarter.
Write to Paul Rekoff at paul.rekoff@wsj.com
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