Implode-o-Meter News - Paulson soothes skittish BofA investors about fund gold holdings

During an usual conference call Tuesday with financial advisers from Bank of America's wealth management unit and their clients, Ã¼ber hedge fund founder John Paulson reportedly defended the track record of his gold fund, which he allegedly acknowledged was the worst performing in the Paulson & Co. portfolio this year.
... The conference call was prompted in part by a decision by Citigroup's private bank to withdraw $410 million from Paulson's two largest funds, Advantage and Advantage Plus.
Paulson's assets under management have reportedly dropped from $36 billion at the start of 2011 to $19.5 billion. Paulson Advantage dropped 36% in 2011 and has declined 13% this year. The Wall Street Journal reported that Paulson Advantage Plus is down about 18% this year after losing more than half its value last year.
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As Mineweb reported on August 15th, during the second quarter Paulson increased his holdings by 26% in the SPDR Gold Trust, the world's largest gold ETF. Among the fund's gold equity holdings are Allied Nevada Gold, AngloGold- Ashanti, Barrick, Gold Fields, NovaGold, Agnico-Eagle, Iamgold and Randgold.

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Paulson soothes skittish BofA investors about fund gold holdings