Paulson Hedge Fund Cuts Holdings in Hartford Financial Services

By | November 15, 2012

Billionaire hedge fund manager John Paulson cut his third and fourth biggest portfolio holdings and made a bigger bet on a gold mining firm, according to a regulatory filing released on Thursday.

New York-based hedge fund Paulson & Co. cut Delphi Automotive Plc to 25 million shares from 32 million shares and reduced Hartford Financial Services Group Inc. to 19 million shares from 31 million shares.

But Paulson, who has long backed gold stocks, raised his stake in Gold Fields Ltd., also one of his biggest positions to 22 million shares from 18 million shares.

Paulson’s filing was made public roughly 12 hours after reports from the bulk of money managers were available for view online. Fund managers are required to file 13F reports detailing quarterly holdings within 45 days of the end of a quarter, with the deadline for filing at 5:30 p.m. EST (2230 GMT) on Wednesday.

It was unclear whether the Paulson filing was late, or he received an extension to file, or if there was a glitch with Securities and Exchange Commission computers.

The SEC did not immediately respond to a request for comment. A representative for Paulson did not have an immediate comment.

Paulson, whose climbing and tumbling returns have captured investor’ attentions over the last year, also made adjustments to his financial stock holdings – which hurt him badly in 2011.

During the third quarter he cut by half his stake in Capital One Financial Corp. and no longer listed JP Morgan Chase & Co. as a holding. He did buy more Bank of America Corp. warrants.

After making billions on bets against the housing market and on gold in 2007 and in 2010, Paulson appears now to be in a prolonged slump with his biggest portfolios, the Advantage and Advantage Plus funds, reporting losses again after heavy losses in 2011.

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