Citigroup Hedge Funds
Hedge Funds Continue to Boost Shares in Citigroup
Paulson & Co. reported a stake equal to 506.7 million shares in New York-based Citigroup, up from about 300 million at the end of the third quarter, according to a government filing. Mindich’s Eton Park Capital Management LP bought 138 million shares valued at $457 million as of Dec. 31, making the stock its largest holding. Soros Fund Management LLC reported 94.7 million shares, up from none in the third quarter.
Investors may be betting on a rebound in Citigroup after it lost as much as 94 percent of its value during the credit crisis. The purchases came in the same quarter that Chief Executive Officer Vikram S. Pandit sold more than 5 billion of new shares to help repay government bailouts.
“It clearly doesn’t take a lot to get a decent amount of shares in Citi,” said Christian Thwaites, president and chief executive officer of Sentinel Investments in Montpelier, Vermont, which manages $23 billion. “If the hedge funds are taking any position in it, it’s a feeling that there might be some value to be had.” Source
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