Paulson Citigroup

Paulson & Co Gain More than $1 Billion from Citi Holdings

John Paulson's hedge fund earned more than $1 billion from its Citigroup position that it has held for more than a year and a half.  Citigroup's Advantage fund proved to be the most profitable holding for Paulson & Co.

Hedge fund manager Paulson & Co. has made gains of more than $1 billion from its Citigroup Inc. position since mid-2009, and Citigroup was its Advantage fund's most profitable position, the Financial Times reported on its website Monday, citing a year-end letter to investors.

"Citigroup gained 43% in 2010 and was our most profitable bank position," the FT quoted Paulson as saying in the letter.

The fund manager reiterated its bullish position on the U.S. economy, saying, "We also believe that the U.S. government's recent decision to extend the Bush-era tax cuts will be an additional trigger for higher growth in 2011," the FT reported. Source

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