Financial stocks are attracting massive interest from big name fund managers such as John Paulson, Carl Icahn, George Soros, and Eddie Lampert.’Too big to fail’ banks seem particularly attractive these days…
In the fourth quarter alone Paulson bought more than 200 million shares in Citi, raising his stake to $1.67 billion from $954 million, or about 8 per cent of the fund’s total value.
Large stakes in Citi and Bank of America account for about 11 per cent of almost $20 billion Paulson reported.
In the quarter, Paulson’s New York-based firm made fresh bets or raised existing ones on a number of financial firms, from JPMorgan Chase to Marshall & Isley, headquartered in Milwaukee.
Billionaire hedge fund manager George Soros also bought almost 95 million shares of Citigroup during the quarter, worth $313 million at year-end. Soros had reported no holdings in the troubled bank at the end of Q3.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.