Billionaire John Paulson’s gold fund is down 54% year to date, according to an investor letter examined by Bloomberg.
Last month alone the fund lost 27%, the news agency reported. At that point it was down 47% year to date.
There’s only about $360 million in the Gold Fund, which is made up mostly of Paulson’s own money. To the outside investors that remain, Paulson they should should stay with the fund, citing valuations.
Gold declined 5.4% in May, but Paulson has no intention of closing the fund, according to Bloomberg. He will, however, change the name to PFR Gold Funds which stands for the initials of Paulson and gold specialists Victor Flores and John Reade.
All that said, it isn’t time to feel sorry for the billionaire yet. Paulson’s main strategy — his Credit Opportunities Fund — is up 16% YTD (beating the S&P, which, lets be real, a lot of people aren’t doing) and his Recovery Fund is up 28%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.