May 7 - Billionaire hedge fund manger John Paulson's gold fund lost 27 pct in April, according to performance figures provided by a source. Conway G. Gittens reports.
Your Daily Digit today is 27 percent. That's how much John Paulson's gold fund lost in April in a big sell-off in the gold market. The one-month drop brought the total year to date loss for the under $1 billion fund to almost fifty percent, a source familiar with the fund said. And it all became apparent when John Paulson, the famous billionaire hedge fund manager, let the cat out of the bag on Monday talking to investors. He also said that, as the biggest stake-holder in the gold fund, he was one of the biggest losers. Exposure to gold was also behind last month's decline in Paulson's more widely held Advantage fund. Over a two-week period in April gold tumbled 17 percent. It has recovered only a fraction of that lost since then.