John Paulson's hedge fund significantly reduced its equity book in Q2, decreasing its total value by 17% and narrowing its disclosed positions. The most notable move was the complete divestment of Agnico Eagle Mines, a surprising reversal given the fund's historical focus on precious metals, while simultaneously increasing its stake in another gold miner, International Tower Hill Mines.
John Paulson's hedge fund, Paulson & Co., filed its Q2 13F, revealing a 17% reduction in its equity book and a more concentrated portfolio. The most significant event is the complete sale of Agnico Eagle Mines (AEM), which is a major shift for a fund known for its gold conviction, potentially signaling a change in strategy or a reallocation within the precious metals sector. Conversely, Paulson doubled down on International Tower Hill Mines (THM), increasing its stake by 5%, indicating continued belief in specific gold plays. This shift could impact AEM's short-term sentiment due to a prominent investor's exit, while THM might see a positive bump. The overall reduction in the portfolio size and number of positions suggests a more cautious or focused approach, with a continued heavy concentration in biotech (Madrigal Pharmaceuticals) and gold mining, presenting both risk and opportunity for traders tracking these specific sectors and Paulson's investment philosophy.