Not only is the noted patriot no longer making any money on the Great American Turnaround, he’s losing money! Lots of it last month, on all of the same things his other funds lost lots of money on. So it’s time for a change. In this case, a change to be more like all of his other funds.
The $19 billion hedge fund firm, led by billionaire John Paulson, told investors on a conference call this month that the Paulson Recovery Fund will be renamed Paulson Special Situations Fund on Jan. 1, after concluding that the five-year-old U.S. recovery has matured, two people briefed on the matter said….
Amendments to the fund’s mandate will render it more similar to Paulson’s event-driven Advantage funds, which wager on the outcomes of takeovers, spinoffs and corporate bankruptcies. Existing investors have been offered the chance to redeem their shares in light of the changes.