Paulson & Co's December 31, 2009 13-F was just released. The disclosure for the fund's equity longs (shorts are not disclosed, neither are credit cash nor CDS and other holdings) reveals $19.8 billion in positions. The fund's top position continues to be GLD at a value of $3.4 billion (unchanged from September 30). Notable is the addition of 206.7 million shares to the fund's Citi position which is now worth approximately $1.7 billion. Other notable financial additions include SunTrust Bank, in which Paulson added 28.8 million shares, Wells Fargo, a new 17.5 million position worth $472.3 million, JPMorgan common, in which the fund added 5 million shares to 7 million for $291 million, as well as JPM Warrants worth $250 million (a new position). Other new positions in the top 20 include Comcast (44 million share), XTO Energy (10 million shares), IMS Health (18 million shares), and Pfizer (15.6 million shares). A primary reduced holding is the fund's exposure in Bank Of America - Common stock, which declined by 8.8 million shares to 151 million, or $2.27 billion. This was offset by the purchase of 13.8 million BAC "Units" worth $205 million.
The top 20 holdings, as well as the change from the prior period, are shown below (green denotes new position):
Other reduced positions include Liberty Media (-41.5 million) and Regions Financial (-15.7 million). Full dispositions include the funds previous holdings in Wyeth, Varian, Ultrashort Fins, Schering Plough, Cemex, and People's United.
Unchanged Top 20 holdings were GLD, Anglogold Ashanti, Boston Scientific, Sun Micro, Capital One, Philip Morris and Capital One.
Paulson initiatied a merger arb position in Burlington Northern for 1.5 million shares worth $150 million, and has arb exposure in 5 million Kraft shares for $136 million.
We, for one, would be much more interested in Paulson's sovereign CDS holdings.
Full table of holdings and changes from prior period.