John Paulson, the hedge-fund manager trying to recover from
more than two years of losses in some of his funds, told investors he likes
convertible bonds, according to a person familiar with the matter.
Paulson, speaking on a conference call with clients today,
also said mortgage-backed securities have been performing well within the New
York-based firm’s Credit Opportunities Fund, according to a person who listened
and asked not to be identified because the information isn’t public. The
strategy is Paulson’s biggest, with $5.9 billion in assets, according to a
letter to investors that was obtained by Bloomberg News….
Convertible bonds rose 7.9 percent in the first quarter and
9.9 percent last year, compared with returns for investment- grade corporate
bonds of 1.5 percent this year and 10 percent in 2012, according to Bank of
America Merrill Lynch data.....
No comments:
Post a Comment