Hedge fund billionaire John Paulson sold out of Bank of America and Citigroup in the fourth quarter of 2011, missing the sharp rally enjoyed by bank shares year-to-date.
Paulson & Co's latest filing with the SEC revealed the manager disposed of 64.3m Bank of America shares and 25.1m Citi shares in the last three months of 2011. Paulson started building his stakes in the pair in earnest in 2009, and the banks were two of his largest holdings last year. The sales, which were accompanied by the divestment of a near-1m share position in BlackRock, mean Paulson has missed the 44% rise in Bank of America shares and 22% rise in Citi shares seen since the start of 2012. Bank of America shares briefly moved as high as $7.43 in Q4 before dropping back sharpl...
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