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Hedge fund Paulson & Co trims stake in Valeant

August 09, 2017 at 06:32 pm EDT

(Reuters) - Valeant Pharmaceuticals International Inc investor John Paulson trimmed his stake in the Canadian drugmaker but said he remains fully supportive of the company's leadership.

New York-based hedge fund Paulson & Co cut its stake to 6 percent from 6.3 percent, reported in June, due to rebalancing of its portfolios based on asset flows.

The disclosure comes nearly 2 months after billionaire investor Paulson, whose hedge fund is the biggest shareholder of Valeant, joined the company's board as Valeant tries to lower its debt load.

Valeant on Tuesday said it expects to repay more than $5 billion in debt earlier than it had targeted.

(Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	DEERE & COMPANY	400.6 USD	+0.94%	-2.96%	112B
	BAUSCH HEALTH COMPANIES INC	32.25 CAD	-0.62%	+7.20%	3.15B

John Paulson

John Paulson is the boss of the investment fund Paulson & Co. founded in 1995. It’s thanks to subprime crisis that he is become famous. Ranked from Trader monthly magazine best trader of the world in 2008, he became a safe value for investment advice. With a fortune amounted to $ 16 billion in 2011, he was ranked as 36th richest people in the world. Today, with $ 36 billion in assets under management, his fund is the third largest global hedge fund.

John Paulson was recognized for his ability to anticipate the market movements. Graduated from Harvard and with an experience in Bear Sterns Investment Bank, he speculated on the housing bubble’s burst and subprime mortgages’ collapse. He created four hedge fund with only one goal: to cover the default risk of these mortgages. One of these funds, the Credit Opportunities opened in early 2007 with $ 130 million, in 12 months was valued at $ 3,2 billion.

John Paulson funds’ assets are valuated at $ 29 billion. His flagship fund, the Paulson Credit, posted a performance of 590% in 2007. Also in 2007, one of his funds invested in agriculture commodities has collected earnings for $ 3,7 billion, another record for the investor who was called by the media “The Sultan subprime”.

John Paulson has hired Alan Greenspan, old Fed’s Chairman.

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