BOSTON, May 17 (Reuters) - Hedge fund manager John Paulson, who correctly bet that housing prices would fall three years ago, is now betting that the market will come back soon and added a homebuilder to his portfolio while raising his stake in the country's leading bank.
Paulson's New York-based Paulson & Co raised its holdings in Bank of America, already one of his top 10, by 11 percent to 167.8 million shares, according to a regulatory filing released on Monday. The numbers detail the positions managers held at the end of the first quarter.
Paulson also bought 5 million shares in Beazer Homes USA .
A week ago Paulson told investors that he expected to see a strong economic recovery plus a rebound in housing prices.
Last month, Paulson's firm became drawn into the fallout surrounding Goldman Sachs' civil fraud suit for misleading investors in a deal in which Paulson helped select mortgages and then bet that they would fail. Paulson's firm was not accused of any wrong-doing by the government.
(Reporting by Svea Herbst-Bayliss, editing by Bernard Orr) Keywords: PAULSON/HOLDINGS (Svea.Herbst@Reuters.com; +1 617 856 4331; Reuters Messaging: svea.herbst.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Paulson's New York-based Paulson & Co raised its holdings in Bank of America, already one of his top 10, by 11 percent to 167.8 million shares, according to a regulatory filing released on Monday. The numbers detail the positions managers held at the end of the first quarter.
Paulson also bought 5 million shares in Beazer Homes USA .
A week ago Paulson told investors that he expected to see a strong economic recovery plus a rebound in housing prices.
Last month, Paulson's firm became drawn into the fallout surrounding Goldman Sachs' civil fraud suit for misleading investors in a deal in which Paulson helped select mortgages and then bet that they would fail. Paulson's firm was not accused of any wrong-doing by the government.
(Reporting by Svea Herbst-Bayliss, editing by Bernard Orr) Keywords: PAULSON/HOLDINGS (Svea.Herbst@Reuters.com; +1 617 856 4331; Reuters Messaging: svea.herbst.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.