Some of the biggest hedge funds purchased almost half a billion shares in Citigroup (C) last quarter as more than 120 hedge funds said they bought Citigroup`s shares. In that list is John Paulson`s hedge fund and Soros Fund Management.
Paulson & Co. reported a stake equal to 506.7 million shares in Citigroup (C), adding more than 200 million shares in the fourth quarter.
Bear in mind that Citigroup (C) shares lost as much as 94 percent of its value during the credit crisis.
Citigroup (C) stock bought by hedge funds outnumbered the amount sold by a ratio of more than 10 to 1 in the October-to- December period, with about 1.2 billion shares added on a net basis, according to SEC filings.
Fairholme Capital Management LLC run by Bruce R. Berkowitz, named U.S. stock mutual-fund manager of the decade last month, bought 214.7 million shares valued at 710.7 million dollars.
Interestingly enough most of these buys are showing losses because the shares traded for an average of 4.10 dollars in the quarter, 24% above its closing price yesterday of 3.31.
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