A Dulling Effect

Over the last couple of years, billionaire John Paulson's investment vehicle has moved more and more into basic materials, per the fund's 13F filings. However, this hasn't been particularly good for Paulson & Co.'s portfolio, so for a bit more insight, we decided to take a closer look at his five largest holdings in that sector -- mainly gold miners -- as of the end of December.

While the fund's largest overall position was SPDR Gold Trust (GLD), the top individual pick was gold miner AngloGold Ashanti (AU). Paulson has been bullish on gold for some time, and has also been buying such miners; in general, many metals bulls have advocated these companies as a better buy than the metal itself. Still, AngloGold has fallen 36% in the last year, likely due in part to weaker business performance, with revenue down 18% year over year last quarter. Over that same period, the GLD has only declined by 5%....343 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.