Paulson & Co. Stands Pat on Gold, Cuts Sprint Stake

NEW YORK--John Paulson, the billionaire investor who has been one of the most bullish investors in gold, made no changes in his exposure to the precious metal in the third quarter, according to a securities filing Thursday.

Although the firm stood pat on the size of its holdings in the gold exchange-traded fund SPDR Gold Trust (GLD)--it did say the value of the stake increased to $1.31 billion from the $1.22 billion reported at the end of the second quarter. In the second quarter, Paulson & Co. more than halved its holdings in the gold ETF.

The firm, however, vastly cut its exposure to Sprint Corp. (S) in the latest quarter. Paulson & Co. reported Sprint shares valued at $352 million in its latest filing, down from the $1.4 billion reported in the previous quarter.

Paulson & Co. also reported a new stake in Time Warner Cable Inc. (TWC), worth a reported $446 million. The firm added to its stake in Family Dollar Inc. (FDO), Vodafone Group (VOD), Aetna Inc. (AET) and AngloGold Ashanti Ltd. (AU).

In addition, Paulson & Co. reduced its holdings in Realogy Holdings Corp. (RLGY) and MGM Resorts International (MGM).

The positions were revealed in a 13F filing with the Securities and Exchange Commission, a quarterly requirement for investors managing more than $100 million. The report indicates the number of shares held and the value of each stake at the end of the quarter. The latest snapshot revealed holdings at Sept. 30, or the end of the third quarter.

Write to Paul Rekoff at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires