"Tracking John Paulsons Paulson & Company Portfolio  Q1 2020 Update"
"John Paulsons 13F portfolio value decreased from $4.63B to $2.62B this quarter.Paulson & Company's largest three positions are Bausch Health, SPDR Gold ETF, and Horizon Therapeutics.The huge stake in SPDR Gold Trust ETF was reduced substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory  filed on 05/15/2020. Please visit our  to get an idea of his investment philosophy and our  for the funds moves during Q4 2019.This quarter, Paulsons 13F portfolio value decreased ~43% from $4.63B to $2.62B. There are 33 13F securities in the portfolio although only 25 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, SPDR Gold ETF, Horizon Therapeutics, Takeda Pharma, & AngloGold Ashanti and they add up to ~47% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Wellcare Health Plans (WCG): Centene acquired Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced last March. Paulson bought the merger-arbitrage stake in H1 2019 at prices between $247 and $299.  The position was sold down by ~85% last quarter at prices between $258 and $333. The transaction closed in January.Agnico Eagle Mines (AEM) and Caesars Entertainment (CZR): These small (less than ~1% of the portfolio each) stakes were eliminated this quarter.New Stakes:Kirkland Lake Gold (KL): KL is a small 1.69% of the portfolio position established at prices between $23 and $45 and the stock currently trades at $38.61.Stake Decreases:Allergan plc (AGN): The original AGN stake was built during the four quarters thru Q2 2015 at prices between $202 and $313. In Q4 2015 there was an about-turn: ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Next quarter saw another ~30% stake increase at prices between $156 and $170. Earlier this month, Abbvie (ABBV) closed the transaction for Allergan (cash-and-stock deal - $120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. This quarter saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$163. The remaining stake is still the second-largest at ~11% of the portfolio.AngloGold Ashanti (AU): AU is a 7.20% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $25.45. This quarter also saw a ~11% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. DISCA currently trades at $20.30 and the stake is now fairly large at 6.19% of the portfolio. This quarter saw a ~15% trimming.Note: Libertys John Malone said in an interview last October that he believes Discovery shares are dramatically undervalued  he has been buying shares all the way from the teens to ~$28 per share.TIM Participacoes (TSU): TSU is a 0.78% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. Q3 2019 also saw a ~25% selling at prices between $14 and $16.40. This quarter saw another ~55% selling at prices between $11.75 and $20. The stock is currently trading at $11.43.Pretium Resources (PVG): PVG is a very small 0.52% of the portfolio stake purchased last quarter at prices between $8.70 and $12.50 and the stock currently trades near the low end of that range at $8.87. This quarter saw a ~7% trimming.Sprint (S): Sprint was a 1.67% of the portfolio position built last year at prices between $5.20 and $8. It was a merger arbitrage stake. In January, the terms of the merger with T-Mobile was adjusted: one share of T-Mobile for every 11 shares of Sprint compared to 9.75 shares agreed previously. The transaction closed last month.Barrick Gold (GOLD) and Overseas Shipbuilding Group (OSG): These two very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note: Paulson & Company has a ~7.3% ownership stake in Overseas Shipbuilding Group.Stake Increases:Novagold (NG): NG is a 7.10% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. This quarter saw a ~15% stake increase at prices between $5.87 and $9.51. The stock is currently at $11.57.Note: Paulson has a high cost-basis on NG and controls ~8% of the business.Endo International plc (ENDP), Tech Data Corp (TECD), and Tiffany & Co (TIF): These positions saw substantial increases this quarter. TIF and TECD are merger-arbitrage stakes.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $17.76 and the stake has become the largest position in the portfolio at 12.32%.Note: Regulatory filings since the quarter ended show them owning 25.8M shares (7.28% of the business). This is compared to 20.84M shares in the 13F Report - ~5M shares acquired at ~$16.50. For investors attempting to follow, BHC is a good option to consider for further research.Horizon Pharmaceuticals (HZNP): The 9.23% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $49.56.Takeda Pharma (TAK): The fairly large 7.67% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.93.Mylan Inc. (MYL): MYL stake is now at 6.83% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $15.64. There was a ~9% stake increase in Q3 2019.Brightsphere Investment Group (BSIG): The 4.88% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $8.34.Note: Paulsons ownership stake in BSIG is ~25%.Dish Network (DISH): DISH is a 3.79% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $29.56. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades well below that range at $19.59. The stake is now at 3.21% of the portfolio. For investors attempting to follow, VIAC is a good option to consider for further research.Pacira Biosciences (PCRX): The 2.20% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $45.10.International Tower Hill Mines (THM), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~32% ownership stake in International Tower Hill Mines.Note 2: Although the position size relative to the size of the portfolio is very small, it is significant that Paulson owns ~10.5% of Synthesis Energy Systems (SES).The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2020:Regulatory filings thru 2/19/2020: 13G/A  2/14  SES  166K shares  10.5% of business, Form 4  2/7  TMQ  14.33M shares - ~159K shares acquired and disposed at ~$2.30. 13D/A  12/5  BSIG  20M shares  23.2% of business. 13D/A  11/18  CPE  10.34M shares  4.5% of business - ~10.5M shares sold at ~$4.40."