Elliott's winners and losers: Greece up, gold down

By Lawrence Delevingne

Wed Jan 30, 2013

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What Paul Singer's firm profited from in the fourth quarter; Argentina and Les Miserables developing.


Paul Singer's $21.1 billion Elliott Management Corporation rode winning investments in Lehman Brothers claims, Greek bonds, mortgage backed securities and more to a 3.3% fourth quarter gain in its flagship Elliott Associates fund, according to a letter sent to investors January 28.

The verdict on holdings of Argentinean debt bonds--Elliott's most high profile position--is still unclear. The country's government has refused to pay despite court rulings in Elliott's favor. "The lesson is painfully obvious: the inexhaustible disregard for the rule of law by the political class has cost the Republic, its provinces and local businesses tens of billions of dollars in debt service, and it will continue to stand in the way of an Argentine economic recovery," Elliott wrote in the letter.

Argentina was the exception, as most holdings made money during the quarter, including distressed securities, event arbitrage, equities and performing debt. The fund gained 13.4% net...

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