9. J.C. Penney (JCP)
Company Profile: J.C. Penney is the well-known department store operator, with more than 1,100 stores in the U.S. and Puerto Rico. JCPenney sells merchandise like family apparel and footwear, accessories, and fine and fashion jewelry.Paulson's Investment: Paulson & Co. initiated a new position in J.C. Penney during the first quarter, buying 2.3 million shares that had a value of almost $82 million as of March 31. Fellow hedge fund investor Bill Ackman of Pershing Square Management is also a holder of J.C. Penney shares. The retailer's stock is up 19% this year, and on Monday the company reported first-quarter net income of $64 million, a 7% increase from the year-ago period. J.C. Penney also upped its full-year earnings guidance.
8. SL Green Realty (SLG) Company Profile: SL Green Realty is a New York-based real estate investment trust. Paulson's Investment: The hedge fund bought 1.4 million shares of SL Green Realty during the first quarter, ending with a market value of $105 million as of March 31. SL Green shares are up 25% this year. In late April, the company said first-quarter funds from operations, or FFO, surged 68% from a year ago. At the same time, SL Green announced that it had acquired the remaining interest of Viacom's (VIA.B) headquarters in Times Square, which is valued at more than $1.2 billion.
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