5. Smurfit-Stone Container (SSCC)
Company Profile: Smurfit-Stone Container makes paperboard and paper-based packaging in North America, including containerboard and corrugated containers.Paulson's Investment: The hedge fund bought more than 9 million shares of Smurfit-Stone in the quarter, which had a value of $353 million as of March 31. Shares of Smurfit-Stone are up a staggered 54% this year. In January, Rock-Tenn (RKT) said it would purchase Smurfit-Stone in a $3.5 billion cash-and-stock transaction, a mere seven months after Smurfit-Stone emerged from Chapter 11 bankruptcy protection.
4. Alpha Natural Resources (ANR) Company Profile: Alpha Natural Resources is a supplier and exporter of metallurgical coal for use in the steel-making process. The company is also a major supplier of thermal coal to electric utilities and manufacturing industries. Paulson's Investment: Paulson bought 12 million shares of Alpha Natural during the first quarter, which was worth $712 million as of March 31. Alpha Natural has been a loser for Paulson's fund so far, falling more than 20% this year. Shares slid earlier this month after the coal supplier's first-quarter earnings release disappointed investors.