Billionaire John Paulson’s Top 5 Stock Picks

4. NovaGold Resources Inc. (NYSEMKT: NG)

Paulson & Co has been showing confidence in NovaGold since 2010 and it accounted for 8.24% of the portfolio at the end of the September quarter.

Although its shares rallied sharply during the first half of 2020, the decline in gold prices during the second half kept the NovaGold stock price under pressure. Its shares rose only 1% in the last twelve months compared to the double-digit growth in the broader market index. NovaGold Resources is engaged in the exploration and development of gold mineral properties in the United States.

At the end of the third quarter, a total of 19 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -17% from the previous quarter. The largest stake in NovaGold Resources Inc. (NYSE:NG) was held by Paulson & Co, which reported holding $264.3 million worth of stock at the end of September. It was followed by Sprott Asset Management with a $73 million position. Other investors bullish on the company included Kopernik Global Investors, Odey Asset Management Group, and JNE Partners. In terms of the portfolio weights assigned to each position JNE Partners allocated the biggest weight to NovaGold Resources Inc. (NYSE:NG), around 22.16% of its 13F portfolio.