Paulson & Co., run by billionaire John Paulson who made a killing by betting against the overheated housing market, bought into Citigroup.

Combined with Eric Mindich and George Soros, purchased almost half a billion shares in Citigroup Inc. in the December quarter. Tepper of Appaloosa Management LP, Berkowitz Fairholme Capital Management and Loeb of Third Point along with 117 other hedge funds also bought shares of the New York-based lender.

Paulson, however, differed from Warren Buffet - another veteran in the industry, as he increased his stake in SunTrust to 30.4 million shares, up from 1.5 million in September. Buffett's Berkshire Hathaway on the other hand reduced its SunTrust holdings by 22 per cent to 2.4 million shares.

Paulson's Paulson & Co retained its position as the largest holder of SPDR Gold Shares with 31.5 million shares valued at $3.45 billion, reflected a 13-F filling with SEC. The investment remains 17 per cent of the total portfolio, fund's largest position.