Hedge fund manager, John Paulson, is acquiring bonds of Alcoa and shares of BlackRock, Seagate and J Crew, The Wall Street Journal reports. Paulson & Company has also reduced its stakes in Citigroup and Bank of America.

Both the banks are among the biggest stock holdings by market value of the hedge fund, according to the manager’s reported investments as of Dec. 31, 2010. At the end of the third quarter, Paulson reported owning 424 million shares of Cit and at the end of September he owned 138 million BofA shares.

Click here for the story from The Wall Street Journal.