John Paulson Has Another Rough Month, as Bad Year Takes Shape
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John Paulson's largest hedge fund has lost 11 percent this year, according to a report from Bloomberg citing a person briefed on the returns.
Paulson was made a billionaire by betting against the U.S. mortgage markets before they collapsed at the onset of the global economic recession.
The source cited by Bloomberg said that New York-based firm’s Advantage Plus Fund lost 4.3 percent in August. The fund is designed to profit from mergers and acquisitions.
Bloomberg had reported last month that Paulson & Co. was betting on an economic recovery by 2012, but had scaled back on its bullish investments in securities, as the U.S. economy grew less than previously thought in the second quarter. The firm oversees $31 billion in assets.
August saw a 4.7 percent drop in the Standard & Poor’s 500 Index, marking the largest drop during the month in nine years.
During August, Paulson’s Advantage Fund fell 2.8 percent and is down 7.5 percent this year, while the investor’s Gold Fund climbed 9 percent last month and is up 15 percent on the year. Paulson’s Recovery Fund lost 9 percent in August and is little changed on the year, according to the report from Bloomberg.
Paulson was made a billionaire by betting against the U.S. mortgage markets before they collapsed at the onset of the global economic recession.
The source cited by Bloomberg said that New York-based firm’s Advantage Plus Fund lost 4.3 percent in August. The fund is designed to profit from mergers and acquisitions.
Bloomberg had reported last month that Paulson & Co. was betting on an economic recovery by 2012, but had scaled back on its bullish investments in securities, as the U.S. economy grew less than previously thought in the second quarter. The firm oversees $31 billion in assets.
August saw a 4.7 percent drop in the Standard & Poor’s 500 Index, marking the largest drop during the month in nine years.
During August, Paulson’s Advantage Fund fell 2.8 percent and is down 7.5 percent this year, while the investor’s Gold Fund climbed 9 percent last month and is up 15 percent on the year. Paulson’s Recovery Fund lost 9 percent in August and is little changed on the year, according to the report from Bloomberg.
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