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Paulson Main Fund Said to Lose 47% This Year Through September
John Paulson, the billionaire who is betting on an economic recovery by the end of 2012, has lost 47 percent this year in his largest hedge fund, according to two people familiar with the matter.
Paulson’s Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies, uses leverage to amplify returns. The fund’s gold share class declined 32 percent this year through the end of September, said the people, who asked not to be identified because the fund is private.
Paulson, 55, would have to return about 89 percent in the remainder of the year to break even in the Advantage Plus Fund. Paulson & Co., which is based in New York and manages $30 billion, has lost money this year on investments including Citigroup Inc., Bank of America Corp. and Sino-Forest Corp.
Hedge funds slumped 3.2 percent in September, according to the Bloomberg hedge-fund aggregate index. It was their worst performance in more than a year, as global stocks tumbled amid a worsening European debt crisis and the threat of a U.S. recession.
Armel Leslie, a spokesman for Paulson, declined to comment on the returns.
To contact the reporters on this story: Katherine Burton in New York at [email protected]; Kelly Bit in New York at [email protected]
To contact the editor responsible for this story: Christian Baumgaertel at [email protected]
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