John Paulson, the billionaire manager having the worst year of his career, rebounded 2.4 percent in his main hedge fund in October and gained in all his strategies, according to a client update obtained by Bloomberg News. Paulson’s main fund, the Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, reduced its year-to-date loss to 44 percent. The gold share class advanced 3.3 percent last month and declined 27 percent this year.
Paulson, 55, posted positive returns in all of his funds in October as stocks rallied. The Standard & Poor’s 500 Index of large U.S. companies jumped 11 percent last month on higher- than-estimated earnings and optimism that European leaders would take steps to contain the region’s debt crisis.
Paulson & Co., which is based in New York and manages $30 billion, has been betting on an economic recovery by the end of 2012 and lost money this year on investments including Citigroup Inc. (C, Financial), Bank of America Corp. (BAC, Financial) and Sino-Forest Corp. (TRE, Financial).
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Paulson, 55, posted positive returns in all of his funds in October as stocks rallied. The Standard & Poor’s 500 Index of large U.S. companies jumped 11 percent last month on higher- than-estimated earnings and optimism that European leaders would take steps to contain the region’s debt crisis.
Paulson & Co., which is based in New York and manages $30 billion, has been betting on an economic recovery by the end of 2012 and lost money this year on investments including Citigroup Inc. (C, Financial), Bank of America Corp. (BAC, Financial) and Sino-Forest Corp. (TRE, Financial).
The remainder of the article is here.
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