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Thu Aug 5, 2010 3:57pm EDT

* Paulson July numbers point to recovery

* Advantage fund gained 1.1 percent last month

BOSTON Aug 5 (Reuters) – Investors in many of John Paulson’s hedge fund were treated to gains in July as markets recovered some ground, but his gold fund suffered big losses, people familiar with the numbers said on Thursday.

The flagship Advantage fund gained 1.1 percent in July, leaving the fund off 4.79 percent for the year to date.

The Recovery Fund, where Paulson made his big bets on banks recently, gained 6.51 percent last month, leaving the fund up 9.11 percent for the year.

And the Credit Opportunities fund rose 0.97 percent in July, leaving it up 6.49 percent.

Paulson’s gold-oriented fund, the New York-based fund firm’s newest offering which launched this year, tumbled 5.93 percent in July, but is still up 5.7 percent of the year.

With roughly $31 billion in assets, Paulson is one of the world’s biggest hedge fund firms and his returns have been watched closely since his 2007 bet against the U.S. housing market earned his firm about $15 billion.

Hedge funds are not required to make their returns public.

Clients received a 40-page long report from Paulson this week where the manager analyzed what happened during the second quarter and gave a taste of his current views.

After having told investors in May that he expected the economy to bounce back strongly, Paulson in the letter altered his outlook slightly, going from what one investor called an “exuberant to a bullish outlook.”

The quarterly report did not include July’s numbers which were being compiled and released to investors on Thursday. (Reporting by Svea Herbst-Bayliss. Editing by Robert MacMillan)