Following a successful February, returns for hedge fund giant Paulson & Co. dropped last month partly due to losses in the gold market.
Reuters reported that the New York-based firm’s Advantage Plus Fund declined 7.4% in March slicing its year-to-date gain to 2.6%, while its Enhanced Fund dropped 6% last month, cutting its total gain for 2014 to 2.4%.
According to an earlier eVestment article, Paulson’s event-driven fund rose 9.8% in February, while its gold fund jumped 18%. Another strategy increased 7.4% for the same period.
Comparably, Paulson & Co.’s investment in gold wiped out $973 million of founder John Paulson’s personal fortune--most of which is invested in the hedge fund—in two days.
Paulson rose to fame after making $3.7 billion in 2007 by short-selling subprime mortgages. Paulson & Co. currently manages approximately $21 billion in in assets, down from its $36 billion AuM in 2010.