Paulson Drops Again In April, Down 3.5% Year-To-Date

May 2 2011 | 1:38pm ET

Mirroring last year, Paulson & Co. is digging itself a hole in the early going of 2011.

The firm's flagship Advantage Fund lost 0.32% through April 22, according to Lyxor's hedge fund platform, which includes the Paulson fund. The fund is down 3.57% for the year through that date, Reuters reports.

Advantage's problems are likely banking-related: Two of its top five holdings are Citigroup and Bank of America, down 7% and 12%, respectively, this year.

Last year, Paulson's funds were down by double-digits as late as September. But Advantage soared 12.5% that month and 14% in December to ensure a 17% return for the year.

The news is not all bad for Paulson: The New York-based firm's International Fund, also on the Lyxor platform, rose 1.5% through April 22 and is up 3.3% on the year.

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