Wednesday, 31 August 2016
Last updated 7 min ago
Aug 18 2011 | 2:34am ET
August cannot end soon enough for Paulson & Co. The New York-based hedge fund giant lost even more ground last week, leaving its largest fund, Advantage Plus, down 34% year-to-date.
That fund had been down 22% through July, but lost another 11% in the first week of August alone. After the month’s first week, Advantage Plus was down 31%.
Paulson’s flagship Advantage Fund also suffered a difficult second week of the month. That vehicle, which was down 21.5% after August’s first week, was down 23.5% as of the end of last week, CNBC reports.
According to CNBC, the $35 billion firm’s other funds aren’t doing nearly as bad: Paulson Partners has lost 3% through Friday and Paulson Enhanced 7%. Furthermore, the gold-denominated versions of Paulson’s funds are strongly outperforming the dollar-denominated funds.
Paulson this week reported that it had sold two of its worst-performing investments, Bank of America and Citigroup.