Paulson Down 38.7% After Rough Third Week Of August

Aug 25 2011 | 12:58am ET

With every passing day, Paulson & Co.'s August—and its 2011—is looking bleaker and bleaker.

The New York-based hedge fund giant's largest offering, Advantage Plus, extended its losses last week to 38.7% on the year. The fund had been down 34% through two weeks of the month and is now down 21.7% on the month through Friday, The Wall Street Journal reports.

Worse still for Paulson, one of its relative bright spots on the year, its merger arbitrage fund, took a big hit last week. Paulson Partners was down just 3% through the middle of August; it's now down 11.8% on the year, plummeting 14.4% in August.

This week isn't looking any kinder to Paulson, either: The firm's gold holdings, which have performed strikingly well this year, may have suffered amidst the week's gold selloff.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…