Paulson Posts Gains As August Wanes

Sep 1 2011 | 8:25pm ET

Having consistently pummeled Paulson & Co. over its first three weeks, August took last week off.

The $35 billion firm actually posted gains last week. New York-based Paulson didn't do quite as well as the broader markets, but those five days were a much-needed respite for the firm, whose largest fund was down almost 22% on the month and 39% on the year before last week.

That fund, Advantage Plus, rose 3.5% last week, paring the aforementioned losses to 19% on the month and 36.5% on the year. The firm's flagship Advantage fund advanced 2.3% last week to cut its monthly loss to 12.8% and its year-to-date loss to 25.8%, The New York Times reports.

The Standard & Poor's 500 Index rose 4.7% last week.

Whether last week's gains are the beginning of an impressive turnaround remains to be seen. Last year, Paulson's funds were down by double-digits as late as September before rallying to end 2010 up 11%. But none of the funds were down by this much at any point last year.

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