Paulson Falls Again In Sept., Down 28%

Oct 3 2011 | 1:31pm ET

Last year, Paulson & Co.'s remarkable turnaround started in September. The New York hedge fund wasn't so lucky this year.

Paulson's flagship Advantage Fund, which bounced back from a miserable start to August to cut its losses for that month, couldn't carry the momentum into last month, losing another 6% through Sept. 27. The fund is now down 28% this year, Bloomberg News reports, with just three months to go in 2011.

To erase that, the $9 billion fund would need a turnaround about three times more impressive than last year's: Advantage needs to rise about 39% in the fourth quarter to break even on the year.

Paulson's Advantage Plus Fund, a more highly-levered version of Advantage, was down 11% through August last year. But it soared 12.5% in September and continued on that roll through the final three months of the year, ending 2010 up 17%.

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