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Last updated 20 hours ago
Apr 5 2013 | 12:02pm ET
Paulson & Co. enjoyed gains by all but one of its hedge funds in the first quarter after a March surge erased February's losses.
The New York-based firm's flagship Advantage Fund jumped 5.6% last month and is up 2.9% on the year. The more highly-levered Advantage Plus Fund rose 7.6% in March and is up 3.6% on the year. Paulson credited the funds' "financials, consumer cyclical and noncyclical event-driven positions."
Cheering though those figures are after two straight years of double-digit losses, the performance of Paulson's Recovery and Credit funds are even more so. The former added 14.2% in the first quarter, and the latter 10.4%.
But Paulson's Gold Fund continued to disappoint in a big way, losing another 3.1% in March to end the first quarter down 27.9%. The firm explained that the fund "experienced declines as implied volatility in the gold derivatives market continued its decline."