For the most part, Paulson & Co. is having a pretty good year. Its credit funds are up by double-digits and its recovery fund is up 27%; both have cleared their high-water marks.
But the New York-based firm fears—probably correctly—that it isn't getting the credit it deserves due to big losses suffered by its Gold Fund and its gold-denominated funds, which account for only 2% of its $18 billion in assets. So it's decided to stop circulating the figures so widely.
"At the request of clients and consultants, we will be reporting the performance of our Gold Funds separately to investors in those funds and interested parties," Paulson wrote to clients. The firm's gold investments "have received a disproportionate amount of attention over recent months"—as gold prices plummeted—"and have detracted attention from the performance and positive developments of our other funds."
Funds such as its $2 billion Recovery Fund, which rose 4.9% in May and is up 27% on the year. Its largest funds, its credit vehicles, added 3.6% on the month and 16.2% on the year. And its merger funds are up between 8.2% and 17.4% on the year.
Even its much-maligned flagship, Advantage, rose 2.4% in May and is up 4.4% in 2013. The more highly-levered Advantage Plus fund added 3.3% last month and is up 6.1% on the year.
Paulson has not reported the May returns for its $360 million gold funds, which are down 47% this year.