Paulson & Co.'s resurgence continued apace last month, as all of the firm's main funds posted gains and its Recovery Fund surpassed its high-water mark.
Recovery, which lost 28% in 2011, is up 35% this year. That, combined with last year's 4.7% return, means that the fund has recouped its losses and that Paulson can begin to collect performance fees once again, Bloomberg Television reports.
Two other Paulson strategies, credit and merger, breached their high-water marks earlier this year. All told, some 75% of the firm's $18 billion in assets have achieved their high-water marks.
Recovery's resurgence is attributable to the fund's investments in financial services companies, notably mortgage insurer Radian Group, whose shares have surged some 40% since April, when hedge fund founder John Paulson touted the stock.