Some of last year’s best-performing hedge funds are working on a repeat performance.

Among the two-time winners in the making are Paulson & Co., Harbinger Capital Partners and Clarium Capital Partners, The Wall Street Journal reports.

Clarium, headed by PayPal founder Peter Thiel is up more than 50% this year, after rising more than 40% last year. Harbinger, which made headlines battling The New York Times Co., has seen its Harbinger Capital Partners I gain 42% in the first half; it returned about 120% last year. Finally, Paulson & Co., the highest-profile hedge fund profiting handsomely from bets against the mortgage markets, has continued to reap the benefits, with some of its funds up as much as 20% betting against financials.

While the gains may seem anemic compared to last year’s, most of the funds have slashed their leverage in the interim, cutting into returns.

Also adding to their 2007 profits are Andrew Lahde, whose Short Credit Fund is up 10% (after returning 886% last year), and Scion Capital, which has added 8% this year.