John Paulson's Fund Back in Black
NEW YORK (
) -- Billionaire hedge fund manager
John Paulson's
Advantage Plus Fund is back in the black helped by October gains,
Reuters
reported citing two sources who had access to the information.
The flagship fund rose 2.55% in October and is up 2.54% for the year. The fund's gold-denominated share class was up 4.7%, according to the report.
Hedge funds have had a volatile year with many funds recording losses in the first half. But fund performance has rebounded in the last two months helped by a rally in equities and gold. More than 400 hedge funds closed shop in the first six months of 2010, according to Hedge Fund Research.
Paulson who gained a reputation for betting against subprime mortgages in 2007, has underperformed in 2010,
though he made a strong recovery in September.
In related news, hedge fund titan
David Einhorn's Greenlight Capital made smart gains in the third quarter. According to the fund's investor newsletter, a copy of which was obtained by
Dealbreaker.com
, Greenlight Capital, Greenlight Capital Qualified and Greenlight Capital Offshore gained 4.6%, 4.4% and 4.2% respectively. The funds are up 6.9%, 6.1% and 5% year to date.
Greenlight attributed its strong performance to
CIT
(CIT) - Get Report
, run by former Merill Lynch honcho John Thain,
Arkema
and
Lanxess
. It also disclosed that it was 98% long, 63% short.
According to data from Hedge Fund Research, a firm that tracks hedge fund performance, the HFRI Weighted Composite Index was up 4.6% in the year to September.
-- Written by Shanthi Venkataraman in New York
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