Hedge fund billionaire John Paulson has seen better days.

Bloombergreported last week that his Paulson & Co.'s main merger fund fell by 6% in September, cutting its 2015 gain to just 0.6%. Paulson's Advantage Fund, which bets on companies undergoing corporate events such as bankruptcies and spinoffs, lost 8.5% and is down 12% for the year (not that 2015 has been particularly kind to hedge funds, which are poised to have their worst year since 2011).

Paulson was dealt another blow when Valeant Pharmaceuticals (VRX) , his second largest holding according to his most recent 13F filing, said late Wednesday that it has received subpoenas from U.S. Attorney's Offices in Massachusetts and New York seeking information on its patient assistance programs, product distribution, information provided to the centers for Medicare and Medicaid, and pricing decisions.

Valeant has come under fire for hiking the prices of two of its heart drugs, especially from U.S. Senator Claire McCaskill, who has criticized the company for failing to respond to her inquiries regarding the matter. It also said on Wednesday that it had responded to McCaskill's inquiries.

Valeant's stock fell 4.8% on Thursday. Assuming Paulson still holds the 2.05 million shares reported at the end of the second quarter, that would mean a loss of about a $17 million. The stock proceeded to rebound on Friday, and on Monday, the pharmaceutical company delivered good news: It beat expectations for its third-quarter earnings and lifted its full-year outlook as well.

Valeant is still down 26.7% over the past month. On the heels of this poor performance, here's a look at a few Paulson holdings that have been stronger performers over the past 30 days.

Whiting Petroleum

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Oil and gas company Whiting Petroleum (WLL) - Get Report has been hit hard by falling oil prices, and its price has fallen 38.9% year-to-date through market close Thursday. However, things have been going better for the stock as of late, and it has gained 18.4% over the past 30 days. Whiting Petroleum ticked higher last week, getting a boost from positive import data from China and a subsequent jump in oil.

Paulson has had a stake in Whiting Petroleum since 2013. This year, he has reduced his position slightly, but as of his latest 13F filing, he still owns 12.4 million shares worth $417.3 million.

TheStreet Ratings team rates Whiting Petroleum a sell with a ratings score of D+. TheStreet Ratings team has this to say about its recommendation:

"We rate Whiting Petroleum (WLL) a sell. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

Highlights from the analysis by TheStreet Ratings team include:

  • Whiting Petroleum has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. Earnings per share have declined over the last two years. We anticipate that this should continue in the coming year. During the past fiscal year, Whiting Petroleum reported lower earnings of $0.80 versus $3.07 in the prior year. For the next year, the market is expecting a contraction of 182.5% in earnings (-$0.66 versus $0.80).
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income has significantly decreased by 198.6% when compared to the same quarter one year ago, falling from $151.44 million to -$149.27 million.
  • Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. This is a signal of major weakness within the corporation. Compared to other companies in the Oil, Gas & Consumable Fuels industry and the overall market, Whiting Petroleum's return on equity significantly trails that of both the industry average and the S&P 500.
  • Net operating cash flow has decreased to $326.00 million or 42.58% when compared to the same quarter last year. In addition, when comparing the cash generation rate to the industry average, the firm's growth is significantly lower.
  • Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 64.62%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 157.93% compared to the year-earlier quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
  • You can view the full analysis from the report here: WLL

AngloGold Ashanti Limited

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AngloGold Ashanti Limited (AU) - Get Report has performed well throughout 2015 and is up 9.9% over the past month and 7.4% year-to-date. Over the past month, the gold mining and exploration company has climbed 28.8%. The stock has been in Paulson's portfolio for years, and as of his latest 13F filing, he owns 26.2 million shares worth $244.8 million.

NovaGold Resources (NG) - Get Report has been another gold-related bright spot for Paulson, who as of the end of the second quarter owns 35.6 million shares worth $104.9 million. The stock, which the billionaire hedge fund manager has owned since early 2010, is up 28.8% year-to-date and 1.6% over the past month alone.

TheStreet Ratings team rates AngloGold Ashanti Limited a sell with a ratings score of D. TheStreet Ratings team has this to say about its recommendation:

"We rate AngloGold Ashanti Limited (AU) a sell. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, weak operating cash flow and generally disappointing historical performance in the stock itself."

Highlights from the analysis by TheStreet Ratings team include:

  • The debt-to-equity ratio of 1.42 is relatively high when compared with the industry average, suggesting a need for better debt level management.
  • Net operating cash flow has declined marginally to $323.00 million or 4.15% when compared to the same quarter last year. In conjunction, when comparing current results to the industry average, AngloGold Ashanti Limited has marginally lower results.
  • AU has underperformed the S&P 500 Index, declining 22.44% from its price level of one year ago. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.
  • The change in net income from the same quarter one year ago has significantly exceeded that of the Metals & Mining industry average, but is less than that of the S&P 500. The net income has significantly decreased by 77.5% when compared to the same quarter one year ago, falling from -$80.00 million to -$142.00 million.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Metals & Mining industry and the overall market on the basis of return on equity, AngloGold Ashanti Limited underperformed against that of the industry average and is significantly less than that of the S&P 500.
  • You can view the full analysis from the report here: AU

Oasis Petroleum

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Independent exploration and production company Oasis Petroleum (OAS) - Get Report rebounded in the past month, gaining 25.3%. However, it is still down 25.9% in 2015. Paulson first picked up a stake in Oasis in the third quarter of 2013, and as of his most recent 13F filing, he owns 8.8 million shares worth $125.2 million.

TheStreet Ratings team rates Oasis Petroleum as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate Oasis Petroleum (OAS) a hold. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."

Highlights from the analysis by TheStreet Ratings team include:

  • The gross profit margin for Oasis Petroleum is rather high; currently it is at 66.89%. Regardless of OAS's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, OAS's net profit margin of -23.13% significantly underperformed when compared to the industry average.
  • The debt-to-equity ratio of 1.03 is relatively high when compared with the industry average, suggesting a need for better debt level management. Along with this, the company manages to maintain a quick ratio of 0.45, which clearly demonstrates the inability to cover short-term cash needs.
  • Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. This is a signal of major weakness within the corporation. In comparison to the other companies in the Oil, Gas & Consumable Fuels industry and the overall market, Oasis Petroleum's return on equity is significantly below that of the industry average and is below that of the S&P 500.
  • You can view the full analysis from the report here: OAS

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.