Paulson’s Biggest Hedge Fund Said to Lose 11 Percent This Year

John Paulson, who became a billionaire by betting against U.S. mortgage markets, lost 11 percent this year in his New York-based firm’s biggest hedge fund, according to a person briefed on the returns.

The company’s Advantage Plus Fund, which uses investment strategies designed to profit from corporate events such as mergers or bankruptcies, fell 4.3 percent in August, said the person, who asked not to be named because the fund is private.