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Paulson’s Advantage Plus Fund Drops 51% in ‘Aberrational Year’

John Paulson, the billionaire money manager mired in the worst slump of his career, lost 51 percent in one of his largest funds last year amid a failed bet on an economic rebound.

Paulson’s Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, declined 8.6 percent last month, according to an investor update, a copy of which was obtained by Bloomberg News. The fund’s gold share class dropped 10 percent in December and 36 percent last year.