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Paulson's Advantage Funds Each Tumbled 15% in First Quarter

  • The funds each dropped 7% last month even as stocks rallied
  • Firm struggled with uneven returns since 2007 subprime wager
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John Pauson's Event-Driven Funds Tumble 15 Percent

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Billionaire John Paulson is joining some of the most recognizable hedge fund managers in posting big losses in the first quarter despite a rebound in global equities.

Paulson & Co.’s Advantage and Advantage Plus funds, which wager on companies going through corporate events including spinoffs and bankruptcies, tumbled 15 percent in the first quarter, according to a person familiar with the matter. Both funds fell 7 percent last month, missing the 6.8 percent rally in the Standard & Poor’s 500 Index.