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Paulson’s hedge funds endure another rough month

Paulson’s hedge funds endure another rough month
On Thursday August 4, 2011, 2:33 pm EDT

NEW YORK (Reuters) – Hedge fund titan John Paulson’s flagship funds performed poorly in July and sank further into the red for the year.

The Paulson Advantage Plus fund is down 21.6 percent for the year after the fund fell 4.63 percent in July, according to people familiar with the firm who declined to be identified. The Paulson Advantage fund is down about 15 percent for the year.

His big bets on financial stocks like Bank of America (NYSE:BAC – News), Citigroup (NYSE:C – News) and CIT Group (NYSE:CIT – News) also are wreaking havoc on his portfolio.

Officials with Paulson’s firm declined to comment.

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