John Paulson is racking up big gains in his Recovery Fund, the $2 billion vehicle that purchased the assets of the former IndyMac Bank. According to Paulson's latest investor letter, the fund is up 17 percent for the quarter.
Here's the returns in the firm's other funds for Q1:
Credit Opportunities: +7.5 percent
Paulson Advantage: +0.8 percent
Merger Arb Fund: +4.4 percent