Paulson and Company has had a tough couplea months. The firm has been on the receiving end of a lot of shit, none of it really due but mostly thanks to a certain Frenchman and his blood-sucking overlords dragging the hedge fund's name into the press and June didn't go so amazingly as it relates to making money. But! There is some good news to report which that P&C's assets under management only fell to to $30.9 billion, down from $33.1 billion, leaving investors with something to smile about.

“The redemptions are lower than I would have personally expected,” one fund of funds investor told Absolute Return. Another added that the the ABACUS crap is just noise, that the mud-slingers can suck it and that he's stickin' with JP. “We’ve tried to stay away from the gossip and just stick to the facts,” he said. “We’ve looked into the facts, and so far we’re comfortable with the fact pattern,” he said.

Nevertheless, someone seems to be a bit more panicked.