For the year beginning Dec. 1. Otherwise, things are not so good.
John Paulson, the hedge-fund manager overseeing $19 billion, pared losses in his Advantage Plus fund by gaining 4.5 percent last month, according to a person with knowledge of the returns.
The performance left the fund down 19 percent in 2012, said the person, who asked not to be identified because the information is private. The fund lost money last year on bets that the European sovereign-debt crisis would worsen and that gold stocks would rise. Advantage Plus seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns.
Advantage was down 14% last year. Gold lost 25%.
Paulson Enhanced rose 18% in 2012, Credit Opportunities 9.1% and Recovery 3.9%.