Billionaire John Paulson’s hedge funds are on the road to recovery after a devastating 2014, Bloomberg reports.
Paulson & Co. posted April gains after smart bets on mergers in healthcare, media, and telecommunications. Paulson Partners was up 1.5%, or 6.1% for the year, with its wagers on energy and Greek banks. The credit fund, with positions in distressed oil and gas securities, gained 2.4% in April and 5.4% for the year. Paulson & Co.’s special situations fund gained 1.1% last month, helping decrease this year’s overall gain to 3.7%. The Paulson funds are outpacing the 3.3% industry average for this year, and the S&P 500’s 1.3% for 2015 thus far.
Paulson made a whopping $15 billion in 2007 betting against U.S. mortgages, but was hit hard last year when shares of Paulson’s Advantage fund fell 19%.
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