Paulson's main funds gain on deals, distressed debt

Hedge fund manager John Paulson reported strong returns in his largest funds last month as bets on deals and distressed debt are paying off and boosting several of his portfolios to double digit gains so far this year.

The billionaire investor, who has been watched closely ever since he made billions before the financial crisis and lost billions later, also said he would stop reporting his gold fund's returns to all clients in an effort to shift the spotlight away from his smallest fund to his bigger and better performing portfolios.

In a letter to clients, Paulson & Co reported its credit funds, the firm's biggest, rose 3.6 percent in May and 16.2 percent for the year, a person familiar with the matter told Reuters. The Paulson Advantage fund, which suffered double digit losses in 2011 and 2012, gained 2.4 percent in May and 4.4 percent for the year…..

Read all about it at http://in.reuters.com/article/2013/06/07/hedgefunds-paulson-idINL1N0EJ0YO20130607