Hedge fund manager John Paulson lost more money in September thanks to ill-timed bets on an elusive economic recovery that left one of his biggest funds off 47 percent, two people who saw the numbers said on Saturday.
Paulson & Co, one of the world's five biggest hedge funds, released the numbers to investors late on Friday just hours before many on Wall Street headed off for a holiday weekend, Reuters reported.
The Advantage Plus fund, which uses some borrowed money to help boost returns, tumbled 19.35 percent last month, leaving it off 46.73 percent for the year, the firm told clients.
A spokesman for Paulson did not immediately respond to a request for comment on Saturday.
September's double digit drop at Paulson ensures him a spot as one of the industry's very biggest losers this year. While many other fund managers, including Lee Ainslie and Leon Cooperman, are also nursing losses, none are as dramatic as the Paulson drop, investors said. The average hedge fund lost 2.81 percent last month and is now off 4.74 percent for the year, according to data from Hedge Fund Research.
Speculation had mounted all week that Paulson's September losses would be large as stocks tumbled again last month. But these numbers still packed a punch, several people said.
The Paulson numbers were first reported on Friday evening by Absolute Return Magazine.