Paulson cuts losses in August-reports

John Paulson, the billionaire hedge fund manager, is reported to have pared losses in August after a difficult year for his strategy.

Paulson has reported increases in most of his funds in August as rising stock markets lifted the value of holdings, according to people briefed on the returns. Bloomberg reports Paulson's Gold Fund led gains with an 11% jump in August, which reduced losses this year to 15%. The Advantage funds, which seek to profit from corporate events such as takeovers and bankruptcies, and Paulson Enhanced, aimed at making money from companies involved in mergers, also rose last month. A spokesman for New York-based Paulson & Co., which manages $19.5bn, declined to comment on the returns, accord...