Hedge fund manager Paulson reports gains in first quarter

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Hedge fund manager John Paulson gained 6 percent in March and posted a 3.4 percent increase in the first quarter.

In a letter sent to clients, Paulson also reported that the Advantage Plus fund is up by 8.3 percent with a 4.6 percent increase in March.

According to sources, the turn around performance in Paulson's Advantage fund was mainly due to gains in financial stocks .

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