Paulson Event Fund Nears 30% Drop Dec 9 2014 | 11:56am ET Paulson & Co.’s event-driven strategy has lost 27% this year—the lowest point in what’s proved to be a bruising year for the $19 billion firm. The event-driven fund shed 3.1% last month to extend its loss to nearly 30%, Bloomberg News reports. And while it is the worst-performing of Paulson’s funds, it’s not alone among its losers; indeed, New York-based Paulson is a veritable sea of red this year. The firm’s Recovery Fund—which is set to transition to a strategy more like the bloodied event-driven fund next year, is off by 14% this year. Another event-driven strategy is own 17%. Other funds have suffered less, and even gained ground last month, giving investors hope that they might end the year in the black. The firm’s levered merger-arbitrage fund jumped 3% in November to cut its year-to-date loss to just 0.9%, while its credit fund added 1.2% last month and is now down 2.2% on the year. The unlevered merger fund actually leapt into positive territory last month, returning 1.2% to leave it up 1.1%. About half of Paulson’s assets are invested in the merger arbitrage strategy.