Paulson Credit Fund Gains From Lehman, Rescap And Dex Media

According to a mid-year presentation from Paulson & Co, John Paulson's funds are still making money from defaulted securitiespurchased years ago. Paulson Credit Opportunities Fund is up 6.6% through May and is one of the firm's best performing hedge funds this the year. The credit fund returned 23% in 2013. Strategy-wise credit makes up for Paulson & Co.'s second largest allocation. With $6 billion in the credit strategy, the Credit Opportunities Fund is fully invested, according to a letter to investors obtained by ValueWalk.

Along with Paul Singer and Seth...