Paulson hedge funds mixed in first quarter

BOSTON (Reuters) - Closely tracked hedge fund manager John Paulson's oldest fund rose and his Enhanced fund scored double-digit gains in the first quarter but his Advantage funds remained in the red, a source familiar with the numbers said on Wednesday.

The firm's oldest portfolio, Paulson Partners, gained 6.6 percent during the quarter while the Paulson Enhanced fund jumped 13.3 percent. Both funds' returns were fueled by the Express Scripts Medco acquisition and gains at Delphi Automotive.

Declines in gold stocks weighed on some of Paulson's other funds, the person who had seen the numbers but was not able to comment publicly said.

The Paulson Advantage fund fell 3.96 percent in March to stand 1.05 percent lower for the year while its Paulson Advantage Plus fund fell 5.45 percent in March and was off 2.23 percent for the quarter. Last year these funds suffered double-digit losses.

A spokesman for Paulson declined to comment.

(Reporting By Svea Herbst-Bayliss; Editing by Gary Hill)