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BOSTON, April 4 (Reuters) - The bulk of John Paulson's funds delivered positive returns in the first quarter, according to an investor letter sent to clients on Thursday.
Paulson's Advantage Fund gained 6 percent in March and is up 3.4 percent for the first quarter. The Advantage Plus fund climbed 4.6 percent in March and is up 8.3 percent.
Gains in financial stocks helped turn performance around in Paulson's Advantage funds which lost money in the past two years, said a source familiar with Paulson's portfolio but who is not authorized to speak to the media. The Advantage Plus fund lost more than half of its value in 2011.
Paulson's gold fund, the smallest of his portfolios, however, lost money again - dipping 3 percent in March to end the first quarter down 28 percent.