John Paulson, the billionaire hedge fund manager whose Midas touch has deserted him in recent months, enjoyed improved fortunes when his main hedge fund rose by 2.4 per cent last month and saw all his strategies improve, Bloomberg reported, citing a client update.

Paulson’s main fund, the Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies, cut loss since January to 44 per cent. The gold share class advanced 3.3 per cent last month and declined 27 per cent this year.

The investor has become famous for having made profits by correctly predicting the sub-prime mortgage meltdown in 2008, shorting sub-prime assets and benefiting from the market shift. His eponymous firm, Paulson & Co, oversees $30 billion of assets. He has, the news service said, been betting on an economic recovery by the end of 2012 and has lost money on investments in firms such as Bank of America and Citigroup.

Paulson’s business recorded positive returns in all of his funds in October as stocks rallied. His dollar-denominated Advantage Fund, which employs a similar strategy to Advantage Plus, gained 4.7 per cent last month and fell 29 per cent this year. The gold share class rose 8.3 per cent in October and declined 12 per cent in 2011.