Paulson reports stellar June

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Paulson & Co., riding high on its short subprime mortgage thesis, turned in highly impressive June results across all of its onshore funds.

The high-flying Paulson Credit Opportunities fund netted 39.92% for the month to total 129.34% for the year so far, according to estimates from investors. Paulson Credit Opportunities II netted 22.49% for a year-to-date total of 59.78%.

Paulson Advantage, the firm’s event arbitrage fund, gained 11.47% (net) for a 33.46% total through June. And Paulson Partners, the flagship merger arbitrage fund, rose 6.07% (net) for the month to total 28.22% for the year so far.

Earlier this year, firm