John Paulson is in the red so far this year.
The gold bugs huge Advantage Fund lost 3.10 percent in March and is now down 1.24 percent for the year.
The more leveraged Advantage Plus was off 4.44 percent in March and is now down 1.74 percent for the year.
Paulsons gold shares, however, fared better.
The gold shares of Advantage were down 1.79 percent for March and 0.75 percent for the year.
The gold shares at Advantage Plus were off 3.27 percent in March and 1.26 percent for the first three months.
Meanwhile, Paulsons gold fund itself is only down 0.87 percent this year. Interestingly, gold itself was up 1 percent for the quarter.
It is not clear why Paulson lost money in March.
But, given that nearly 90 percent of his own money is in gold or the gold shares, this means that Paulson, who personally made $4.9 billion last year, fared better than many of his investors.