2014 Was One Of The Worst Years Of John Paulson's Career

Mark Lennihan/APJohn Paulson

Hedge fund manager John Paulson's Advantage Plus fund tanked 36% in 2014, Bloomberg News reports, citing unnamed sources familiar with the fund's performance.

The event-driven fund - which focuses on takeovers, spinoffs, or bankruptcies - fell 3.1% in December, the report said. 

Meanwhile, Paulson's Advantage fund fell 29% in 2014 and was down 2.4% in December, the report said.

Paulson, who manages about $19 billion in assets, became famous for his 2007 bet against subprime.

His returns haven't been so hot lately, though.

This was Paulson's second-worst performance year.  The worst year for Paulson was in 2011 when he lost about 52%.