Paulson & Co.’s second half is off to a rocky start.

The firm’s flagship hedge funds extended their year-to-date losses in July, leaving both down by double-digits for the year—and in danger of suffering their second consecutive down year. Pauslon’s Advantage Fund dropped 1.6% last month, and the more highly-levered Advantage Plus Fund 2%. The former is now down 13% on the year and the latter 18%, Bloomberg News reports.

And that’s only the beginning of the bad news for the $21 billion hedge fund: Its Gold Fund is down 23% this year despite a 0.2% bump in July.

“While the Advantage and Gold Funds’ performance is negative on a year-to-date basis, we believe substantial upside exists as our event catalysts unfold and the imbalance between record high earnings and low valuation corrects across the gold mining sector,” firm founder John Paulson wrote to clients.

Paulson’s other funds aren’t doing so badly; in fact, they are up on the year. Paulson Partners Enhanced added 1.3% in July and is up 5.4% on the year, and Credit Opportunities rose 0.9% on the month and is up 3.8% on the year. 

Source: Bloomberg