John Paulson, the hedge fund manager who profited the most from shorting UK banks in 2008 and has just doubled the minimum amount investors need to buy into his funds, made losses on all but one of his products last month.

The US manager's five hedge funds each made money in the first three months of this year, but in April only Paulson's $1.5bn (€1bn) Credit Opportunities fund was up, by 4.3%, according to investors. It has made 5% this year.