John Paulson’s event-driven fund has fallen 27% this year, Bloomberg News’Kelly Bit reports, citing two unnamed sources familiar with the fund’s performance.

The event-driven fund — which focuses on takeovers, spinoffs, or bankruptcies — fell 3.1% in November, according to the Bloomberg report.

Paulson became famous for his 2007 bet against subprime. It was called the greatest trade ever.

Things aren’t looking so bright this year, though.

Paulson, who currently manages about $US19 billion in assets, saw three of his funds make HSBC’s worst-performing funds list for 2014.

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn