Hedge fund manager John Paulson posted fresh losses last month in one of his biggest funds even as other of his portfolios are faring well.

The Paulson Advantage Plus fund, one of the manager's biggest with roughly $9 billion in assets, lost 5.93 percent in May, leaving it off 7.5 percent for the first five months of the year, said two people familiar with the fund's performance who were not permitted to discuss it publicly.

Investors have closely tracked Paulson's thoughts on the economy ever since he earned billions of dollars on bets against the overheated housing market in 2007.

For months, the billionaire manager who oversees roughly $37 billion in assets at Paulson & Co, has bet that growth would rebound, but those bets have not paid off yet.

At the end of the first quarter, some of Paulson's biggest bets in his largest portfolios included financial institutions Citigroup , which has fallen 15.75 percent since January, and Bank of America Corp. , which has fallen 15.4 percent.

Unlike many other hedge fund firms, Paulson allows investors to choose between investing in a dollar-denominated share class -- the traditional way for most funds -- and a gold-linked share class where losses are far less. The gold-linked share class is off 1.3 percent for the year.

A spokesman for Paulson declined to comment.

Meanwhile Paulson's Enhanced fund was flat in May. It is up 11.5 percent for the year.

(Reporting by Jennifer Ablan in New York and Svea Herbst-Bayliss in Boston. Editing by Robert MacMillan)