John Paulson lost 1.5 percent in February in one of his largest hedge funds, according to an investor update, even as the Standard & Poor’s 500 Index gained 4.1 percent during the month.

Paulson’s Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, has gained 3.5 percent this year, according to the update, a copy of which was obtained by Bloomberg News. The S&P 500 Index rose 8.6 percent during the same period.

Armel Leslie, a spokesman for Paulson & Co., which is based in New York and manages about $23 billion, declined to comment on the firm’s returns.

To contact the reporter on this story: Kelly Bit in New York at kbit@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net