Einhorn’s Greenlight Fund Jumps 4.8% in July as Stocks RallyBy
Manager makes headway rebounding from second losing year ever
Consol Energy and Apple holdings may be providing a boost
The main fund at David Einhorn’s Greenlight Capital rose 4.8 percent in July as U.S. stock markets saw their strongest month since March.
The gains boosted the hedge fund’s 2016 return to 5.7 percent, according to an e-mail sent to investors that was obtained by Bloomberg. The performance accelerates Einhorn’s attempt to recover from a loss of more than 20 percent last year.
Jonathan Gasthalter, an external spokesman for New York-based Greenlight, declined to comment on the returns.
Einhorn, 47, is beating peers again as he bounces back from only his second down year on record. While the S&P 500 Total Return Index, a measure that includes reinvested dividends, has gained 7.7 percent this year, the average hedge fund was up 0.5 percent through July 28, preliminary data from Hedge Fund Research Inc. show. Hedge funds also lagged behind the broader U.S. equity market this month.
Greenlight stood to profit in July from the 20 percent surge in Consol Energy Inc. The stock was one of Greenlight’s largest disclosed long positions at the end of the second quarter. Shares of Apple Inc., another of the firm’s top holdings, rose 9 percent during the month.