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Einhorn Deepens Slide as Greenlight Plunges 19% in First Half

  • Greenlight’s main hedge fund posts 7.7% decline for June
  • Value-oriented stock-picker still seeking to reverse slump
David Einhorn
David Einhorn

Photographer: Andrew Harrer/Bloomberg

David Einhorn’s main hedge fund at Greenlight Capital fell 7.7 percent in June, bringing losses for the first half of this year to almost 19 percent, according to a client update seen by Bloomberg.

His value-investing strategy fell well short of U.S. stock market returns, as the S&P 500 Index has handed investors about 2.6 percent this year, including reinvested dividends. The HFRX Global Hedge Fund Index, an early indicator of industry performance, declined about 1 percent in the period. Hedge Fund Research Inc.’s Fundamental Value Index, which measures value strategies among equity hedge funds, gained 1.8 percent in the first five months of the year.