David Einhorn’s hedge funds declined in April even as U.S. stocks had the biggest monthly gain since 1987.
The 1.1% drop added to first-quarter losses, leaving the Greenlight Capital funds down 22% this year, according to an investor update on Thursday viewed by Bloomberg. Much of the loss occurred because value stocks continue to massively lag growth shares. The S&P 500 Index jumped 13% in the month as unprecedented action by the Federal Reserve and the U.S. Treasury helped buoy stocks amid the coronavirus crisis.
