David Einhorn’s Greenlight Capital hedge fund, which manages the… The recent rout in global financial markets, which has sent all three major U.S. indexes into correction territory, has hit the firm much worse than the average hedge fund. The hedge fund’s losses came “primarily” from its investments in energy company Consol Energy Inc. Looking for the silver lining, the hedge fund, known for its activism and finding value in the stock market with strong recent years past performance, did slightly outperform the S&P 500 stock index at least on a monthly basis, which was down 6.3 percent in August.
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Greenlight told investors Monday that it lost 5.3 percent in August and 13.8 percent for the year, the Wall Street Journal reported, citing people familiar with the matter. (NYSE:CNX), chipmaker Micron Know-how Inc.
The good news is that despite being down a bunch in August, Greenlight Capital still beat the market for the month, which is something to write home about, which he did in his letter to investors.
Greenlight is struggling while many of its peers are beating stocks for the first time in years.
In a volatile month, the fund fell 5.2% and is now up just 0.1%, according to a performance update.
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Including to the agency’s losses, one among Greenlight’s largest positions – coal producer Consol Power – misplaced nearly eight % in August and dropped 55 % for the yr. In the meantime, Micron Know-how has misplaced round 53 % since January. (NASDAQ:AAPL) and auto big Basic Motors Firm (NYSE:GM). The inventory was down roughly 7 % final month in the course of the inventory market rout.
