Greenlight Capital Posts 5.8% Gains in November
Greenlight Capital, a hedge fund founded by David Einhorn, announced the increase of 11 percent year-to-date, or gains of 5.8 percent during November.
According
to Moneynews.com, Greenlight Capital outperformed its benchmark and
more than doubled the performance recorded by Standard & Poor's 500
Index at 2.5% during the same period.
Greenlight
also outperformed the average hedge fund so far this year. The HFRX
Global Hedge Fund Index, which measures asset-weighted performance of
hedge funds across strategies, reported a 0.4% positive performance last
month (+0.2% YTD).
In
his letter to investors, Einhorn said that his fund had a "a
frustrating quarter" in Q3 with his position in Apple as the only
winner. Einhorn noted that while they didn't have any huge losses,
Greenlight did get "ground down", but he plans to stay the course and
remain patient.
It
is clear that Einhorn is short Amazon, noting that the firm hasn't been
able to realize the profits he would have liked to see now that growth
has slowed.
Source: Opalesque
