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Komfie Manalo, Opalesque Asia: David Einhorn's flagship hedge fund extended its downward spiral in April and fell 1.1% during the month to further expand its year-to-date losses to 14.9%, according to a report by Bloomberg.
In comparison, hedge funds reported a slight increase during the same month with the HFRX Global Hedge Fund Index gaining 0.3% as of April 26, while the S&P 500 Index also sustained minor gains with a 0.4% returns.
Einhorn told investors during a conference call Tuesday, "The quarterly result was one of our worst. Despite a good earnings season for our portfolio, in which most of our largest positions recorded fundamentals that were consistent with our investment thesis, we managed to lose a bit of money on most positions with no material winners to offset the losses."
Results about his Cayman Island based reinsurer Greenlight Capital Re Ltd., were also discussed during the call.
The 49-year-old Einhorn told his investors that some of his largest positions have not been performing lately because of the volatile market condition that resulted to nearly 14% quarterly losses.
He said that Greenlight's earnings from its position in Micron Technology Inc. and a short on Tesla Inc., were insufficient to offset losses from his overall holdings.
In March, Greenlight Capital ...................... To view our full article Click here
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