David Einhorn’s Greenlight Capital lost 4.3% in June# Stock
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WSJ
Updated July 1, 2015 7:03 p.m. ET
Two high-profile hedge funds lost money in June, hurting their performances
for the year.
Daniel Loeb’s Third Point LLC lost 0.8% in its flagship fund last month,
trimming its midyear return to 4.9%, according to an investor update Tuesday
that provided few further details. David Einhorn’s Greenlight Capital
lost 4.3% last month and is down 3% for the first half of the year,
according to a note sent to clients Tuesday.
In 2015, some hedge-fund managers have been beating their benchmarks for the
first time in years, with their performances looking particularly strong
compared with markets roiled by Greece’s troubles and the Federal Reserve’
s expected interest-rate increase. A merger boom, especially in the health-
care sector, also has helped. But June, a month when stocks slipped and bond
markets tumbled, may have acted as a speed bump for the industry.
Through June 29, hedge funds on average lost 1.3% for the month, according
to the HFRX Global Hedge Fund Index, bringing funds’ average return for the
year to 1.2%. In comparison, the total returns for the S&P 500 and the MSCI
All-Country World Index for the year through June 29 were 0.96% and 2.92%,
respectively.
Greenlight said in its client note that June’s losses stemmed “primarily”
from its investment in Micron Technology Inc. and holdings of Consol
Energy Inc. “to a lesser extent.”
Updated July 1, 2015 7:03 p.m. ET
Two high-profile hedge funds lost money in June, hurting their performances
for the year.
Daniel Loeb’s Third Point LLC lost 0.8% in its flagship fund last month,
trimming its midyear return to 4.9%, according to an investor update Tuesday
that provided few further details. David Einhorn’s Greenlight Capital
lost 4.3% last month and is down 3% for the first half of the year,
according to a note sent to clients Tuesday.
In 2015, some hedge-fund managers have been beating their benchmarks for the
first time in years, with their performances looking particularly strong
compared with markets roiled by Greece’s troubles and the Federal Reserve’
s expected interest-rate increase. A merger boom, especially in the health-
care sector, also has helped. But June, a month when stocks slipped and bond
markets tumbled, may have acted as a speed bump for the industry.
Through June 29, hedge funds on average lost 1.3% for the month, according
to the HFRX Global Hedge Fund Index, bringing funds’ average return for the
year to 1.2%. In comparison, the total returns for the S&P 500 and the MSCI
All-Country World Index for the year through June 29 were 0.96% and 2.92%,
respectively.
Greenlight said in its client note that June’s losses stemmed “primarily”
from its investment in Micron Technology Inc. and holdings of Consol
Energy Inc. “to a lesser extent.”