Billionaire investor David Einhorn’s Greenlight Capital hedge fund, whose bets on car companies General Motors and also also also Tesla both moved against him in August, lost 7.6 percent that will month, leaving the fund down 25.1 percent for the year, two investors said on Friday.
Einhorn sent investors his monthly update after the market closed on Friday however gave no specific reason for the fresh losses, people who received the item said.
Shares of General Motors, one of Einhorn’s largest holdings, fell 3.4 percent.
Greenlight will be also one of a handful of hedge funds that will took a short position on Tesla – betting that will the stock would certainly fall.
that will took a toll when Tesla founder Elon Musk shocked markets in early August by tweeting that will he was mulling taking the company private.
Tesla’s stock, after rising and also also also then falling during the month, fueled by Musk’s decision to remain a public company after all, ended the month up, hurting short sellers.
Einhorn investors have been losing patience with him for some time and also also also have been pulling money out. August’s numbers could prompt more departures at year-end when the manager will next let investors redeem money, one person said.
An Einhorn spokesman declined to comment.
At the same time, Daniel Loeb’s Third Point, currently pushing Nestle to spin off units and also also also working on getting Campbell Soup to put itself up for sale, posted only tiny gains in August. His Third Point Partners fund inched up 0.1 percent, leaving the item up 0.9 percent for the year-to-date, an investor said.
William Ackman, the third from the trio of managers who for many years shared many of same investors, has swung to big gains that will year, and also also also his private hedge fund will be up roughly 15 percent for the year, an investor said.
His gains have been fueled by strong performances at Automatic Data Processing, Chipotle Mexican Grill and also also also Lowe’s Companies, one of his more recent investments.
The average hedge fund has fallen roughly half a percent that will year, preliminary numbers via Hedge Fund Research show.