David Einhorn’s Greenlight Capital experienced a positive turnaround in July with a 3% climb, effectively rebounding from a significant loss in the previous month, according to a report by Institutional Investor.
Over the same period the S&P 500 gained 1.1%, while the Nasdaq Composite posted a 0.8% decline.
Despite the outperformance, Greenlight Capital remains behind the overall market for the year with an 11% YTD gain, compared with 15.8% for the S&P 500.
In July, several of Greenlight’s largest long positions showed notable performance, with three achieving double-digit gains. Green Brick Partners, a major player in homebuilding and land development and Greenlight’s largest US-listed long position at the end of Q1, surged by nearly 28%.
Brighthouse Financial, meanwhile, an annuities provider and the fund’s second-largest long position at the end of Q1, saw a 15% increase last month, while Tenet Healthcare, which operates hospitals and ambulatory surgery centres, rose by approximately 12.5%.
Other significant long positions also saw gains, though to a lesser extent. ODP Corp, the parent company of Office Depot, increased by nearly 8% in July, while Kyndryl Holdings, an IT services provider and Greenlight’s third-largest US-listed long position at the end of Q1, grew by 2.1%.
Not all of Greenlight’s investments performed well, however, with CONSOL Energy, a coal producer, declining by 2.2%, and Alight, a company specialising in health benefits and payroll solutions, falling by 2.6%.
