That is the worst monthly loss for the index since May 2012.
David Einhorn’s Greenlight Capital revealed that its fund was down 5.5 percent in August, bringing the year to date loss to 14 percent, according to its web site.
The sources disclosed that, in a note sent to investors, Greenlight said it is “disappointed about the recent results”.
Greenlight attributed the marked decline – mainly – to its stakes in CONSOL Energy Inc.
Greenlight Re and Third Point Re both saw returns on their investment portfolios slide into negative territory in August after a challenging month for hedge fund reinsurers amid wider equity market turmoil. (NYSE:CNX), chipmaker Micron Technology Inc. (NASDAQ:MU) and photo voltaic firm SunEdison Inc. (NYSE:SUNE), the Journal said. The less good news is that Team Greenlight will have to get its sh*t together by the end of the year.
Earlier this summer, Einhorn said his investment in SunEdison was “our only significant victor”, according to the Times, after the stock rallied from $24 a share to $29.91 during the April-June period. Furthermore, over August, the fund lost 5.3 percent. However, SunEdison took a massive dive last month, plunging 55 percent.
Including to the agency’s losses, one among Greenlight’s largest positions – coal producer Consol Power – misplaced nearly eight % in August and dropped 55 % for the yr. In the meantime, Micron Know-how has misplaced round 53 % since January.
Greenlight also has exposure to iPhone maker Apple Inc. (NASDAQ:AAPL) and auto big Basic Motors Firm (NYSE:GM). Shares of Apple have also seen declines this summer. The inventory was down roughly 7 % final month in the course of the inventory market rout.