After turning away new investors for more than three years, Greenlight Capital is welcoming them once again.
The New York-based hedge fund reopened to investors in the first quarter, it told clients in a letter yesterday. And, perhaps encouraged by the hedge fund's 6.8% return in the first three months of the year, would-be investors took advantage of the opportunity, helping push assets up 6% on the quarter.
A "high percentage" of the inflows went into the dollar-denominated share class of Greenlight's Gold Fund, the firm said. Greenlight now has $7.8 billion in assets under management.
Greenlight credited both its longs and shorts for its returns in the first quarter, citing bets on Apple Inc. and Seagate Technology and against the Japanese yen and Diamond Foods.