Greenlight Jumps 2.7% In July

Aug 6 2012 | 11:37am ET

Greenlight Capital soared in July, its gains fueled by its continuing bet against Green Mountain Coffee Roasters.

The hedge fund rose 2.7% last month, bringing its year-to-date gain to 6.4%. Much of the return can be attributed to Greenlight's shorts on Green Mountain, whose shares fell 16.6% on the month. Greenlight's bet against the company helped blunt its losses in the second quarter, when it lost 3.2% but Green Mountain fell 13.2%.

Greenlight's new investments in health management companies Cigna Corp. and Coventry Health Care haven't worked out just yet. The former lost 8.45% in July while the latter gained 4.84%. Of course, Greenlight's wisdom in buying the stocks last quarter won't be borne out until November at the earliest—Greenlight said it bought them in part in anticipation that the presidential election will result in "a possible modification or repeal" of President Barack Obama's healthcare policy.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of