Greenlight Up 11% On Healthcare Investment

Sep 5 2012 | 10:00am ET

Greenlight Capital's healthcare bets have already paid off handsomely for the firm.

Greenlight in the second quarter bought stakes in Coventry Health Care and Cigna Corp. as a play on "Obamacare" and its future. But the fund hasn't even had to wait for November's elections, as Coventry shares soared 28% after Aetna Inc. announced plans to acquire it.

That sent the $8 billion firm's flagship hedge fund up 4.2% in August. Greenlight told clients yesterday that it is now up 10.9% on the year. Greenlight's Offshore fund rose 4.1% on the month and is up 10.5% on the year.

Coventry was Einhorn's seventh-largest position at the end of the second quarter. His bigger bets have also done well, however, including Apple Inc., Seagate Technology and General Motors.

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