Greenlight Up 19.6% In 2013

Jan 6 2014 | 1:22pm ET

Greenlight Capital returned nearly 20% last year, according to its reinsurance business.

Greenlight Capital Re, which invests its premiums with the hedge fund, said that its namesake returned 19.6% last year after a 0.6% rise in December. Greenlight managed the strong returns in spite of a large short book in the face of surging equities markets and a big position in gold.

Firm founder David Einhorn's long bets more than made up for it, however. Greenlight's largest position, in General Motors, returned 46% this year. Other top-five holdings, including Vodafone Group and Marvell Technology Group, rewarded Einhorn with double- and triple-digit returns.

Einhorn also avoided losses by slashing his gold investments, once among his top-five holdings. Gold suffered its worst year in decades in 2013, losing 28%.

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