Greenlight Capital Up 5.8% In November

Dec 1 2014 | 8:26am ET

By Simone Foxman (Bloomberg) -- The main fund at billionaire David Einhorn’s $10 billion hedge fund firm Greenlight Capital Inc. gained 5.8 percent in November as stocks rose.

The month’s performance brought year-to-date returns to 11 percent, according to an e-mail to investors obtained by Bloomberg News. Greenlight’s November gains more than doubled the 2.5 percent rise in the Standard & Poor’s 500 Index for the month, but lagged its year-to-date gain of 11.9 percent.

Greenlight, which mainly invests in equities, has outperformed the average hedge fund this year. The HFRX Global Hedge Fund Index, which measures asset-weighted performance of hedge funds across strategies, gained 0.4 percent in November, pushing year-to-date returns to 0.2 percent.

The New York-based firm told clients earlier this year that it planned to raise money in November and December to take advantage of October’s market turmoil. In a Nov. 4 call discussing the results of Greenlight Capital Re, the Cayman Islands-based reinsurer in which Einhorn is chairman, he said he wished the October correction in the stock market had been longer so that he could have made more investments at bargain prices.

Jonathan Gasthalter, a spokesman for Greenlight with Sard Verbinnen & Co., declined to comment.

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