Hedge fund manager David Einhorn, the founder of Greenlight Capital, is on track for his second-losing year in his fund’s 19 year history.
According to Reuters’ Svea Herbst-Bayliss, Greenlight’s main fund fell 5% in November. The fund is down 20.6% year-to-date.
The fund’s performance has been hit by wind and solar power company SunEdison’s massive decline, with the stock falling by more than 83% since January.
For the first part of the year, SunEdison had been the fund’s biggest winner. The stock rallied from $19.51 to a peak of $32.13 on June 23 before collapsing. SunEdison’s share price was last trading around $3.27.
In the third quarter, Greenlight pared back its SunEdison stake, selling 6.2 million shares, according to the fund’s 13F regulatory filing. The fund last held 18.6 million shares, the filing showed.
Einhorn’s only previous down year was in 2008, when his fund lost 23%.
The average equity hedge fund is down 1.23% this year, according to data from Hedge Fund Research.
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