David Einhorn's Greenlight Capital loses 1.5% in a 'challenging quarter'

Closely-followed hedge fund manager David Einhorn’s Greenlight Capital second quarter letter to investors has just been sent out.

And so far, it’s been a challenging year.

In the second quarter, Greenlight fell 1.5%. Year-to-date, the hedge fund is down 3.3%.

Meanwhile, the S&P 500 index returned 0.3% in the second quarter and is up 1.2% for the year.

Einhorn wrote that it was a “challenging quarter for finding new long ideas.”

New long positions the fund snapped up include, Applied Materials (AMAT) and Bank of New York Mellon (BK). Both stocks were trading higher after Greenlight’s letter came out Monday afternoon.

During the second quarter, Greenlight exited a number of positions, including Altice, Conn’s, and EMC Corp. Greenlight also sold its long positions in Marvell Technology Corp and Playtech.

Greenlight covered its short in Intuitive Surgical.

Micron Technology was the fund’s “biggest loser” in the quarter, the letter said. The semiconductor producer fell from $US27.12 to $US18.84 during the quarter, and Einhorn wrote, “It’s a cyclical business and, regrettably, we missed the turn of the cycle.”

Einhorn publicly disclosed his stake in Micron at the inaugural Robin Hood Investors Conference on November 21, 2013.

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