Biggest Hedge Fund Losers Among Top Hedgies this Year

Hedge fund manager David Einhorn’s Greenlight Capital down 13.8 percent in 2015 this year and Bill Ackman’s Pershing Square down 4.3 percent this year.

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Hedge fund manager David Einhorn’s Greenlight Capital had a bad August. The August has Greenlight Capital down 13.8% in 2015.
Greenlight Capital lost 6.3% in July and 5.3% in August.

In his most recent note to investors, Mr. Einhorn made an appeal to investors to sit tight, signing off with a quote from the inventor Thomas A. Edison.

“A diamond is a piece of coal that stuck to the job,” Mr. Einhorn wrote.

In a letter to its investors, Greenlight said the losses “came primarily” from its holdings of Consol Energy, Micron Technology, and Sun Edison.

For David Einhorn, this year has been one of bad timing and wrong calls. In July, Mr. Einhorn called his investment in SunEdison “our only significant winner,” adding that the stock had gone from $24 a share to $29.91 a share over the quarter. But in August, the stock took a sharp dive and is now trading at $10.40 a share.

Hedge Funds Greenlight Third Point Lost Money in June

david-einhornWhich hedge funds Lost Money in June

 

Leon G. Cooperman, founder of the $9 billion Omega Advisors, told investors on Aug. 21 that he was down 11 percent for the month. Last week, William A. Ackman surprised investors by announcing that all the gains for his Pershing Square Capital Management hedge fund for the year had been wiped out by “significant volatility” in the global markets. Mr. Ackman’s multibillion-dollar hedge fund was down 7.3 percent for the quarter and 4.3 percent for the year as of Aug. 25.

The world’s largest hedge fund, Bridgewater Associates, led by Raymond Dalio, told investors that its Pure Alpha fund was down 4.77 percent as of Aug. 21. And the flagship fund of Third Point, led by hedgie Dan Loeb, is up just 0.6 percent for the year, after losing 5.1 percent in August.

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Bill Ackman, one of the top performing hedge fund managers of 2014, is having a rougher go of it this year – thanks to China.

The founder of Pershing Square Capital Management said the fund’s gains of 10%, as of the end of July, have vanished due to recent market turmoil, which was spurred on by China’s economic slowdown.

Through the end of July, Bill Ackman’s investing prowess helped him post gains of 10.1% after fees, pushing assets up to $7.4 billion, the billionaire investor said in a letter posted to his web site late Wednesday. But recent stock volatility, triggered by fears China’s economic troubles could lead to a global slowdown, have erased those gains, the letter said.

“At the date of this report, the year-to-date investment performance has been erased, and the company is at a loss position for the year,” the letter said.

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Ken Griffin, chief executive officer and founder of Citadel LLC, left, and Henry Kravis, co-chairman of KKR & Co., converse during the Museum of Modern Art's "Party in the Garden" at the museum's garden in New York, U.S., on Tuesday, May 21, 2013. The event raised more than $4.1 million. Photographer: Amanda Gordon/Bloomberg via Getty Images

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