Insiders

Einhorn's Greenlight hedge fund up 0.3 percent in February: sources

March 01, 2013 at 12:02 pm EST

MarketScreener.com By

Einhorn's Greenlight hedge fund up 0.3 percent in February: sources

NEW YORK (Reuters) - David Einhorn's more than $8 billion hedge fund, Greenlight Capital, gained 0.3 percent in February, according to sources familiar with the matter.

The fund has gained 3.6 percent for the year.

Einhorn's February results come as the outspoken manager has been pushing technology company Apple Inc to return some of its cash stockpile to investors in a form of preferred stock. Greenlight owns roughly 1.3 million shares of Apple, one of the hedge fund's largest positions.

Apple shares have dropped roughly 3 percent since Einhorn went activist on stock in early February.

In the month of February, the Standard & Poor's 500 stock index <.SPX> rose 1.1 percent.

(Reporting by Katya Wachtel; Editing by Lisa Von Ahn)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	APPLE INC.	189.8 USD	-0.01%	+3.70%	2,932B

David Einhorn

In 1981, David Einhorm is graduated from Cornell University (New York) where he passed with distinction in all subjects. He is the CEO of Greenlight Capital, a hedge fund which he created in 1996 with a million dollar. In 2008, his fortune was estimated about six billion dollars.

Principally short-seller, the fund’s strategy is lucrative, its profitability was around 26% a year since 1996.

The name of David Einhorm is closely related with the short sale. Even if he appears as a long-term investor, David Einhorm is adulated for his hit-and-run offensives and his bear speculations. Best examples are Allied Capital and Lehman Brothers.

In 2002, during a conference fir a charitable institution, organized by Tomorrows Children’s Fund, David Einhorm presents Allied Capital as an opportunity to sell. While a significant number of indications tend to prove this declaration, Allied Capital blows off steam against David Einhorm. During the struggle, David Einhorm is subjected to underhand tricks (SEC investigation on David Einhorm and his wife’s dismissal at Barron’s, stolen phone records…). David Einhorm wrote a book about this affair: “Fooling some of the people all the time”.

In 2007, he spots before anyone else the pitiful situation of the company Lehman Brothers and while others hedge funds do not say anything, he speaks into microphones.

In May 2008, during another charity event, David Einhorm launches a diatribe against the investment bank accused of hiding the truth about its accounts. A few days later, the equity drops and David Einhorm wins $ 1 billion.

When his detractors accuse him of precipitating the death of his prey, he affirms being an activist for financial transparency.

David Einhorm is also the CEO of Greenlight Capital RE Ltd, based in the Cayman Islands, specializing in reinsurance. He is one of the principal shareholders of the company.

View full profile

Linked companies
Greenlight Capital, Inc. Greenlight Capital, Inc. Investment ManagersFinance Greenlight Capital, Inc. is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by David Einhorn in 1996. Greenlight Capital provides investment advisory services to the Greenlight “Capital Funds”.	Chief Executive Officer
GREEN BRICK PARTNERS, INC.	Founder