{"id":104696,"date":"2021-01-21T19:14:44","date_gmt":"2021-01-21T19:14:44","guid":{"rendered":"https:\/\/fin2me.com\/?p=104696"},"modified":"2021-01-21T19:14:44","modified_gmt":"2021-01-21T19:14:44","slug":"hedge-fund-greenlight-capitals-strong-fourth-quarter-gains-lift-2020-return-to-5-2","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/hedge-fund-greenlight-capitals-strong-fourth-quarter-gains-lift-2020-return-to-5-2\/","title":{"rendered":"Hedge fund Greenlight Capital's strong fourth quarter gains lift 2020 return to 5.2%"},"content":{"rendered":"
FILE PHOTO: David Einhorn,\u00a0President, Greenlight Capital, Inc. speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS\/Brendan McDermid<\/figcaption>

BOSTON (Reuters) – Greenlight Capital ended 2020 with a 5.2% gain thanks to a dramatic fourth quarter comeback when bets on a homebuilder, jet leasing company and home security services company turned into a 25% return, the firm said in a letter to investors on Thursday.<\/p>\n

The hedge fund, run by David Einhorn, lagged far behind the broader S&P 500 index\u2019s 18.4% gain but celebrated its late year surge which it described as \u201cthe best quarterly result in Greenlight\u2019s history.\u201d Reuters obtained a copy of the letter.<\/p>\n

Homebuilder Green Brick Partners, jet leasing company Aer Cap Holdings and relatively new positions in Resideo Technologies, NCR Corp and Change Healthcare fueled the portfolio\u2019s gains as optimism about a vaccine roll-out and a conclusion to the U.S. presidential election pushed stocks to new highs.<\/p>\n

Greenlight also said that it invested in streaming provider FuboTV and biopolymer manufacturer Danimer Scientific, which both went public in recent months.<\/p>\n

Einhorn, who is well-known for his long-running short bet against Elon Musk\u2019s Tesla, said the fund \u201cmanaged to sidestep\u201d most of electric car company\u2019s late year run-up but acknowledged that the stock was still the firm\u2019s biggest loser last year. Tesla\u2019s stock surged roughly 733% in the last 52 weeks.<\/p>\n

The letter also highlighted Einhorn\u2019s whistleblower award from the U.S. Securities and Exchange Commission, received in November after he pushed for it, noting that the regulator had agreed with the firm\u2019s analysis of problems at land developer The St. Joe Company more than a decade ago, ultimately fining it for improper accounting of its real estate assets.<\/p>\n

Looking ahead to this year, Greenlight said it is positioned for higher inflation, a strong housing market and rising interest rates.<\/p>\n

\u201cIf things generally go this way, value stocks should continue their recent outperformance. We are excited to turn the page into 2021,\u201d the letter said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: David Einhorn,\u00a0President, Greenlight Capital, Inc. speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS\/Brendan McDermidBOSTON (Reuters) […]<\/p>\n","protected":false},"author":3,"featured_media":104695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nHedge fund Greenlight Capital's strong fourth quarter gains lift 2020 return to 5.2% - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/hedge-fund-greenlight-capitals-strong-fourth-quarter-gains-lift-2020-return-to-5-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hedge fund Greenlight Capital's strong fourth quarter gains lift 2020 return to 5.2% - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: David Einhorn,\u00a0President, Greenlight Capital, Inc. speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. 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