Greenlight Capital got off to a strong start to the second half of the year, gaining 3 percent in July, reversing its sharp loss the prior month.
This compares with a 1.1 percent gain for the S&P 500 and a 0.8 percent loss for the Nasdaq Composite.
Even so, the value driven hedge fund firm headed by David Einhorn, continues to lag the broad market year to date. The fund is up 11 percent through July while the S&P 500 is up 15.8 percent.
Most of Greenlight’s largest long positions were in the black in July, with three positions up by double-digits. Green Brick Partners, a homebuilding and land development company and Greenlight’s largest U.S. listed long position at the end of the first quarter, was up nearly 28 percent.
Brighthouse Financial, the annuities seller, gained 15 percent last month. Brighthouse was Greenlight’s second largest long at the end of the first quarter, the last period for which this information is available.
Tenet Healthcare, an operator of hospitals and ambulatory surgery centers, rose about 12.5 percent last month.
Other major long positions were up by smaller amounts.
ODP Corp., the retailer Office Depot, was up nearly 8 percent last month.
Kyndryl Holdings, an information technology services provider, rose 2.1 percent in July. It was Greenlight’s third largest U.S. listed long at the end of the first quarter.
Two major stock positions lost a small amount of money last month.
Coal giant CONSOL Energy was down 2.2 percent while Alight, which provides health benefits and payroll solutions, dropped 2.6 percent.