David Einhorn's Greenlight Capital funds returned 5.9% in the third quarter of 2020, compared to a gain of 8.9% for the S&P 500 in the same period.
This year has been particularly challenging for value investors. Growth stocks have surged as value has struggled. For Greenlight, one of Wall Street's most established value-focused investment funds, this performance has been particularly painful.
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Year-to-date, the Russell 1000 Pure Growth index is up 39% while the Russell 1000 Pure Value index has slumped -23%.
Greenlight's longs outperformed the Russell 1000 Pure Value index in the third quarter, returning 15%, compared...
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