David Einhorn's Greenlight Capital returned -1.7%, net of fees and expenses, during the first quarter as the fund’s shorts proved to be a drag on performance. At quarter end, Greenlight’s partnerships were 102% long and 88% short.
During the quarter, Greenlight reduced its exposure from 30% to 14%. This move was driven both from the bottom-up and the top-down.
Greenlight Capital -1.7% In Q1 2015 [FULL LETTER]
David Einhorn - Longs lead the portfolio
Greenlight Capital’s long positions, led by Apple and SunEdison advanced 13% and 23% respectively during the quarter while Greenlight’s long position in Micron Technology underperformed. The stock dropped 23% during the period due to lower PC sales depressing the demand for DRAM and reducing Micron’s earnings.
Greenlight added...
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