David Einhorn's Greenlight Capital was down 0.1% for the first quarter, underperforming the S&P 500's 6.2% return. In their letter to investors, which was reviewed by ValueWalk, the Greenlight team said a lot happened during the first quarter even though they made just a handful of changes to the portfolio and essentially broke even.
Q1 2021 hedge fund letters, conferences and more
From growth to value
Value started to outperform growth, and expectations for interest rates and inflation climbed. Einhorn considered whether the tide has finally turned from growth to value, adding that the recovery has only just begun.
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