Greenlight Capital returned -1.3% in the first quarter of 2023, according to a copy of the hedge fund’s quarterly update, which ValueWalk has been able to review.
David Einhorn’s hedge fund underperformed its benchmark, the S&P 500 index, by 6.2% in the first quarter of the year as its shorts detracted from the overall performance.
For the three months to the end of March Greenlight’s longs gained 9.9% while its shorts detracted -10.8%. Macro trades lost 0.4%. All figures are after fees and expenses.
At the end of the month, the fund had an average exposure of 106% long and 50% short.
Builder Jumps After Upgrade
The biggest winner for the fund on the long side during the quarter was Green Brick Partners....
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