David Einhorn’s Greenlight Capital is the latest hedge fund to suffer from the downturn in gold. According to Jennifer Ablan of Reuters, the offshore gold hedge fund was down 11.8 percent in June, bringing year to date losses at the fund close to 20 percent. However, the Greenlight Capital flagship hedge fund is up 7.4 percent year to date according to Reuters. We have more breaking information on the insurer Greenlight Capital Re, Ltd. (NASDAQ:GLRE) based on information just posted on the firm’s website.
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Greenlight Capital RE states that as of 30-June-2013
the largest disclosed long positions in our investment portfolio are Apple Inc. (NASDAQ:AAPL), General Motors Company (NYSE:GM), gold, Marvell Technology Group Ltd. (NASDAQ:MRVL), Oil States International, Inc. (NYSE:OIS) and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD); our investment portfolio is approximately 105% long and 62% short. This exposure analysis is calculated on a delta adjusted basis and excludes macro positions, which consist of gold, credit default swaps, sovereign debt, foreign currency positions, interest rate derivatives and others.
In terms of positions there are no new surprises there (see Greenlight Capital shareholder letter for Q1 here), except for Oil States International, Inc. (NYSE:OIS). Although David Einhorn disclosed a stake in the company recently at the Ira Sohn Conference, he did not state the size of the position. Furthermore, Oil States International, Inc. (NYSE:OIS) was not among the top holdings in May, so Einhorn likely was boosting his stake in June.
In terms of performance, Greenlight Capital Re, Ltd. (NASDAQ:GLRE) was up 7.9 percent in the first half of 2013. The fund was down 0.8 percent in June. Besides gold, returns were hurt by the largest holding, Apple Inc. (NASDAQ:AAPL), which was down over 10 percent in the second quarter.
We will have more details when the second quarter letter comes out, and when Greenlight Capital RE hosts its second quarter earnings call. A spokesperson for Greenlight spokesperson did not return a a request for comment.