We usually do a monthly analysis of David Einhorn’s returns (see June here), but since there is little news, Greenlight RE will be holding a conference call in a few days, and Greenlight just released their Q2 letter to investors we will just list returns below as well as top holdings.
We assume the negative returns are due to MU and MRVL suffering declines of approximately 9 and 10% respectively in July..
UPDATE: 11:35 PM EST: Dan Loeb also had a disappointing July, below are the latest numbers:
July YTD 2014
-1.2% +4.3%
UPDATE: 4:53PM EST August 1st Loeb’s investor tear sheet for July is embedded below
2014-07 July Monthly Report TPRE_v001_n8370g
Greenlight Net Monthly Returns:
July 2014: (2.6)%
Net Quarterly Returns:
| 2014 | 2013 | 2012 | 2011 | 2010 | |
| 1st………. | (0.7)% | 5.8% | 6.5% | (3.4)% | (1.9)% |
| 2nd……… | 8.1 | 2.0 | (3.3) | (1.9) | 2.6 |
| 3rd………. | (2.6)(2) | 4.0 | 8.8 | 0.1 | 3.6 |
| 4th………. | — | 6.6 | (4.4) | 7.6 | 6.5 |
| Full Year | 4.4(3) |
19.6 | 7.1 | 2.1 | 11.0 |
As of 31-July-2014, the largest disclosed long positions in our investment portfolio are Apple, gold, Marvell Technology, Micron Technology, Resona Holdings and SunEdison; our investment portfolio is approximately 113% long and 68% short. All exposure information is calculated on a delta adjusted basis and excludes credit default swaps, interest rate swaps, sovereign debt, currencies, commodities, and derivatives on any of these instruments.
If you missed it… Greenlight Q2 is embedded below.
Greenlight Capital Q2 2014 by ValueWalk
