The latest returns statements for David Einhorn’s Greenlight Capital, Bill Ackman’s Pershing Square Capital Management and Dan Loeb’s Third Point are in. Ackman managed a small gain during January, while Einhorn’s and Loeb’s firms each saw their investments decline during the month. All three firms posted strong gains for the month of February, however, recovering from January’s stumble. Copies of the three firms’ returns statements were shared with ValueWalk.
Update on Einhorn’s Greenlight Capital
Greenlight’s return statement shows a healthy 3.8% net return for the month of February. However, January wasn’t nearly as good for Einhorn, as the year to date gain for his firm is 0.9% through Feb. 28.
As of the end of February, Greenlight’s biggest long positions were Apple, Consol Energy, gold, Micron Technology, Resona Holdings and Sunedison. The firm reported that its portfolio consisted of about 109% long positions and 78% short positions.
Update on Loeb’s Third Point
Third Point’s Jan. 31 statement indicates a 2.3% decline in January. Loeb did outperform the S&P 500 during the month, however, as the index declined 3%.The firm states that its long exposure was 71.8%, while its short exposure was -18.1%. The net exposure was 53.7% for the month of January.
Third Point lost 3.2% on its long positions but gained 0.2% on its short positions. The net profit and loss was -3% for January. The firm’s top 10 long positions were 38% of its portfolio, while its top 10 short positions were 12%.
Loeb’s firm more than recovered January’s losses in February, however, gaining 4.8% during the month.
Update on Ackman’s Pershing Square
Pershing Square reported a gross gain of 0.8% and net gain of 0.6% during the month of January. The firm had 12 positions that were greater than 0.5%, 10 of which were longs and two of which were shorts. Through end of February, Pershing gained 6.8%.
We know that one of Ackman’s two short positions is Herbalife, has he has been selling shares of that company short since late in 2012. Ackman is not disclosing his other short position, although there’s been plenty of debate about what it is. ValueWalk believes that, based on the math, that other short position is NRG, although sanother strong possibility is that the other short is Actavis.