Greenlight Capital suffers 7% drop in June, and is down over 18% this year

  • Greenlight Capital suffered new losses in June, and the fund is down more than 18 percent year to date.
  • Billionaire fund manager David Einhorn said the firm, which has bet against car maker Tesla, was “frustrated” by the results.
David Einhorn
David A. Grogan | CNBC David Einhorn

Billionaire investor David Einhorn on Friday told clients that his Greenlight Capital hedge fund suffered fresh losses in June and has now dropped 18.3 percent this year. “We are obviously frustrated by our results,” Einhorn wrote to clients in a performance update seen by Reuters. In June the fund fell 7.1 percent, the update said. Einhorn did not say which bets hurt the portfolio the most but many of his top holdings, including General Motors, fell. Einhorn has also been betting against a number of stocks including electric vehicle maker Tesla, which rose in June. A spokesman could not be reached for comment. The S&P 500 is up 1.7 percent for the year. Many hedge fund managers have said that increased market volatility sparked by fears about rising interest rates and possible trade wars could help improve their returns.