Notable hedge fund manager David Einhorn of Greenlight Capital has seen better days–his fund is down 18.7 percent year-to-date and 7.7 percent in the month of June alone.
CNBC had an article detailing Greenlight Capital’s woes thus far, alluding to the notion that value investing, a style of investing that focuses on finding undervalued stocks relative to their current prices via their intrinsic value–a style made famous by Warren Buffett, may be coming back into favor with investors.
In an April letter to investors, Einhorn was resilient in sticking with a value investing strategy despite the latest underperformances.
“We believe our investment theses remain intact. Despite recent results, our portfolio should perform well over time,” said Einhorn in a letter to clients in April. “To some extent, this quarter’s result stems from the continued extreme outperformance of growth over value.”