Einhorn Still Up In 2016 Despite SUNEQ And PXD Woes

May 1, 2016

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By Jacob Wolinsky. Originally published at ValueWalk.

Einhorn Still Up In 2016 Despite SUNEQ And PXD Woes

As Dan Loeb noted in his recent letter it has been brutal for hedge funds lately – A recent Deutsche Bank Prime Brokerage notes “March concludes what may have been the most challenging quarter for hedge funds since the financial crisis” and April was only slightly better – HFRX Global Hedge Fund Index was up 0.61 percent in April and down 1.27 percent in 2016 – but what are the latest returns? We have them for you – overall, the results are mixed. First let us start with Dan Loeb himself.

SUNEQ Hedge-funds

Third Point was up 1.8 percent in April bringing returns to -0.2 percent YTD – not bad considering recent hedge fund returns. See the chart below.

SUNEQ Hedge-fund-returns-loeb

David Einhorn is having a rough year between long bets on SUNE (which recently declared bankruptcy) and a short bet on PXD, which has done quite well recently. However, despite the SUNEQ and PXD bets, Einhorn is having a decent year. In April, Einhorn was down 0.7 percent dragging down YTD numbers to (a still) positive 1.8 percent.

As of 30-April-2016, the largest disclosed long positions in Einhorn’s investment portfolio are Apple, CONSOL Energy, General Motors, gold and Time Warner; The hedge fund’s investment portfolio is approximately 93% long and 77% short. All exposure information is calculated on a delta adjusted basis and excludes credit default swaps, interest rate swaps, sovereign debt, currencies, commodities, volatility indexes and derivatives on any of these instruments.

SUNEQ David Einhorn

Bill Ackman’s Pershing Square is having a brutal year mostly due to a long bet on Valeant and a short bet on Herbalife gone wrong. However, April was a great month for the hedge fund. Ackman is up 10.9 percent through April 26th (full month returns are not yet available), bringing YTD return to negative 17.5 percent.

Meanwhile, Hedge Weekly notes that Dorset Energy is up 41.44 percent in 2016 through April 22nd making it the best performing fund tracked by the service. Niederhoffer is up 10.12 percent through April 27th, while Conquest Macro has returned 9.93 percent through April 26th. On the other side, Horseman Macro is down 8.38 percent through April 27th, while Winton Futures is down 2.29 percent through the same day. Marshall Wace has a negative return of 5.80 percent through April 26th, while Caxton Global is slightly negative through the 26th.

Stay tuned for more returns.