Third Point, JANA Gain in March; Greenlight Breaks Even

Apr 1 2016 | 7:14pm ET

Three well-known hedge funds – David Einhorn’s Greenlight Capital, Barry Rosenstein’s JANA Partners, and Daniel Loeb’s Third Point Partners – have flashed preliminary performance figures for the month of March.

Third Point was up 3.2% in March but remains down -1.9% for the year to date, while JANA gained 1.2% for the month but -6.1% in the red so far this year, according to a Reuters report. Both funds benefitted from rallies in global equity and debt markets during the month, with the S&P 500 gaining 3.7% and high-yield bonds rising sharply after a disastrous start to the year. 

JANA reportedly missed a bullet by closing out its position in troubled Canadian pharmaceuticals company Valeant, which fell a whopping 61% during the period and torpedoed several other hedge funds. 

Einhorn’s Greenlight Capital, the only one of the three to carry positive performance into March, broke even for the month and remains up 3.3% so far in 2016. The fund, which lost more than 20% in 2015, was buoyed by an 8% gain in Apple, one of his largest positions, but was conversely impacted by a near-wipeout of solar company SunEdision. 

Preliminary data from industry data provider Hedge Fund Research suggests the average hedge fund gained 1.27% in March but remains down -1.85% YTD, noted Reuters. 

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