By Katya Wachtel
NEW YORK Aug 6 After a particularly rough June,
two of the $2.25 trillion hedge fund industry's best known
managers, David Einhorn and Daniel Loeb, each saw their main
funds gain almost 3 percent last month, according to an
The investor was not authorized to speak publicly about the
private funds' returns.
Einhorn's Greenlight Capital rose 2.8 percent in July,
sending yearly returns to 10.3 percent.
Loeb's Third Point Offshore fund rose 2.9 percent in July,
boosting yearly returns to 15.9 percent. A levered version of
Loeb's flagship fund, called Third Point Ultra, climbed 4.1
percent last month. It had gained 23.6 percent for the year
through July 31.
In contrast, William Ackman's Pershing Square Capital
Management lost 2.2 percent in July, largely because of its
bearish bet on Herbalife, whose stock rose steeply over
the month. For the year, the fund is up 3.8 percent, according
to investor sources.
June was a bad month for many hedge funds, particularly
bond-focused funds. But early indications show that most funds
bounced back in July, in part because of the strong performance
Overall, hedge funds in July rose by 1 percent, according to
early estimates by Bank of America Merrill Lynch, while the S&P
500 stock index climbed 4.95 percent. For the year, funds
have risen roughly 3.6 percent on average, according to the Bank
of America data, while the S&P 500 was up 18.2 percent through