BOSTON Aug 1 Hedge fund managers Barry
Rosenstein and David Einhorn, like many other investors, were
hurt by last month's late but sharp stock market selloff and are
reporting losses for July, investors who saw their performance
Rosenstein's Jana Partners funds lost 1.3 percent in July
while his Jana Nirvana fund lost 1.7 percent. Meanwhile, David
Einhorn's Greenlight Capital fell 2.9 percent last month.
For the year, however, all those funds are still in the
black. Rosenstein's Nirvana fund is up 6.2 percent, beating the
S&P 500's 5.7 percent rise while his Partners fund is up 4.0
percent. Einhorn's Greenlight Capital is up 3.6 percent.
Rosenstein and Einhorn rank among the world's biggest and
most successful hedge fund managers, so their monthly numbers
are closely followed by investors, keen to gauge the health of
the broader hedge fund industry.
On the last day of July, the U.S. Dow Jones industrial
average lost 317 points to register its sharpest one-day drop
since February on growing worries that stronger U.S. economic
data might prompt the Federal Reserve to end its easy money
policies sooner than anticipated. At the same time, bubbling
geopolitical worries also weighed on markets.
Several prominent hedge fund managers, including Einhorn,
Paul Singer and Leon Cooperman, have been saying lately in
letters to investors and at a public conference that the stock
market may be overvalued and poised for a selloff.
Many hedge fund managers are still compiling their month-end
statistics but these are generally not released to the public.
The average hedge fund rose 1.35 percent year-to-date through
the end of July, according to Hedge Fund Research, which
receives updates from a small number of funds on a weekly basis.
(Reporting by Svea Herbst-Bayliss; Editing by Richard Valdmanis
and Nick Zieminski)