UPDATE 2-Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in Sept

Wed Sep 30, 2015 9:04pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details on other fund managers, recasts first paragraph)

By Svea Herbst-Bayliss

BOSTON, Sept 30 (Reuters) - Billionaire stock pickers David Einhorn, Daniel Loeb and Barry Rosenstein on Wednesday told their wealthy investors they lost money in September as market turmoil inflicted more pain on some of America's most prominent hedge funds.

The three men were among the first to tabulate their monthly performance numbers and their losses suggest that even bigger declines will be reported by other hedge funds in the days ahead, after global markets tumbled this month amid persistent fears that China's economy is slowing.

Einhorn's Greenlight Capital fund fell 3.6 percent in September, leaving the $11 billion firm off 17 percent for the year to date, two people familiar with the figures said on Wednesday.

Loeb's $17.5 billion Third Point fell 4.8 percent in September. It is down 3.7 percent for the year while his more aggressively positioned Third Point Ultra fund lost 6.7 percent, putting it off 7.5 percent for the year, a person familiar with the numbers said.

Rosenstein's $11 billion Jana Partners lost 3.8 percent in September and is now off 6.6 percent, a person familiar with the numbers said.

Their losses largely mirrored the 3.52 percent decline in the Standard & Poor's 500 index in September, but that is certain to raise questions about the funds' hefty fees and promises to protect investors, including pension funds, in down markets.

At Greenlight, Einhorn is delivering some of the industry's worst numbers, thanks largely to soured bets on renewable energy company SunEdison and Consol Energy, and a losing gamble on Micron Technology.   Continued...