(Adds results for Daniel Loeb’s Third Point)
By Svea Herbst-Bayliss
BOSTON, Oct 30 - Hedge fund manager David Einhorn, who has been nursing some of the year’s biggest losses, posted tiny gains in October when the U.S. stock market had a strong showing, a person familiar with his fund’s returns said on Friday.
Einhorn’s $11 billion Greenlight Capital inched up 0.7 percent in October, leaving the fund down 16.3 percent so far this year, said the source, who spoke on condition of anonymity because the fund is private. The loss put Einhorn on course to post his first down year since 2008.
Einhorn is usually among the first hedge fund managers to tally his monthly results. In October, the stock market rebounded, with the Standard & Poor’s index gaining 8.3 percent. But many hedge funds are expected to show losses for the month and the full year.
Also reporting on Friday, Daniel Loeb’s flagship Third Point gained 4.7 percent in October, the person said. The $17.5 billion fund is now flat year to date after the latest performance numbers. (Reporting by Svea Herbst-Bayliss; Editing by Richard Chang and Leslie Adler)