October 28, 2016 / 10:26 PM / 3 years ago

Greenlight sells profitable Vodafone, Evonik stakes - letter

NEW YORK (Reuters) - David Einhorn’s Greenlight Capital sold out of its profitable stock holdings in UK telecommunications company Vodafone Group Plc (VOD.L) and German chemical business Evonik Industries AG (EVKn.DE), according to a letter sent to investors Friday and seen by Reuters.

The letter also noted that the hedge fund firm had established a new “medium-sized long position” in an unnamed utility sector company over the third quarter.

A spokesman for New York-based Greenlight declined to comment.

Greenlight’s funds returned 3.4 percent net of fees in the third quarter, bringing the year-to-date return to 3.8 percent, both below stock market benchmarks.

The letter also included a swipe at Elon Musk and his Tesla Motors (TSLA.O), saying that “complacent shareholders have been willing to look past years of over-promising and under-delivering from a promotional CEO.”

A spokesman for Tesla did not immediately respond to a request for comment. It is not clear if Greenlight has a short position in the electric car company.

Reporting by Lawrence Delevingne; Editing by Lisa Shumaker, Bernard Orr

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below