Beleaguered hedge fund manager David Einhorn sold shares of Apple Inc. in the second quarter before they continued their ascent in the third period.
Einhorn, who runs Greenlight Capital, trimmed his stake in Apple by 486,000 shares, reducing his position to about $26.3-million at the end of the second quarter, according to regulatory filings. Shares of Apple have jumped about 13 per cent in the third quarter.
The hedge fund manager has piled up losses this year with wrong way bets on Tesla Inc. and General Motors Co. Greenlight’s main fund lost 0.3 percent in July, bringing the decline for the year’s first seven months to about 19 percent, the firm said in a letter to clients.
Bayer AG, which was among Greenlight’s largest disclosed long positions at the end of the quarter, slumped about 11 per cent since then.
Greenlight declined to comment.