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Einhorn's Greenlight Capital fell 5.3 percent, extending the
roughly $12 billion firm's loss for the year to 13.8 percent,
the sources said.
Loeb's Third Point fund dropped 5.2 percent, but is up 1.2
percent for the year. Loeb"s Third Point Ultra fund fell 9.1
percent in August and is essentially flat on the year with a 0.8
percent gain, one of the sources said.
Einhorn and Loeb are often among the first big-name hedge funds
to tabulate their monthly returns. Their August losses, coming
as fear about China's falling stock market and yuan devaluation
hit world markets, suggest that many other hedge funds will also
show heavy losses for the month, and even the year. Hedge fund
returns, unlike mutual fund returns, are closely guarded secrets
and investors often promise not to discuss them.
At Greenlight big bets on Consol Energy Inc, Micron Technology
Inc and SunEdison Inc weighed on performance, the two sources
said. Amid the markets' drop, Einhorn cut his long and short
bets, the sources said.
August has been a tough month for investors, with the Standard &
Poor's 500 dropping 6.3 percent. Data from Hedge Fund Research
shows that the average hedge fund lost 2 percent in August and
is now off roughly 1 percent for the year.
Investors in hedge funds said last week's losses were far deeper
and that many managers were helped by a late snapback in the
markets. But several investors have grumbled that hedge funds
still lost money by making big bets on commonly held stocks
instead of hedging their exposure.
(Reporting by Svea Herbst-Bayliss; Editing by Tom Brown and
Leslie Adler)
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