Daniel Loeb’s Third Point and David Einhorn’s Greenlight Capital suffered losses in June, but not because of turmoil in Greece.
Third Point was down 0.8% in its flagship fund, making its returns for the year 4.9%, reports the Wall Street Journal. Loeb was ahead of the Greek crisis, withdrawing most of his assets from Greece a few months ago. Greenlight’s flagship fund dipped 4.3% last month, making its midyear returns negative with a 3% loss.
Greenlight blames its losses on Micron Technology and Consol Energy. The firm does have holdings in Greek bank stocks, but that amounts to less than 1% capital exposure. Micron fell a whopping 33% in June, dropping from $27.93 May 29 to $18.84 June 30, as memory chip demand continues to shift away from personal computers. Consol took a smaller hit, dropping from $27.84 at the end of May to $21.74 Tuesday.
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