Gold-loving hedge fund billionaire reveals April wounds
NYPOST.com reports gold is one of billionaire David Einhorn’s top six holdings and the fall in the price of the metal has pushed his Greenlight Capital fund into the red with a decline of 0.6% for April.
The tabloid says Einhorn "even stores gold bullion in a secure site in Queens" and the losses in gold was enough to drag down the fund's performance "despite solid gains in his top stock positions like General Motors, Cigna and Vodafone. Even Apple — possibly his largest holding — was up 0.38%:
Einhorn is the first hedge-fund honcho to report numbers that show the effect of the gold plunge. But others who have had big losses in the precious metal this year include Dan Loeb and John Paulson, who is the top holder of the SPDR Gold Trust, a paper gold fund that fell 7.56 percent last month.