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Hedge Funds

Einhorn's Greenlight Discloses Equity Stake In Retailer Macy's

by posted 4years ago 1532 views
David Einhorn’s Greenlight Capital has reported a stake in struggling retailer Macy’s, joining with activist hedge fund Starboard Value as a shareholder in the 158-year old company. Starboard has been pushing for Macy’s to maximize the value of its real estate holdings.  The stake was disclosed in a fourth-quarter update sent to Greenlight Capital investors in which Einhorn explains 2015’s dismal -20.2% performance. Einhorn noted that his firm has “never had a year where so little went right,” according to Reuters, and pledged to make 2016 better. Despite the drawdown, redemptions have been “modest” and a few clients have inquired...