Greenlight bought Onex and NET Power shares in Q2, added index hedges -letter

NEW YORK (Reuters) – Greenlight Capital made investments in alternative asset manager Onex Corp and clean energy company NET Power during the second quarter but also added portfolio protection through index hedges, the hedge fund told investors on Monday.

Greenlight, run by David Einhorn, told investors in a letter seen by Reuters on Monday that inflation may be “stickier” than the market is currently expecting.

“If we were ‘bearish’ until March and ‘neutral’ through June, we would now characterize ourselves as ‘worried,’ the letter said.

Greenlight, whose stock buys and musings on the economy are widely followed, gained 14.5% in the second quarter and was up 13.1% for the first half of 2023. The S&P 500 stock market gained 17% in the first half.

(Reporting by Svea Herbst-Bayliss; Editing by Conor Humphries)