David Einhorn’s firm saw a small dip in December.

Hedge fund Greenlight Capital finished 2019 up 13.8% after a small dip in December. The iconic value-oriented fund saw a 0.3% decline last month to finish off the year, according to Bloomberg. As we reported last month, the fund also saw a 1.8% decline in November.

By comparison, the S&P 500 finished 2019 up 31%, while the NASDAQ soared another 35%.

Hedge Fund Greenlight Capital Rebounds

Investors in hedge fund Greenlight Capital are likely content with the return after a dismal 2018.

During that year, David Einhorn’s primary fund slumped by 34%. The downturn forced Einhorn to readjust his strategy to more concentrated wagers on fewer stocks. The company has benefited from a near-60% gain in Green Brick Partners. The home builder’s stock has rallied 60% since Einhorn took a long position.

That said, the firm’s gains were likely capped by short bets that haven’t produced. These include targeted bets against the stocks of Caterpillar and Tesla.

Einhorn has been in a very public feud with Tesla founder and CEO Elon Musk. Einhorn has long shorted the electric vehicle manufacturer as it trades at a very lofty valuation.

In the third quarter, Greenlight Capital opened new stakes in NeuBase Therapeutics.

The firm also increased its stakes in Brighthouse Financial, The Chemours Co., General Motors, and Adient PLC.

Meanwhile, it sold positions in Hilton Grand Vacations, KAR Auction Services, Valaris PLC, and Cars.com.

Finally, it exited a short position on Caterpillar at a loss while cutting its stake in Dillard’s.