Hedge-Fund Manager Einhorn Scores 4.2 Percent gain August

Hedge fund manager David Einhorn had plenty to brag about on Tuesday after his Greenlight Capital gained 4.2 percent in August, thanks largely to a double-digit jump in Coventry Health Care’s stock price.

Einhorn’s Greenlight Capital informed investors early on Tuesday that his Greenlight Capital LP is now up 10.9 percent for the year, said two people familiar with the results, but not authorized to discuss them publicly.

Coventry Health Care, Einhorn’s seventh largest position at the end of the second quarter, likely provided the fuel for the fund’s gains as the insurer’s stock price climbed 28 percent during the last four weeks. Late last month, rival Aetna Inc announced plans to buy Coventry Health Care.

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