By Sital Patel
NEW YORK (MarketWatch) — David Einhorn’s hedge fund Greenlight Capital lost 4.9% in the fourth quarter of 2012, which lowered its year-to-date net return to 7.9%, according to Einhorn’s letter to investors dated Jan. 22 which was obtained by MarketWatch. Einhorn described the fourth quarter as “disappointing,” reducing the fund’s annual returns “from good to pedestrian.” “While it is hard to view our performance last year as a catastrophe, it nonetheless falls short of our goals,” the letter said. At the end of the fourth quarter, Greenlight’s largest disclosed long positions were in Apple Inc. AAPL +0.93% , Cigna Corp. CI +0.35% , General Motors GM -0.02% , gold and Vodafone Group UK:VOD +0.65% , according to the letter. Marvell Technology Group Ltd. MRVL +3.44% was the biggest loser for Einhorn’s fund in 2012, but he remains bullish on the stock.
Jan. 23, 2013, 1:59 p.m. EST