Greenlight Capital, an investment management firm, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Greenlight Capital funds returned 4.9% net of fees and expenses, compared to 10.6% for the S&P 500 index. The year’s first quarter saw a bullish market, with investors focusing on AI, cryptocurrency, and meme stocks. Despite the market’s strong performance, the long and short portfolios didn’t fare as well. The long portfolio only saw a modest increase of 2.2%, net of fees and expenses, while the single-name short portfolio broke even. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greenlight Capital featured stocks like Tenet Healthcare Corporation (NYSE:THC) in the first quarter 2024 investor letter. Headquartered in Dallas, Texas, Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company. On May 7, 2024, Tenet Healthcare Corporation (NYSE:THC) stock closed at $124.07 per share. One-month return of Tenet Healthcare Corporation (NYSE:THC) was 22.72%, and its shares gained 73.43% of their value over the last 52 weeks. Tenet Healthcare Corporation (NYSE:THC) has a market capitalization of $12.12 billion.
Greenlight Capital stated the following regarding Tenet Healthcare Corporation (NYSE:THC) in its first quarter 2024 investor letter:
“We had two material winners in the long portfolio. Tenet Healthcare Corporation (NYSE:THC) rose 39%, benefitting from ongoing strength in healthcare utilization and the sale of additional hospitals at premium multiples, suggesting that the stock was significantly undervalued.”
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Tenet Healthcare Corporation (NYSE:THC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Tenet Healthcare Corporation (NYSE:THC) at the end of the fourth quarter which was 64 in the previous quarter.
We previously discussed Tenet Healthcare Corporation (NYSE:THC) in another article, where we shared Greenlight Capital’s views on the company. Tenet Healthcare Corporation (NYSE:THC) was one of the largest winners of Greenlight Capital in the previous quarter with 61% gain. The growth continued in the current quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
