Why David Einhorn Underperformed the Market Despite Huge Gains in Apple Inc. (AAPL)

The roller coaster ride continued for Einhorn with his next two picks, SunEdison Inc (NYSE:SUNE) and CONSOL Energy Inc. (NYSE:CNX). SunEdison enjoyed a great quarter, rewarding its many hedge fund backers in our database with whom it was by far the most popular solar stock. SunEdison Inc (NYSE:SUNE) soared by 23% during the quarter. CONSOL Energy Inc. (NYSE:CNX) on the other hand was an unfortunate pick, one in which Einhorn increased his position by 172% during the fourth quarter, perhaps anticipating an imminent turnaround in energy stocks. CONSOL Energy Inc. (NYSE:CNX) instead sank another 17.34% during the quarter. It was however one of the big gainers of the day on April 2, jumping by just under 5% for its backers, which were led by Southeastern Asset Management managed by billionaire Mason Hawkins, which has a 32.76 million share position. Einhorn’s 13.26 million share position is the second largest among funds in our database.

EMC Corporation (NYSE:EMC) was the only other position in Einhorn’s top 10 which had a large swing one way or the other, and it was a downward swing, as the stock fell by 13.65% during the quarter. EMC Corporation (NYSE:EMC) was his eighth-largest position consisting of 8.03 million shares, a position which was increased by 39% during the fourth quarter.

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