(Bloomberg) -- David Einhorn’s hedge fund bucked last month’s equity-market slump, posting a 5.7% gain as competitors including Dan Loeb’s Third Point slipped.  

The advance brings Greenlight Capital’s increase for the year to 20%, according to a person familiar with the matter who asked not to be identified discussing private information. August was more muted at Third Point, where the main fund fell 0.2% in August and is down 20% for the year, according to an investor letter seen by Bloomberg.

Greenlight’s results also far outstripped the S&P 500, which ended August down more than 4%. The index has tumbled 17% this year. Einhorn has been digging his way out of a 20% loss in 2015 and a 34% loss in 2018. His fund ended last year up almost 12%, and posted a 5% gain in 2020. 

Five of the six biggest long stakes Greenlight held at the end of June made money last month. Most notably, aviation company Atlas Air Worldwide Holdings Inc. rallied 32%, while mining company Consol Energy Inc. jumped 17% and Teck Resources Ltd. surged 15%. 

Loeb said his firm had taken a “significant stake” in Walt Disney Co., and called for sweeping changes, including new board members and a spinoff of the ESPN sports network. Disney’s stock has fallen almost 10% since Loeb’s Aug. 15 letter. 

Read more: Activist Loeb Takes New Stake in Disney, Urges ESPN Spinoff 

At Philippe Laffont’s Coatue Management, the hedge fund posted a 0.2% return last month, bringing losses for the year to 17.6%, according to an investor letter seen by Bloomberg.

Representatives for Greenlight and Coatue declined to comment, while a spokesperson for Third Point didn’t respond to a request for comment.

(Updates to include Coatue’s return in sixth paragraph.)

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