(Bloomberg) — David Einhorn’s Greenlight Capital fell just 0.6% in January, as the value stocks he favors outperformed the broader market.

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“The macro environment has continued to be favorable for us, but it now feels like the tailwinds are picking up speed,” Einhorn, 53, wrote in a letter to investors in recent days.

In January, the benchmark S&P 500 slumped 5.3%, while the Nasdaq Composite Index tumbled 9%. The S&P 500 Value index slid 1.7%.

Greenlight ended 2021 up 11.9%, as technology shares and other growth companies faltered toward year-end and value stocks started climbing. Einhorn said in his fourth quarter letter that almost all of the gains came from stocks he was long.

Greenlight is still digging out from losses that date back to 2015 when the fund tumbled 20%. Three years later, the manager lost an additional 34%, a record decline for the firm. Einhorn needs to gain about 28% to break even.

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