By Svea Herbst-Bayliss
BOSTON (Reuters) - Hedge fund manager David Einhorn on Monday told investors he had made new investments in natural gas and in business review site Yelp Inc (N:YELP) but has exited positions in Greek banks and financial services company Delta Lloyd (AS:DLL).
The head of Greenlight Capital said Yelp could double its revenue by 2019, according to his first-quarter letter to investors, which was seen by Reuters. The news helped push up Yelp's stock price more than 5 percent in after-hours trading.
Einhorn traditionally invests in stocks but told investors in the letter that he has now taken a "macro position" in natural gas, expecting that prices will climb as drilling declines.
A year ago Einhorn laid out a case against oil frackers at the Sohn Investment Conference, saying these companies drill "lots and lots of holes" and burn through plenty of cash. He will be speaking at the Sohn conference again later this week.
Greenlight's portfolio has climbed 3.1 percent in the first four months of 2016, beating many hedge fund rivals and the broader stock market.
Last year, Greenlight ranked among the industry's worst performers when Einhorn posted a 20 percent loss, his first down year since 2008.
Einhorn also told investors that the firm had reinitiated a position in Hatteras Financial Corp (N:HTS) which he'd owned previously.
He also said he closed investment positions in financial services company Delta Lloyd and exited investments in Greek banks.