David Einhorn’s Greenlight Capital climbed 36.6% last year, finally recouping losses that his flagship fund had posted since 2015. 

The fund rose 3.5% gain in December, according to a person familiar with its performance. The gain helped send Greenlight above its high-water mark after it plunged 20.4% in 2015 and 34.3% in 2018. 

A spokesperson for the firm declined to comment.

Einhorn, whose $2 billion Greenlight focuses on undervalued stocks, can reinstate full fees for investors who had experienced those losses.  

The returns came as value shares outperformed after years of lagging behind technology and other growth stocks, which tumbled last year. 

Einhorn pivoted in January 2022 from “cautious” to “bearish,” he told investors in his third-quarter letter. 

One of his biggest long bets was a wager that Elon Musk would have to honor his agreement to buy Twitter—a $44 billion deal the Tesla Inc. chief executive officer spent months trying to torpedo before he finally became the owner of the social-media company.

This article was provided by Bloomberg News.