(Reuters) - After a particularly rough June, two of the $2.25 trillion hedge fund industry's best known managers, David Einhorn and Daniel Loeb, each saw their main funds gain almost 3 percent last month, according to an investor.
The investor was not authorized to speak publicly about the private funds' returns.
Einhorn's Greenlight Capital rose 2.8 percent in July, sending yearly returns to 10.3 percent.
Loeb's Third Point Offshore fund rose 2.9 percent in July, boosting yearly returns to 15.9 percent. A levered version of Loeb's flagship fund, called Third Point Ultra, climbed 4.1 percent last month. It had gained 23.6 percent for the year through July 31.
In contrast, William Ackman's Pershing Square Capital Management lost 2.2 percent in July, largely because of its bearish bet on Herbalife, whose stock rose steeply over the month. For the year, the fund is up 3.8 percent, according to investor sources.
June was a bad month for many hedge funds, particularly bond-focused funds. But early indications show that most funds bounced back in July, in part because of the strong performance in stocks.
Overall, hedge funds in July rose by 1 percent, according to early estimates by Bank of America Merrill Lynch, while the S&P 500 stock index climbed 4.95 percent. For the year, funds have risen roughly 3.6 percent on average, according to the Bank of America data, while the S&P 500 was up 18.2 percent through July.
SEE ALSO: The Life And Career Of Bill Ackman — The Hedge Fund Manager Everyone's Picking On These Days