David Einhorn’s Greenlight Capital fell 0.3% across its hedge funds in December, trimming returns for 2019 to 13.8%.

Greenlight, which follows a value-oriented investing strategy, posted its results in a client update seen by Bloomberg. The S&P 500 Index returned 31% in 2019 with dividends reinvested.

Despite the down month, Einhorn rebounded from his worst year ever in 2018, when his main fund sank 34%. Early in 2019, he vowed to rework his portfolio by making fewer, more concentrated investments.

Some of New York-based Greenlight’s short wagers, including Tesla Inc. and Netflix Inc., may have dragged on returns as they rallied during the year.

On the long side, Greenlight’s returns have been helped by an almost 60% gain in home builder Green Brick Partners Inc., its largest disclosed U.S. stock position as of Sept. 30.

A spokesman for the firm didn’t immediately reply to a request for comment after regular business hours.