David Einhorn’s Greenlight Capital hedge funds rose 9.4% in November -- their best monthly showing this year -- bringing them near positive ground as value stocks surged.

Greenlight is now down 1.1% in 2020, according to an investor update viewed by Bloomberg. It was Einhorn’s fifth straight positive month.

The value investor has been waiting for years for his stock-picking style to return to favor. In November, the S&P 500 Value Index jumped 14%, compared with a gain of 9.6% for its growth counterpart.

A so-called bubble basket of stocks the manager has recently shorted may have kept November returns from being even larger, as the technology-heavy Nasdaq Composite Index ended the month just shy of its record high.

Homebuilder Green Brick Partners Inc., the main driver of Einhorn’s gains in the third quarter, remained a strong performer in November, climbing 22%. The company is benefiting from low interest rates and pandemic-driven demand for single-family detached housing.

Greenlight owns almost half of the company’s stock, according to data compiled by Bloomberg. Einhorn has been affiliated with Green Brick since before it went public and is its chairman.

Einhorn has been working to recoup losses that began in 2015, when the main Greenlight fund fell by 20%. The slump deepened in 2018 with a 34% drop. Last year, he rebounded with a 14% gain across the funds.

The firm managed $2.6 billion as of Jan. 1, down from $12 billion at its peak.

A spokesman for New York-based Greenlight declined to comment.