Greenlight Capital, the hedge fund led by David Einhorn, lost 1.3 percent in September as U.S. stocks edged higher.

Greenlight’s main fund declined 26.1 percent in the first three quarters of 2018, on pace for its worst year on record, according to an investor update viewed by Bloomberg on Friday.

Einhorn’s value-investing strategy is lagging the S&P 500 Index, which has returned 10.6 percent in the same period, including reinvested dividends. The HFRX Global Hedge Fund Index, an early indicator of hedge fund performance, fell 1.3 percent this year through Sept. 27.

Greenlight’s decline comes even as shares of Tesla Inc. have plunged. Einhorn has been a prominent critic of the company and previously said his hedge fund has wagered against its stock. The automaker’s shares dropped 12 percent during September, after a lawsuit filed by the U.S. Securities and Exchange Commission Thursday sought Chief Executive Officer Elon Musk’s ouster.

Einhorn’s hedge fund has struggled since 2015, when it lost more than 20 percent. Four of five of the fund’s largest disclosed long positions at the end of the second quarter lost money in September.

A spokesman for the New York-based firm didn’t immediately respond to an email seeking comment.