Billionaire investor David Einhorn, whose Greenlight Capital hedge fund is nursing a 17 percent loss this year, told investors on Wednesday that he made new bets on fashion company Michael Kors and electric services company UIL Holding.

Einhorn also exited a prominent short bet against real estate company St. Joe as well as bets against U.S. Steel, Robert Half and Intel. The firm also liquidated stakes in LAM Research and Citizens Financial Group.

In his eight-page long letter, Einhorn also reminded investors that he often invests in misunderstood companies and runs a concentrated portfolio, which means that market downdrafts can hurt performance.

“Although large losses don’t occur often, in a punitive environment we can have more than one in a short period of time,” the manager told his investors in a letter sent on Wednesday and seen by Reuters.

The decline — one of the biggest in the hedge fund industry this year — puts Einhorn on course to post his first loss since the financial crisis in 2008…

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