David Einhorn’s main hedge fund at Greenlight Capital fell 5.2 percent in November and is poised for only its second losing year in almost two decades.

The losses bring the fund’s yearly drop to almost 21 percent, according to an e-mail sent to clients that was obtained by Bloomberg. Jonathan Gasthalter, a spokesman for Greenlight with Sard Verbinnen & Co., declined to comment on the results.

Einhorn’s hedge fund this year has posted its worst performance since the financial crisis in 2008 as its positions in SunEdison Inc., Consol Energy Inc. and Micron Technology Inc. soured. The firm took new positions in the third quarter in Garmin Ltd. and in two share classes of Liberty Global Plc LiLAC, stocks that track Liberty Global Plc’s operations in Latin America and the Caribbean.

Barring a dramatic rebound in December, 2015 will be the second year his fund has lost money since it began trading in 1996. It fell 23 percent in 2008. Despite this year’s losses, Einhorn has said he isn’t altering his investment style.

"The core of our process for both finding stocks and sizing our investments has not changed and has historically served us well," Einhorn wrote in an Oct. 21 letter to clients.

The average hedge fund is trailing stocks this year. The HFRX Global Hedge Fund Index declined 2.3 percent through Nov. 27, while U.S. stocks returned 3.5 percent, including dividends.

Greenlight doubled down on its investment in coal and natural gas producer Consol Energy by purchasing total return swaps on shares of the company on Nov. 3 and Nov. 4, regulatory filings show. The agreements would allow Greenlight to profit from an increase in Consol’s share price without directly holding the stock.

Consol’s shares have risen 5.2 percent since Nov. 3, paring their loss to 75 percent for the year.

The investment firm cut stakes in semiconductor maker Micron and beaten-down solar company SunEdison in the third quarter. Micron shares have risen 9 percent since Sept. 30, cutting their annual loss to 53 percent. SunEdison has plunged 56 percent from Sept. 30, extending its 2015 drop to 84 percent.