Einhorn’s hedge fund gained only 1.6% last year

David Einhorn’s investors aren’t the only ones upset by his hedge fund’s lagging performance — the hedgie himself is also frustrated.

Einhorn’s Greenlight Capital reported a paltry 1.6 percent gain for 2017, while the S&P 500 soared 21.8 percent, according to a letter sent to investors Tuesday.

“We had a nondescript result in a period where it seems like most around us did much better,” Einhorn wrote, comparing the fund to a batter that makes contact but fails to score.

“This must be frustrating to you, our Partners. It is certainly frustrating to us,” he added.

Einhorn seemingly questioned whether his style of value investing was still relevant in the market earlier this year, but made an attempt to walk back those statements.

Value investing is “out of favor at the moment,” Einhorn wrote Tuesday.

“Despite it being a a good year in the market, it was a challenging environment for our investment style,” he added.

Among the biggest losers for Einhorn were the so-called “bubble basket” stocks he was shorting. Rather than plunging, Amazon saw a 56 percent gain in 2017, while athenahealth, Netflix and Tesla soared 26 percent, 55 percent and 46 percent, respectively.

Offsetting the losses was Greenlight’s investment in General Motors, which moved in tandem with the S&P 500.

Greenlight also wrote that it re-initiated its stake in Time Warner, believing the Justice Department’s antitrust case against its merger with AT&T to be “weak.”

The hedge fund also bought a small stake in Twitter, noting that recent improvements to the social-media platform will make the company more likely to increase advertising revenue in 2018.

cenglish@nypost.com