Greenlight Capital is back in the black.

The hedge fund headed by David Einhorn, which has moved in the opposite direction of the stock market for most of the year, posted a strong 2.6 percent gain in October and is up 1 percent for the year.

This is impressive given that the S&P 500 dropped 1.85 percent last month and the Nasdaq fell 6.45 percent. The drivers behind October’s performance couldn’t be determined.

Institutional Investor previously reported that for the past two years, Greenlight’s macro book has been largely responsible for its overall performance. Macro showed a 6 percent loss over the first nine months of the year as long positions kicked in a 5.1 percent gain, per Greenlight’s third-quarter letter. 

In the third quarter, the macro book detracted from performance by 2 percent. 

Discussing macro’s losses this year, Greenlight pointed out that the hedge fund wrongly bet that the Federal Reserve would lower interest rates, costing the fund “a couple of points more than the macro book’s total loss this year.” Greenlight says it cut its stake by one-third in the third quarter. “Our remaining position extends into next summer, and we maintain the view the market is pricing in more hikes than will occur,” it insists. “Should that prove correct, we will recover a portion of our loss.”

Greenlight did not disclose other macro positions except to say it has maintained a sizable position in gold, which fell in price by about 3.7 percent over the past 30 days, according to GoldPrice.

Greenlight’s largest stock holdings meanwhile enjoyed mixed success in October.

They were partially boosted by two health care providers. Acadia Healthcare, a top-five holding, was up 9 percent last month, and Centene Corp. gained more than 10 percent. Fortune Brands, which sells home goods and security products, surged nearly 18 percent for the month. The position was newly established in the second quarter. PENN Entertainment, which operates entertainment, sports content, and casino gambling businesses, jumped 8.5 percent, and California utility PG&E climbed 7.6 percent. 

On the other hand, Green Brick Partners, its largest long, accounting for about 17 percent of U.S.-listed longs, was down about 8 percent. Annuities seller Brighthouse Financial dropped 12 percent and has lost one-third of its value since its mid-July peak. Engineering and construction giant Fluor fell 2 percent last month.

In the third quarter, Greenlight established several new, smaller positions.

ADI Global Distribution, recently spun off from Resideo, is a distributor of low-voltage electrical products. Greenlight says its primary markets are security, fire/life safety, and audio/visual, mostly on the commercial side. “We believe demand for security and monitoring solutions can continue to drive commercial growth while residential demand can stabilize at lower levels,” Greenlight explains. The average purchase price was $21.30, and the stock closed October at $17.48.

Century Aluminum is the largest producer of primary aluminum in the U.S. “The U.S. market is highly reliant on imported aluminum, and with more than half of global capacity in China, attracting new U.S. aluminum smelting capacity has become a priority of the Trump administration,” Greenlight notes in the letter. It says the implementation of tariffs and a tight aluminum market have “significantly improved” Century’s earnings. The average purchase price was $41.77, and the stock closed Friday at $33.70.

Greenlight paid an average of £2.4 ($3.20) for Canal+, a global media company traded in London. It closed Friday at £2.2.