By Alistair Barr Greenlight Capital Re (GLRE) said its investment portfolio, which is run by hedge fund manager David Einhorn, generated returns of more than 2% in June as equity markets slumped. Einhorn is chairman of Greenlight Capital Re, which reinsures a variety of property and casualty risks. While most reinsurers plough premiums into bonds and other credit-related securities, Greenlight Capital Re invests almost all its premiums with Einhorn, a leading hedge fund manager who specializes in long/short equity trading. Einhorn's portfolio gained 2.2% in June, leaving Greenlight Capital Re's portfolio up 0.6% in the first half of 2010, according to a disclosure on the company's website. The Standard & Poor's 500 Index fell more than 5% last month, leaving it down 7.6% in the first half of the year. Greenlight Capital Re said Friday that its top-five long positions were Arkema (ARKAY, ARK.ME), CIT Group Inc. (CIT), gold, Pfizer Inc. (PFE), and Vodafone Group PLC (VOD, VOD.LN). Greenlight Capital Re shares slipped 14 cents to $24.88 on Friday. The stock is up 5.5% so far this year. -By Alistair Barr, 415-439-6400; AskNewswires@dowjones.com (END) Dow Jones Newswires July 02, 2010 13:45 ET (17:45 GMT)