Business

JCPenney hurting hedge funds’ returns

Stock indexes hit all-time highs in September and ended the month with gains of about 3 percent — but once again the hottest hedge fund managers missed the party, investors told The Post.

Blame some of it on JCPenney’s precipitous drop near the end of the month. Two big-name hedgies who dug in around the time Bill Ackman was selling out in late August turned in tepid results as the retailer cratered.

Larry Robbins’s Glenview Capital, with a 9.1 percent JCP stake reported on Aug. 22, eked out a 1.66 percent gain in the month. Even so, Robbins is still one of the top 20 hedgies of the year, according to a performance ranking by HSBC.

Richard Perry also took a hit on Penney before dumping half his 8.6 percent stake at a 50 percent loss Sept. 27. Perry Partners rose only 1.36 percent for the month.

And even though Ackman missed the latest Penney falling knife, the continued rise of his big short position — Herbalife — pummeled him. His Pershing Square funds gained only 0.5 percent.

Other hedgies and their performances are: Dan Loeb, up 2.6 percent; Paul Singer, up 1.7 percent;

David Einhorn, up 0.6 percent; Tiger cub Lee Ainslee, down 0 .14 percent, Chase Coleman up 2.6 percent and Andreas Halvorsen up 3.2 percent.