Dan Loeb's fund gains got wiped out in August

Another top fund manager got crushed in the month of August.

Daniel Loeb's Third Point Offshore Fund, which employs an event-driven and value investing strategy, erased nearly all of its gains for the year.

In a volatile month, the fund fell 5.2% and is now up just 0.1%, according to a performance update. During that time, the S&P 500 dropped 6% and is now down 2.9% this year.

Loeb isn't alone though.

David Einhorn's $11 billion Greenlight Capital saw its main fund fall 5.3% in August, bringing the fund down 14% for the year.

Pershing Square Holdings, the publicly traded vehicle led by Bill Ackman, wiped out all of its gains for the year and fell into the red. According to a recent update, the fund fell 13.1% in the month was last down 4.3% for the year as of Tuesday of last week.