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David Einhorn Greenlight Capital
AUM
$2.05B
Turnover
28.26%
1-Year Est. Return
78.75%
David Einhorn is the founder of Greenlight Capital, a long/short equity firm known for deep fundamental research and high-profile idea presentations. He became widely known for critical short theses and for value-oriented long positions that can diverge sharply from consensus. Einhorn’s quarterly letters and conference talks are still closely read by professional and retail investors alike.
This Fund
S&P 500
This Quarter Est. Return
+4.18%
1 Year Est. Return
+78.75%
3 Year Est. Return
+169.15%
5 Year Est. Return
+457.09%
10 Year Est. Return
+683.15%
AUM
$7.52B
AUM Growth
+$593M
(+8.6%)
Cap. Flow
+$454M
Cap. Flow % of AUM
Cap. Flow %
6.03%
Top 10 Holdings %
Top 10 Hldgs %
60.99%
Holding
59
New
12
Increased
13
Reduced
10
Closed
17
Avg Time Held
0.7
years
Top 10 Avg Time Held
0.6
years
Top 20 Avg Time Held
0.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CNX Resources
CNX
|
+$305M |
| 2 |
TWX
Time Warner Inc
TWX
|
+$303M |
| 3 |
Keysight
KEYS
|
+$146M |
| 4 |
CBI
Chicago Bridge & Iron Nv
CBI
|
+$145M |
| 5 |
Aecom
ACM
|
+$113M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$188M |
| 2 |
NOV
NOV
|
+$169M |
| 3 |
AET
Aetna Inc
AET
|
+$139M |
| 4 |
BAGL
EINSTEIN NOAH RESTAURANT GROUP, INC CMN STK (DELAWARE)
BAGL
|
+$136M |
| 5 |
Oil States International
OIS
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 50.21% |
| 2 | Communication Services | 12.83% |
| 3 | Financials | 10.31% |
| 4 | Industrials | 8.57% |
| 5 | Energy | 7.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Micron Technology
MU
$743B
| $1.09B | 14.54% |
31,255,970
+781,377
| +3% | +$25.9M |
2013 Q3
5 quarters
|
|
2
Apple
AAPL
$5T
| $950M | 12.62% |
34,422,168
-2,266,000
| -6% | -$61.7M |
2013 Q2
6 quarters
|
|
3
DELISTED
SUNEDISON, INC COM
SUNE
| $487M | 6.47% |
24,953,888
+3,679,600
| +17% | +$69.9M |
2013 Q4
4 quarters
|
|
|
4
CNX Resources
CNX
$5.04B
| $448M | 5.96% |
15,907,234
+10,057,234
| +172% | +$305M |
2014 Q3
1 quarter
|
|
5
Marvell Technology
MRVL
$120B
| $359M | 4.77% |
24,732,881
-1,650,707
| -6% | -$22.4M |
2013 Q2
6 quarters
|
|
|
TWX
6
DELISTED
Time Warner Inc
TWX
| $324M | 4.31% |
+3,795,700
| New | +$303M |
2014 Q4
0 quarters
|
|
7
Citizens Financial Group
CFG
$26.8B
| $251M | 3.34% |
10,100,000
+2,100,000
| +26% | +$50M |
2014 Q3
1 quarter
|
|
8
DELISTED
EMC CORPORATION
EMC
| $239M | 3.17% |
8,030,200
+2,250,000
| +39% | +$65.5M |
2013 Q4
4 quarters
|
|
9
Voya Financial
VOYA
$8.79B
| $235M | 3.12% |
5,541,368
+1,500,000
| +37% | +$60M |
2013 Q2
6 quarters
|
|
|
10
Aecom
ACM
$8.59B
| $202M | 2.69% |
6,653,204
+3,613,204
| +119% | +$113M |
2014 Q3
1 quarter
|
|
11
Lam Research
LRCX
$232B
| $197M | 2.62% |
24,800,000
-1,600,000
| -6% | -$12.4M |
2014 Q1
3 quarters
|
|
12
People Inc
PPLI
$3.08B
| $182M | 2.42% |
16,757,854
| – | – |
2013 Q2
6 quarters
|
|
13
ON Semiconductor
ON
$24.5B
| $180M | 2.39% |
17,750,000
+2,750,000
| +18% | +$24.1M |
2014 Q3
1 quarter
|
|
14
VanEck Gold Miners ETF
GDX
$27B
| $157M | 2.08% |
8,517,796
+2,198,488
| +35% | +$42.5M |
2013 Q2
6 quarters
|
|
|
15
Keysight
KEYS
$44.4B
| $151M | 2% |
+4,464,846
| New | +$146M |
2014 Q4
0 quarters
|
|
16
Liberty Global Class C
LBTYK
$3.16B
| $150M | 2% |
3,843,121
| – | – |
2013 Q2
6 quarters
|
|
17
AerCap
AER
$25.2B
| $145M | 1.93% |
3,742,639
+1,517,639
| +68% | +$62.6M |
2014 Q2
2 quarters
|
|
18
Take-Two Interactive
TTWO
$39.9B
| $132M | 1.75% |
4,704,600
| – | – |
2013 Q4
4 quarters
|
|
19
Green Brick Partners
GRBK
$2.8B
| $128M | 1.7% |
15,641,805
+14,213,976
| +995% | +$102M |
2013 Q2
6 quarters
|
|
|
CBI
20
DELISTED
Chicago Bridge & Iron Nv
CBI
| $123M | 1.64% |
+2,940,000
| New | +$145M |
2014 Q4
0 quarters
|
|
|
AET
21
DELISTED
Aetna Inc
AET
| $120M | 1.59% |
1,349,551
-1,659,637
| -55% | -$139M |
2013 Q2
6 quarters
|
|
22
DELISTED
Avanos Medical
AVNS
| $107M | 1.42% |
+2,353,181
| New | +$92.5M |
2014 Q4
0 quarters
|
|
23
DELISTED
LIFE TIME FITNESS INC
LTM
| $104M | 1.38% |
+1,835,685
| New | +$98.3M |
2014 Q4
0 quarters
|
|
24
DELISTED
DigitalBridge
DBRG
| $102M | 1.36% |
1,134,894
| – | – |
2014 Q3
1 quarter
|
|
|
YHOO
25
DELISTED
Yahoo Inc
YHOO
| $102M | 1.36% |
+2,025,000
| New | +$95.3M |
2014 Q4
0 quarters
|
|
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AAM
David Einhorn's Q4 2014 Portfolio in Review
As of Q4 2014, David Einhorn held 59 positions worth $7.52B, up 8.6% from $6.93B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
David Einhorn deployed $454M of net new capital in Q4 2014, opening 12 new positions and adding to 13 existing holdings. Its largest new stake was Time Warner Inc: 3,795,700 shares worth $324M.
By sector, the portfolio is most concentrated in Technology at 50% of assets, up from 49% a quarter earlier, followed by Communication Services and Financials.
On the sell side, the largest reduction was Aetna Inc, an estimated $139M trimmed.
- David Einhorn's largest Q4 2014 buy was Time Warner Inc: 3,795,700 shares worth $324M.
- David Einhorn added most to CNX Resources in Q4 2014, an estimated $305M increase.
- David Einhorn's biggest Q4 2014 reduction was Aetna Inc, cutting an estimated $139M.
- David Einhorn fully exited Cigna in Q4 2014, selling an estimated $188M.
- David Einhorn's ten largest holdings make up 61% of its $7.52B portfolio in Q4 2014.
- David Einhorn opened 12 new positions and closed 17 in Q4 2014.
- David Einhorn's portfolio value rose 8.6% quarter-over-quarter to $7.52B.
Based on Greenlight Capital's 13F filing for Q4 2014, filed 13 Feb 2015.