Greenlight Capital's Latest 13F Filing Reveals New Positions and Strategic Adjustments
David Einhorn (Trades, Portfolio), the president of Greenlight Capital, has made notable changes to his investment portfolio in the fourth quarter of 2023. Known for his value-oriented investment strategy and activist approach, Einhorn's latest 13F filing provides a window into his stock selections and portfolio adjustments during a period of market fluctuations. Greenlight Capital, which focuses on intrinsic value to achieve consistent returns, has made several strategic moves, including new acquisitions, increased stakes, and complete exits from certain positions.
Summary of New Buys
David Einhorn (Trades, Portfolio)'s Greenlight Capital has welcomed 7 new stocks into its fold. Noteworthy among them are:
- Alight Inc (ALIT, Financial), with a purchase of 9,241,670 shares, now represents 3.85% of the portfolio, amounting to a value of $78.83 million.
- Viatris Inc (VTRS, Financial), with 3,355,770 shares, making up about 1.77% of the portfolio, valued at $36.34 million.
- AerCap Holdings NV (AER, Financial), with a stake of 250,000 shares, accounting for 0.91% of the portfolio, with a total value of $18.58 million.
Key Position Increases
Einhorn has also ramped up investments in 20 stocks, with significant increases in:
- Tenet Healthcare Corp (THC, Financial), where an additional 404,190 shares were acquired, bringing the total to 1,315,970 shares. This represents a 44.33% increase in share count and a 1.49% impact on the current portfolio, valued at $99.45 million.
- DHT Holdings Inc (DHT, Financial), with an additional 1,755,060 shares, now totaling 3,779,880 shares. This marks an 86.68% increase in share count, with a total value of $37.08 million.
Summary of Sold Out Positions
Exiting completely from 6 holdings, Einhorn's notable divestments include:
- Southwestern Energy Co (SWN, Financial), where all 10,105,610 shares were sold, impacting the portfolio by -3.7%.
- iShares Silver Trust (SLV, Financial), with the liquidation of all 1,239,700 shares, causing a -1.43% impact on the portfolio.
Key Position Reductions
Reductions were made in 4 stocks, with the most significant being:
- Green Brick Partners Inc (GRBK, Financial), reduced by 937,500 shares, leading to a -7.6% decrease in shares and a -2.21% impact on the portfolio. The stock traded at an average price of $45.47 during the quarter and has returned 14.61% over the past 3 months and 4.35% year-to-date.
- CONSOL Energy Inc (CEIX, Financial), reduced by 298,550 shares, resulting in a -12.42% reduction in shares and a -1.78% impact on the portfolio. The stock traded at an average price of $101.64 during the quarter and has returned -19.22% over the past 3 months and -19.99% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, David Einhorn (Trades, Portfolio)'s portfolio comprises 40 stocks. The top holdings include 28.92% in Green Brick Partners Inc (GRBK), 10.34% in CONSOL Energy Inc (CEIX), 7.86% in Brighthouse Financial Inc (BHF, Financial), 6.45% in Kyndryl Holdings Inc (KD, Financial), and 4.86% in Tenet Healthcare Corp (THC, Financial). The investments are predominantly concentrated across 8 industries: Consumer Cyclical, Energy, Financial Services, Healthcare, Technology, Industrials, Basic Materials, and Consumer Defensive.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
