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3 Contrarian Stocks Einhorn Just Bought

Stocks in this article: BBY YHOO GM CVS HCA SKH DOX

BOSTON ( TheStreet) -- David Einhorn, manager of long-short hedge fund Greenlight Capital, held a concentrated portfolio of 38 stocks at the end of the first quarter. Greenlight has returned upwards of 22% a year since its 1996 inception, underscoring Einhorn's investment acumen. His portfolio underwent a dramatic change during the last quarter.

David Einhorn (Greenlight Capital)

He amplified five positions: Travelers (TRV), Pfizer (PFE), Becton Dickinson (BDX), Microsoft (MSFT) and BioFuel Energy (BIOF).

Einhorn reduced his stakes in 11 stocks, most notably: Ensco (ESV), Cardinal Health (CAH), CIT Group (CIT), CareFusion (CFN) and Transatlantic Holdings (TRH).

He grew even more pessimistic about seven stocks, holdings from the fourth-quarter, which the fund completely sold out of: Everest Re Group (RE), Health Management (HMA), Health Net (HNT), Potash (POT), Verigy (VRGY), Flagstar Bancorp (FBC) and Capitol Federal (CFFND).

In contrast, Einhorn grew particularly bullish on seven stocks during the quarter, building new positions in: AmDocs (DOX), Seagate Technology (SKH), HCA Holdings (HCA) and CVS Caremark (CVS).

Here is a closer look at three more of Einhorn's new positions. These three stocks may be worth consideration for individual investors.

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