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Einhorn Loves Apple, Microsoft Not So Much

NEW YORK ( TheStreet) -- iPref or no iPref, David Einhorn still loves him some Apple (AAPL - Get Report).

Greenlight Capital's Einhorn released his 13F filing showcasing most of his holdings, and Apple continued to be his largest holding in the fund, owning nearly 2.4 million shares.

Apple shares were slightly lower in Thursday trading, losing 0.50% to trade at $496.00.

During the early part of 2013, Einhorn had a battle with Apple and CEO Tim Cook over the company's massive cash hoard, and what to do with it. Einhorn suggested Apple issue preferred stock, something he called iPrefs, as a way to boost its share price.

Eventually, Apple raised its quarterly dividend by 15% and added $50 billion to its buyback program, making it the largest in U.S. corporate history.

Also of note, Einhorn took on several new positions during the quarter in a range of sectors. He initiated positions in Liberty Global (LBTYA), ING (ING) and built an enormous stake in Rite Aid (RAD - Get Report), acquiring 20.2 million shares during the quarter.

Of note, during the quarter were also the positions he exited. A longtime Microsoft (MSFT - Get Report) shareholder, Einhorn exited his position during the quarter. In the 13F filing for the first-quarter, Einhorn owned approximately 6 million shares of the Redmond, WA.-based tech giant. At the Ira Sohn conference in 2011, Einhorn argued that Microsoft CEO Steve Ballmer must leave the company in order for its shares to realize their true potential.

Einhorn also dumped positions in Virgin Media (VMED), CBS (CBS), Sprint (S) and Seagate Technology (STX).

The legendary investor also dumped his put options in Green Mountain (GMCR - Get Report) during the quarter, after having a length battle with the company over its accounting methods.

At the Value Investing Congress in 2011, Einhorn gave an amusing presentation, which he dubbed "GAAP-uccino", accusing the coffee company of insider trading, negative cash flows and expiring patents.

-- Written by Chris Ciaccia in New York

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AAPL $94.02 0.00%
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RAD $7.91 0.00%
FB $104.07 0.00%


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