David Einhorn's Greenlight Capital, a long-short hedge fund that focuses on finding good value, sold its position on Oaktree Capital Group LLC (OAK), opened a position on real estate companyaNVR, Inc. (NVR) and took some profits out of rising Rite Aid Corporation (RAD) stocks. The fund was founded in 1996 with $900,000 in assets under management and now has a total portfolio value of $5.4 billion and holds positions on 29 separate stocks as of its most recent SEC filing. Einhorn is probably most famous for shorting Lehman Brothers in 2007, making a huge profit once its actual financial situation became known.
Greenlight Capital’s new positions
Einhorn has discussedaNVR, Inc. (NVR) in past newsletters, so it's no surprise that he bought 22,500 shares worth about $20.6 million. He also opened positions on Intrexon Corp (XON), buying 2 million shares worth about $48 million, and 1.1 million shares ofaTempur Sealy International Inc (TPX), worth $50 million. Additionally, Greenlight increased its position inaWPX Energy Inc (WPX) by 77% to 2 million shares andaSpirit AeroSystems Holdings, Inc. (SPR) by 41% to 782,000 shares.
Greenlight Capital’s closed positions
Greenlight closed positions on Oaktree Capital Group LLC (OAK) 1.4 million shares,aState Bank Financial Corp (STBZ) 1.8 million shares, andaCapital Bank Financial Corp (CBF) 940,000 shares. It also sold 20% of its shares in Rite Aid Corporation (RAD), bringing its position down to 4 million shares, but the total value of its position actually increased by about $18 million, so the sale can be seen as a combination of profit-taking. It also reduced shares ofaAspen Insurance Holdings Limited (AHL) by 34% to 1.5 million shares,aLegg Mason Inc (LM) by 30% to 710,000 shares,aNCR Corporation (NCR) by 21% to 1.9 million shares,aAetna Inc (AET) by 17.5% to 1.2 million shares, Einstein Noah Restaurant Group, Inc. (BAGL) by 14% to 1.5 million shares, Computer Sciences Corporation (CSC) by 13.4% to 550,000 shares, andaCIGNA Corporation (CI) by 6.63% to 330,000 shares.
Greenlight Capital's biggest positions
Greenlight's biggest positions are Apple Inc, (AAPL), which is 21.12% of the portfolio,aGeneral Motors Company (GM) which makes up 11.33%,aMarvell Technology Group Ltd. (MRVL) at 9.41%,aCIGNA Corporation (CI) with 6.6%, and Aetna Inc (AET) with 6.56%. With such a heavy investment in Apple Inc, (AAPL), 32% of Greenlight's funds are investing in the tech sector, followed by 14% in health care, and 13.5% in consumer discretionary.
-By Michael Ide