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Apple Inc. (AAPL), MU, MRVL Rally In November As Einhorn Returns 5%

Greenlight Capital Re, Ltd. (GLRE - Get Report) had a very profitable November, according to data posted on the company's website. The reinsurer was up 4.9 percent in the month of November compared to the S&P 500 .INX return of 2.8 percent for the month. Last month, GLRE was only up one percent as losses in short positions detracted from gains in long as Einhorn noted in the GLRE conference call for the third quarter. The strong returns were helped by longs in technology companies, Apple Inc. (AAPL - Get Report), Micron Technology, Inc. (MU - Get Report) and Marvell Technology Group Ltd. (MRVL - Get Report).

See Greenlight Q3 letter to shareholders here.

Apple Inc. (AAPL - Get Report) still largest holding

As of 30-November-2013, the largest disclosed long positions in our investment portfolio are Apple Inc. (AAPL - Get Report), General Motors Company (GM - Get Report), Marvell Technology Group Ltd. (MRVL - Get Report), Micron Technology, Inc. (MU - Get Report) and Vodafone Group Plc (VOD) (VOD). The investment portfolio is approximately 115% long and 66% short. This exposure analysis is calculated on a delta adjusted basis and excludes macro positions, which consist of gold, credit default swaps, sovereign debt, foreign currency positions, interest rate derivatives and others.

The portfolio positioning was largely unchanged from Greenlight’s top holdings as of October 31st. One new position, Micron Technology, Inc. (MU - Get Report). Einhorn disclosed a stake in Micron at The Robin Hood Conference.

The stock was a strong performer in November with a return of approximately 20 percent. Einhorn’s largest holding, Apple Inc. (AAPL - Get Report), was another strong performer with a monthly return of over 6 percent. The company’s second largest holding, GM, returned close to 5 percent. Marvel soared 18 percent in the past thirty days helping Einhorn to produce hefty returns.

However, other top positions had more modest returns. Vodafone Group Plc (VOD) (VOD) returned slightly less than one percent, while Oil States International, Inc. (OIS) was down close than 6 percent. Einhorn’s favorite precious metal, gold, had one of its worst months in 13 years.

Separately, closely watched hedge fund rival Dan Loeb, had another stellar month. The hedge fund re-insurer Third Point Reinsurance Ltd (TPRE) returned 2.5 percent in November, and 21.2 percent for YTD, according to a press release.

Below readers can find detailed returns from GLRE

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AAPL $93.74 -1.15%
GM $31.80 -1.97%
GLRE $21.53 1.08%
MU $10.75 -7.49%
MRVL $9.98 -4.41%


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