The Greenlight Capital founder's latest 13F filing shows the result of an all-but-announced pullback from investments in the energy sector. The billionaire exited four notable energy positions in the fourth quarter of last year.
In his quarterly letter to Greenlight Capital investors, Einhorn attributes his reduced oil exposure to "rising star" Zachary Schreiber's presentation at the 2014 Sohn Investment Conference. "Zach lived up to the praise with a compelling presentation predicting a sharp fall in WTI oil prices, leading us to review our exposure," he writes.
Here are the four companies he divested himself from:
1. BP (BP) - Get Report : Einhorn unloaded his entire BP position, a stake valued at over $90 million at the end of the third quarter. He first bought into the oil and gas company during the fourth quarter of 2013.
2. Anadarko Petroleum Corporation (APC) - Get Report : Einhorn also got rid of Anadarko Petroleum, selling off more than 1.1 million shares. Billionaire investor Leon Cooperman, on the other hand, added to his Anadarko stake and picked up another 188,000 shares -- an interesting move given the extent to which energy stung the Cooperman in 2014.
4. National Oilwell Varco (NOV) - Get Report : Einhorn's biggest fourth quarter energy exit was from National Oilwell Varco, which previously had a 2.4% allocation in his public equity portfolio. Fellow hedge fund magnates Richard Chilton and Ray Dalio backed away from National Oilwell Varco as well, reducing their positions by 22% and 40%, respectively.
These four cash-ins, plus a 90% reduction in his stake in Oil States International (OIS) - Get Report, were among David Einhorn's biggest moves of the fourth quarter. But the billionaire isn't all negative on energy.
He more than doubled his allocation to Consol Energy Inc. (CNX) - Get Report in the fourth quarter, making the company his number three holding behind Micron Technology (MU) - Get Report and Apple (AAPL) - Get Report.
Einhorn's fourth quarter energy moves:
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.
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