BOSTON (TheStreet) -- David Einhorn's Greenlight Capital bought new stakes in wireless provider Sprint Nextel (S) - Get SentinelOne, Inc. Class A Report and oil firm BP (BP) - Get BP Plc Report during the fourth quarter, picking up two companies shunned by most investors.
took seven new equity positions and closed out three. Overall, the hedge fund's reported portfolio grew in value to $4.9 billion as of Dec. 31 from $4 billion at the end of the third quarter.
While Einhorn added to and trimmed the fund's other picks, which include
, his publicized bearish view of
gained him more notoriety in the final quarter of 2010.
, manager of the
, has gone head-to-head with Einhorn over the real estate development company's prospects. Berkowitz owns nearly 30% of St. Joe and hopes to unlock shareholder value with an overhaul to the company. Berkowitz today proposed replacing the company's board.
Einhorn, on the other hand, told the Value Investing Conference in October that St. Joe was trading at three times its intrinsic value. Einhorn's short views have gained much attention after he was correct in his bearish call on
before the bank become the largest bankruptcy in U.S. history during the financial collapse of 2008.
St. Joe isn't listed anywhere in Greenlight Capital's most recent ownership filing. Hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the SEC within 45 days of the end of a quarter. However, funds aren't required to report short positions betting on declines.
Still, looking at some of Einhorn's long positions can help investors make decisions about their own portfolios. Greenlight Capital cut its positions in CIT Group,
in the fourth quarter. The hedge fund also sold its entire holding in
The hedge fund also made some purchases last quarter, including
. The following pages detail Greenlight Capital's stock purchases in the fourth quarter, according to the latest 13F filing with the SEC.
: Sprint Nextel offers a range of wireless and wireline communications products and for individual consumers, businesses, government subscribers and resellers. The company has been touting its 4G wireless network, which it claims has faster data speeds and better reliability than those of rivals
: Greenlight Capital made a significant purchase of Sprint shares to initiate a position in the wireless carrier. The hedge fund bought 55.9 million shares with a market value of $236 million as of Dec. 31. Einhorn wasn't the only hedge fund manager picking up shares of struggling Sprint;
added to its position in Sprint during the fourth quarter.
: BP provides fuel for transportation, energy for heat and light, retail services and petrochemicals products. The company came under intense scrutiny after the
Deepwater Horizon rig
exploded in April 2010, leaking millions of gallons of oil into the Gulf of Mexico.
: Greenlight Capital apparently sees value in BP, as many other investors do, as the hedge fund snapped up 3.3 million shares of the oil giant during the fourth quarter. The position had a market value of $147 million as of Dec. 31.
: LyondellBasell is the world's third-largest chemical company, and a producer of polypropylene and polypropylene compounds, propylene oxide, polyethylene, ethylene and propylene. The Netherlands-based company
emerged from bankruptcy
in April 2010 and began listing on the
New York Stock Exchange
: LyondellBasell was a favorite among hedge fund managers, including Einhorn. Greenlight Capital added nearly 2.6 million shares in creating a new position, which had a market value of $89 million as of Dec. 31.
Daniel Loeb's Third Point
hedge fund and
also disclosed positions in LyondellBasell.
: SemGroup is a basic materials company that moves energy safely through a network of pipelines, terminals and storage tanks. The stock began trading on the NYSE in November.
: Greenlight Capital added more than 1.9 million shares of SemGroup to the portfolio during the quarter, a position that had a market value of $52 million as of Dec. 31.
Potash Corp. of Saskatchewan
: Potash is an integrated fertilizer and related industrial and feed products company.
: Greenlight Capital initiated a position in Potash during the fourth quarter, snatching up 379,000 shares of the fertilizer company. That position had a market value of $59 million as of Dec. 31.
Capitol Federal Financial
: Capitol Federal Financial is a bank holding company that provides a full range of retail banking services through its wholly owned subsidiary. Capitol Federal was formed in December after shareholders approved a reorganization that saw the company become the 100% publicly owned parent stock of Capitol Federal Savings Bank.
: Capitol Federal was another new holding for Greenlight Capital. The fund bought 100,000 shares during the fourth quarter, a position that had a market value of $1.2 million as of Dec. 31.
: Microsoft is best known for its flagship Windows operating systems, as well as other software applications and consumer products, like the Xbox 360 video-game console.
: Greenlight Capital added slightly to its large position in Microsoft, increasing its share count from 7.66 million at the end of the third quarter to 7.68 million as of Dec. 31. The market value of Einhorn's Microsoft position was worth $214 million at the end of the fourth quarter.
: Cardinal Health is a provider of products and services that improve the safety and productivity of healthcare.
: Greenlight Capital also slightly increased its holdings in Cardinal Health to 6.6 million at the end of the fourth quarter from 6.5 million in the previous quarter. The position has a market value of $253 million as of Dec. 31.
Market Vectors Gold Miners
: The Market Vectors Gold Miners ETF seeks to replicate the price and yield performance of the
AMEX Gold Miners
: Like other hedge fund managers, like
and Barry Rosenstein, Einhorn increased his exposure to gold in the quarter by increasing his fund's stake in a gold-related ETF. Greenlight Capital added nearly 1 million shares of the ETF during the fourth quarter, ending the period with more than 3.5 million shares of the Market Vectors Gold Miners. The position had a market value of $218 million as of Dec. 31.
: Ingram Micro is a global information technology wholesale distributor by net sales, providing sales, marketing, and logistics services for the IT industry worldwide.
: Greenlight Capital raised its stake in Ingram Micro to 2.5 million shares at the end of the fourth quarter from 1.7 million shares in the previous quarter. The position in the IT company had a market value of $49 million as of Dec. 31.
-- Written by Robert Holmes in Boston
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