David Einhorn’s Greenlight Capital Portfolio Surges: A Look at New Stakes and Disposals

New York, NY – David Einhorn, the prominent hedge fund manager, has seen changes in his Greenlight Capital 13F portfolio during the first quarter of 2024. The portfolio value increased from $2.05 billion to $2.18 billion, reflecting adjustments made by Einhorn based on his investment philosophy. Einhorn reported a return of 4.9% for the quarter, contrasting with the S&P 500 Index’s 10.6% gain. Since its inception in 1996, Greenlight has delivered an annualized return of approximately 13%, outperforming the S&P 500 Index’s 9.6% annualized return.

In addition to its partner stakes, Greenlight Capital also invests the float of Greenlight Capital RE (GLRE), diversifying its investment portfolio. Einhorn’s strategic approach and investment decisions are detailed in his Q1 2024 letter, providing insight into the fund’s performance and outlook for the future.

During the quarter, Greenlight Capital initiated new stakes in several companies, including Penn Entertainment (PENN), HP Inc. (HPQ), Roivant Sciences (ROIV), and Liberty Global (LBTYA). These investments were based on specific theses regarding each company’s potential for growth and value appreciation. On the other hand, stake disposals were made in companies like Gulfport Energy (GPOR), Herc Holdings (HRI), First Horizon Corp. (FHN), and New York Community Bancorp (NYCB).

Stake increases were observed in companies like Kyndryl Holdings (KD), Alight, Inc. (ALIT), and Viatris (VTRS), as Greenlight Capital capitalized on opportunities in various sectors. Additionally, stake decreases were noted in companies such as Green Brick Partners (GRBK), Brighthouse Financial (BHF), and CONSOL Energy (CEIX), reflecting adjustments to the portfolio based on market conditions and investment performance.

Overall, Einhorn’s Greenlight Capital continues to navigate the ever-changing market landscape with a focus on value investing and strategic allocation of capital. The fund’s performance and investment decisions provide valuable insights for investors seeking to understand the dynamics of the current financial markets.