Insight into Greenlight Capital's Latest Portfolio Adjustments

David Einhorn (Trades, Portfolio), the president of Greenlight Capital, a New York-based value-oriented investment advisory firm, has made notable changes to his investment portfolio in the third quarter of 2024. Founded in 1996, Greenlight Capital focuses on North American corporate debt offerings and equities, with a strong emphasis on intrinsic value to achieve consistent absolute returns and safeguard capital. Einhorn is also recognized for his activist approach, often engaging with company managements to drive value-enhancing initiatives.

Summary of New Buys

David Einhorn (Trades, Portfolio)'s portfolio saw the addition of a new significant stake during this period:

• CNH Industrial NV (CNH, Financial) was a major new acquisition with 7,096,900 shares, representing 3.28% of the portfolio and valued at $78.78 million.

Key Position Increases

Einhorn also strategically increased his holdings in several companies:

• Liberty Global Ltd (LBTYA, Financial) saw an addition of 2,211,300 shares, bringing the total to 4,252,880 shares. This increase of 108.31% in share count had a 1.06% impact on the portfolio, with a total value of $48.95 million.
• IAC Inc (IAC, Financial) experienced a significant boost with an additional 344,810 shares, resulting in a total of 636,270 shares. This 118.3% increase in share count is valued at $34.24 million.

Summary of Sold Out Positions

During the third quarter of 2024, Einhorn exited positions in two companies:

• Sotera Health Co (SHC, Financial) was completely sold off with all 300,110 shares liquidated, impacting the portfolio by -0.17%.
• Talis Biomedical Corp (TLIS, Financial) also saw a complete exit with 149,052 shares sold, resulting in a -0.06% portfolio impact.

Key Position Reductions

Reductions were also part of the strategy in this quarter:

• Green Brick Partners Inc (GRBK, Financial) was reduced by 1,000,000 shares, decreasing the share count by -9.55% and impacting the portfolio by -2.8%. The stock traded at an average price of $72.18 during the quarter and has seen a return of 0.62% over the past three months and 34.67% year-to-date.
• Tenet Healthcare Corp (THC, Financial) saw a reduction of 310,577 shares, a -51.96% decrease, impacting the portfolio by -2.02%. The stock's average trading price was $151.24 during the quarter, with a 5.62% return over the past three months and a significant 115.23% year-to-date return.

Portfolio Overview

As of the third quarter of 2024, David Einhorn (Trades, Portfolio)'s portfolio comprised 39 stocks. The top holdings included 32.91% in Green Brick Partners Inc (GRBK), 7.15% in CONSOL Energy Inc (CEIX, Financial), 5.42% in Brighthouse Financial Inc (BHF, Financial), 5.27% in HP Inc (HPQ, Financial), and 4.71% in Kyndryl Holdings Inc (KD, Financial). The investments are primarily concentrated across eight industries: Consumer Cyclical, Technology, Energy, Healthcare, Financial Services, Communication Services, Industrials, and Basic Materials.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.