Tracking David Einhorn's Greenlight Capital Portfolio - Q2 2024 Update

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Greenlight Capital's 13F portfolio value decreased to $2.04B in Q2 2024, with a quarterly return of 2.8% versus the S&P 500's 4.3%.New stakes include Peloton Interactive, Capri Holdings, and IAC Inc.,...

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SusanneB This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory 13F Form filed on 08/14/2024. Please visit our Tracking David Einhorn's Greenlight Capital Holdings article series for an idea on his investment philosophy and our previous update for the fund’s moves during Q1 2024. Greenlight Capital’s 13F portfolio value decreased from $2.18B to $2.04B this quarter. Einhorn’s Q2 2024 letter reported that the fund returned 2.8% for Q2 2024 vs 4.3% for the S&P 500 Index. Since 1996 inception, Greenlight has returned ~13% annualized vs ~9.6% annualized for S&P 500 index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (NASDAQ:GLRE). To learn about David Einhorn and the perils of shorting, check-out his “Fooling Some of the People All of the Time, A Long Short (and Now Complete) Story”. New Stakes: Peloton Interactive (PTON): PTON is a small 1.12% of the portfolio position purchased this quarter at prices between $2.99 and $4.46 and the stock currently trades just above that range at $4.57. Capri Holdings (CPRI): The 1.11% CPRI stake was established at prices between $30.95 and $45.36 and the stock is now at $36.05. IAC Inc. (IAC): The very small 0.67% IAC position was purchased this quarter at prices between $46.03 and $57.66. The stock currently trades at $51.75. Stake Disposals: First Citizens BancShares (FCNCA): FCNCA was a 1.88% of the portfolio position purchased during Q1 2023 at prices between ~$509 and ~$973. There was a ~12% increase in the last three quarters. The entire stake was sold this quarter was at prices between ~$1531 and ~$1799. They realized gains. The stock currently trades at ~$1975. Net Power Inc. (NPWR): NPWR was a ~1% of the portfolio position purchased during Q2 2023 at a cost-basis of $10.10 per share. The stake was decreased by 35% in the last quarter at prices between $7.85 and $11.67. The disposal this quarter was at prices between $9.65 and $11.88. The stock currently trades at $7.98. AerCap Holdings (AER), and Kenvue Inc. (KVUE): These small (less than ~1% of the portfolio each) stakes were dropped during the quarter. Stake Increases: HP Inc. (HPQ): The top five 5.78% of the portfolio HPQ position was purchased during the last quarter at a cost-basis of $30.76. The position was more than doubled this quarter at prices between $27.41 and $38.07. The stock currently trades at $35.33. Note: The thesis is based around the idea that an AI driven PC adoption cycle is underway and that would substantially benefit their business. Penn Entertainment (PENN): PENN is a fairly large 4.82% of the portfolio stake established during the last quarter at a cost-basis of $22.69. The stock currently trades at $19.16. This quarter saw a ~12% stake increase. The ODP Corp (ODP): ODP is a 4.27% of the portfolio position primarily built over the three quarters through Q4 2021 at prices between ~$36 and ~$50. There was a ~20% stake increase in Q2 2022 at prices between ~$29 and ~$46. H2 2023 also saw a ~15% stake increase. There was a ~30% stake increase this quarter at prices between $37.72 and $52.47. The stock currently trades at $28.67. Note: Greenlight’s cost-basis is ~$44. Viatris (VTRS): The 3.85% VTRS position was purchased during Q4 2023 at prices between ~$8.75 and ~$11 and it now goes for $11.78. The stake was increased by 35% in the last quarter at prices between $11.16 and $13.40. There was a ~64% stake increase this quarter at prices between $10.05 and $11.89. Note: their original cost-basis on VTRS was $10.63. Roivant Sciences (ROIV): ROIV is a 2.49% of the portfolio position established during the last quarter at a cost-basis of $10.96. The stock is now at $11.75. This quarter saw a ~15% stake increase at prices between $10.36 and $11.74. Note: The thesis is that they have several shots on goal including certain COVID related litigation that could result in homeruns. Stake Decreases: Brighthouse Financial (BHF): BHF is a large (top three) stake at 6.30% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. The stock is currently at $45.49. The last three quarters saw a ~6% trimming. Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017. Kyndryl Holdings (KD): KD is a 5.71% of the portfolio position built over the five quarters through Q4 2022 at prices between ~$8.25 and ~$41 and the stock is now at $23.37. There was a ~50% selling during Q2 2023 at prices between ~$11.50 and ~$15 while in the next quarter there was a ~25% increase at prices between $12.22 and $16.92. Q4 2023 also saw a ~14% stake increase. There was a minor ~4% increase in the last quarter. This quarter saw a one-third selling at prices between $19.49 and $28.05. Alight Inc. (ALIT): ALIT is a ~4% of the portfolio stake established during Q4 2023 at prices between ~$6.50 and ~$8.60 and the stock currently trades at $7.29. The position was increased by 25% in the last quarter at prices between $8.16 and $10.32. There was a minor ~4% reduction this quarter. Note: their original cost-basis on ALIT was $7.98. Tenet Healthcare (THC): THC is a 3.89% of the portfolio position purchased during Q4 2022 at a cost-basis of $48.61. There was a ~117% stake increase during Q1 2023 at prices between ~$49 and ~$62. The next quarter saw a one-third reduction at prices between ~$58 and ~$82. There was a ~45% stake increase during Q4 2023 at prices between ~$52.70 and ~$77. The stake was decreased by 32% in the last quarter at prices between ~$74 and ~$105. This quarter also saw a similar reduction at prices between ~$91 and ~$141. The stock currently trades at ~$162. Teck Resources (TECK): TECK is a 2.55% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 had seen a stake doubling at prices between ~$19.50 and ~$26.80. There was ~55% selling over the next three quarters at prices between ~$26 and ~$46. The three quarters through Q1 2023 saw a ~25% increase at prices between ~$26 and ~$44. The next quarter saw a ~45% reduction at prices between ~$36.50 and ~$49. This quarter saw another ~30% reduction at prices between $45.35 and $54.67. The stock currently trades at $45.08. SPDR Gold Trust (GLD): The 2.13% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. H1 2022 had seen a ~140% stake increase at prices between ~$167 and ~$192. The next two quarters saw a ~24% reduction at prices between ~$151 and ~$170. Q3 2023 saw the position rebuilt at prices between ~$172 and ~$184. The stake was decreased by 36% in the last quarter at prices between ~$184 and ~$206. That was followed by a ~18% trimming this quarter at prices between ~$208 and ~$225. It currently trades at ~$230. Graphic Packaging Holding (GPK): The 1.79% stake in GPK saw a two-thirds increase during Q2 2023 at prices between ~$23.50 and ~$27. Q4 2023 saw a one-third further increase at prices between ~$20 and ~$25. The stake was decreased by 29% in the last quarter at prices between $24.26 and $29.18. This quarter saw another ~22% selling at prices between $25.76 and $29.29. The stock currently trades at $28.87. LivaNova plc (LIVN): The 1.73% of the portfolio stake in LIVN was built over the six quarters through Q3 2022 at prices between ~$44 and ~$92. There was a ~23% stake increase during Q1 2023 at prices between ~$41 and ~$58. That was followed by a ~15% increase during Q3 2023 at prices between ~$50 and ~$59. The last two quarters also saw minor increases. There was a ~52% reduction this quarter at prices between $51.76 and $64.15. The stock is now at $49.08. Weatherford plc (WFRD): The ~1% of the portfolio position in WFRD was purchased in Q1 2022 at an average price of $32.27 and it is now at $95.85. Q4 2022 saw a ~22% reduction at prices between ~$32 and ~$51. That was followed by similar selling during Q2 2023 at prices between ~$56 and ~$66. The stake was decreased by 30% in the last quarter at prices between ~$85 and ~$119. This quarter saw a ~44% further reduction at prices between ~$110 and ~$129. Kept Steady: Green Brick Partners (GRBK): GRBK is currently the largest position at ~29% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. Q3 2023 saw a similar reduction at prices between $41.51 and $58.51. The reduction was primarily due to in-kind distributions to redeeming shareholders rather than actual sales in the open market. The stock currently trades at $75.37. The last two quarters also saw a ~17% trimming. Note: They have a ~23% ownership stake in the business. CONSOL Energy (CEIX): CEIX is a large (top three) 8.19% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December 2020. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. The three quarters through Q4 2022 saw a ~23% net increase at prices between ~$35.50 and ~$77.50. There was another ~50% increase during Q1 2023 at prices between ~$51 and ~$64. Q3 2023 saw a ~16% selling at prices between ~$63 and ~$105 and that was followed by a ~12% trimming in the next quarter. The stake was decreased by 22% in the last quarter at prices between ~$76 and ~$105. CEIX currently trades at $94.65. Note: they own ~5.3% of the business. DHT Holdings (DHT): The 2.28% DHT position was established during Q3 2023 at prices between $8.15 and $10.30. The next quarter saw a ~87% stake increase at prices between ~$9.50 and ~$11.50. The stock currently trades at $10.34. The last quarter saw a ~7% increase. Liberty Global (LBTYA): LBTYA is a 1.74% stake purchased at a cost-basis of $19.19. Their undervaluation thesis is pinned on the idea that spinning the Swiss business could help unlock value. The stock currently trades at $20.03. Coya Therapeutics (COYA), Invesco Aerospace & Defense (PPA), Seadrill Ltd. (SDRL), and SPDR Aerospace & Defense (XAR): These small (less than ~1.5% of the portfolio each) stakes were kept steady this quarter. The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2024:   David Einhorn - Greenlight Capital Portfolio - Q2 2024 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q1 2024 and Q2 2024.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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