Key Takeaways
- • David Einhorn's Greenlight Capital holds an equity portfolio valued at approximately $3.91 billion, with the top 10 holdings representing 52.82% of reported assets as of the latest quarter filing.
- • Green Brick Partners (GRBK) dominates the portfolio at 19.39% allocation (9.47 million shares worth $757.8 million), maintaining its position as Einhorn's largest single holding by a substantial margin.
- • Greenlight established a new $123.1 million position in Fortune Brands Innovations (FBIN) during the quarter, immediately representing 3.15% of the portfolio with 2.24 million shares.
- • Core Natural Resources (CNR) was increased by 425,060 shares (+22.88%), expanding the position to 2.28 million shares valued at $182.7 million and ranking as the third-largest holding at 4.67%.
- • The portfolio reflects Einhorn's concentrated, value-oriented investment strategy, with notable positions across diversified sectors including home building, engineering services, natural resources, insurance, and healthcare.
Summary
Greenlight Capital's latest quarterly filing reveals a concentrated equity portfolio of $3.91 billion maintained by David Einhorn, reflecting the firm's continued adherence to a value-focused investment approach. The portfolio's composition demonstrates significant concentration risk, with the top 10 holdings commanding more than half of reported assets at 52.82%, a characteristic hallmark of Einhorn's stock-picking methodology.
Green Brick Partners remains the portfolio's dominant position, commanding a 19.39% allocation with Greenlight holding approximately 9.47 million shares valued at $757.8 million. This outsized weighting underscores Einhorn's conviction in the homebuilder's value proposition. Fluor Corporation follows as the second-largest holding at 6.24% (4.66 million shares, $244.1 million), positioning the portfolio within the engineering and construction services sector.
The quarter's most notable activity centered on two significant moves: the establishment of a new Fortune Brands Innovations position totaling 2.24 million shares worth $123.1 million, and a 22.88% increase in Core Natural Resources holdings through an additional 425,060 shares. Core Natural Resources ascended to the third-largest position at 4.67% of the portfolio with a valuation of $182.7 million. These moves signal Einhorn's tactical adjustments toward specific value opportunities within industrial and consumer discretionary sectors.
The remaining top holdings span a diversified array of sectors: Brighthouse Financial (insurance, 4.60%), Acadia Healthcare (healthcare services, 3.32%), PENN Entertainment (gaming, 3.20%), PG&E Corporation (utilities, 2.85%), Centene Corporation (managed healthcare, 2.71%), and Graphic Packaging Holding Company (packaging, 2.69%). Notably, Centene experienced a reduction of 1.08 million shares (a 39% decrease), indicating a tactical reduction despite remaining in the top 10. This portfolio construction reflects Greenlight's search for undervalued equities positioned for recovery or stable cash generation across economically resilient sectors.
Green Brick Partners remains the portfolio's dominant position, commanding a 19.39% allocation with Greenlight holding approximately 9.47 million shares valued at $757.8 million. This outsized weighting underscores Einhorn's conviction in the homebuilder's value proposition. Fluor Corporation follows as the second-largest holding at 6.24% (4.66 million shares, $244.1 million), positioning the portfolio within the engineering and construction services sector.
The quarter's most notable activity centered on two significant moves: the establishment of a new Fortune Brands Innovations position totaling 2.24 million shares worth $123.1 million, and a 22.88% increase in Core Natural Resources holdings through an additional 425,060 shares. Core Natural Resources ascended to the third-largest position at 4.67% of the portfolio with a valuation of $182.7 million. These moves signal Einhorn's tactical adjustments toward specific value opportunities within industrial and consumer discretionary sectors.
The remaining top holdings span a diversified array of sectors: Brighthouse Financial (insurance, 4.60%), Acadia Healthcare (healthcare services, 3.32%), PENN Entertainment (gaming, 3.20%), PG&E Corporation (utilities, 2.85%), Centene Corporation (managed healthcare, 2.71%), and Graphic Packaging Holding Company (packaging, 2.69%). Notably, Centene experienced a reduction of 1.08 million shares (a 39% decrease), indicating a tactical reduction despite remaining in the top 10. This portfolio construction reflects Greenlight's search for undervalued equities positioned for recovery or stable cash generation across economically resilient sectors.
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