SEC 13F Intelligence

Notable Investors / Q4 2023

David Einhorn’s Portfolio — GREENLIGHT CAPITAL INC

President, Greenlight Capital

CIK 0001079114 · Part of the Greenlight family · 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK, NY, 10017 · 2129731900

About David Einhorn

David Einhorn founded Greenlight Capital and made his name with forensic short calls — most famously Lehman Brothers before its collapse and Allied Capital before that. He is equally known for disciplined long-side value investing and, lately, for arguing that value investing's institutional buyer base has structurally shrunk.

Greenlight's 13F skews toward deeply out-of-favor value: housing-related names, industrials, and special situations, typically at single-digit price-to-earnings multiples. Positions are sized with conviction and held through long stretches of market indifference.

Portfolio data below is from GREENLIGHT CAPITAL INC’s SEC 13F filings. View the full filer page →

Reported Value
$2.0B
Q4 2023
Positions
116
Filings on Record
21
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Greenlight Capital Inc reported $2.0B in U.S.-listed holdings across 116 positions for Q4 2023.

Its largest position, GRBK, represents 19.9% of the portfolio.

Compared with Q3 2023, the fund opened 7 new positions and exited 6.

Portfolio Metrics

Turnover
+9.4%
vs prior filed quarter
Top-10 Concentration
+52.3%
share of reported value
Largest Position
+19.9%
Green Brick Partners
New / Exited
7 / 6
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.4BQ4 ’18Q1 ’19: $1.4BQ2 ’19: $1.4BQ3 ’19: $1.4BQ3 ’19Q4 ’19: $1.3BQ1 ’20: $702MQ2 ’20: $922MQ2 ’20Q3 ’20: $1.2BQ4 ’20: $1.7BQ1 ’21: $1.4BQ1 ’21Q2 ’21: $1.6BQ3 ’21: $1.5BQ4 ’21: $1.7BQ4 ’21Q1 ’22: $1.6BQ2 ’22: $1.3BQ3 ’22: $1.4BQ3 ’22Q4 ’22: $1.4BQ1 ’23: $1.8BQ2 ’23: $2.1BQ2 ’23Q3 ’23: $1.8BQ4 ’23: $2.0Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 84.6%Other: 9.4%ETP: 5.6%ADR: 0.5%Equity WRT: 0.0%
  • Common Stock · 84.6% · $1.7B
  • Other · 9.4% · $192M
  • ETP · 5.6% · $114M
  • ADR · 0.5% · $9M
  • Equity WRT · 0.0% · $6,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ALITEURALIGHT INCNEW+9.24M9.24M+$79M$79M
VTRSVIATRIS INCNEW+3.36M3.36M+$36M$36M
AERCAP HOLDINGS NVNEW+250.0K250.0K+$19M$19M
SPDR SER TRNEW+129.7K129.7K+$18M$18M
INVESCO EXCHANGE TRADED FD TNEW+185.5K185.5K+$17M$17M
KVUEKENVUE INCNEW+554.5K554.5K+$12M$12M
TEVATEVA PHARMACEUTICAL INDS LTDNEW+268.5K268.5K+$3M$3M
COYACOYA THERAPEUTICS INCADDED+806.0K1.27M+$8M$9M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GRBKGREEN BRICK PARTNERS INChistory →COM28.92%$592M11.40M
2CEIXEURCONSOL ENERGY INC NEWhistory →COM10.25%$210M2.09M
3BHFBRIGHTHOUSE FINL INChistory →COM7.86%$161M3.04M
4KDKYNDRYL HLDGS INChistory →COMMON STOCK6.45%$132M6.36M
5THCTENET HEALTHCARE CORPhistory →COM NEW4.86%$99M1.32M
6ODP1THE ODP CORPhistory →COM4.81%$98M1.75M
7ALITEURALIGHT INChistory →COM CL A3.67%$75M8.82M
8GQ9SPDR GOLD TRhistory →GOLD SHS3.32%$68M355.7K
9TECK/BTECK RESOURCES LTDhistory →CL B3.20%$66M1.55M
10LIVANOVA PLCSHS3.11%$64M1.23M
11GPKGRAPHIC PACKAGING HLDG COhistory →COM3.05%$63M2.54M
12WEATHERFORD INTL PLCORD SHS1.80%$37M376.1K
13VTRSVIATRIS INChistory →COM1.77%$36M3.36M
14DHT HOLDINGS INCSHS NEW1.63%$33M3.40M
15FCNCAFIRST CTZNS BANCSHARES INC Nhistory →CL A1.48%$30M21.3K
16NPWRNET POWER INChistory →COM CL A1.22%$25M2.46M
17GPORGULFPORT ENERGY CORPhistory →COMMON SHARES1.19%$24M183.7K
18SEADRILL 2021 LTDCOM0.66%$14M286.5K
19AERCAP HOLDINGS NVSHS0.53%$11M144.9K
20HRIHERC HLDGS INChistory →COM0.47%$10M64.9K
21FT2FIRST HORIZON CORPORATIONhistory →COM0.46%$9M659.5K
22SPDR SER TRAEROSPACE DEF0.44%$9M65.8K
23NYCBEURNEW YORK CMNTY BANCORP INChistory →COM0.43%$9M859.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2023$2.0B116Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.8B116Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.1B122Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.8B114May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.4B123Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.4B124Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.3B140Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.6B154May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.7B169Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.5B173Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.6B207Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.4B183May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.7B105Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.2B106Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$922M69Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$702M70May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.3B51Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.4B52Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.4B57Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.4B57May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.4B63Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 3 additional managers.

  • DME Advisors, LP028-13228
  • DME Capital Management, LP028-14000
  • Greenlight Masters, LLC028-13259

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.