David Einhorn’s top 10 positions make up 75.85% of his current portfolio, with a strong concentration in Green Brick Partners Inc (GRBK), which alone accounts for 27.51%. Below is an in-depth look at each holding, analyzing position size, value, percentage of portfolio, and recent changes.
1. Green Brick Partners Inc (GRBK)
- Shares: 9,467,383
- Value: $534.8M
- Portfolio %: 27.51%
- Change in Shares: 0 (No change)
- % Change in Shares: 0.00%
- Analysis: This is by far the largest holding, making up over a quarter of the portfolio. The lack of movement suggests high conviction in this position. Green Brick Partners operates in real estate development, which aligns with Einhorn’s value-investing approach.
2. CONSOL Energy Inc (CEIX)
- Shares: 1,394,641
- Value: $148.8M
- Portfolio %: 7.65%
- Change in Shares: -246,109
- % Change in Shares: -15.00%
- Analysis: Einhorn trimmed this coal producer by 15%, which may indicate profit-taking or concerns about long-term coal demand. Despite the reduction, CEIX remains his second-largest holding, indicating continued confidence in energy stocks.
3. Brighthouse Financial Inc (BHF)
- Shares: 2,835,097
- Value: $136.2M
- Portfolio %: 7.01%
- Change in Shares: -56,952
- % Change in Shares: -1.97%
- Analysis: A modest reduction of 2% in shares suggests a slight portfolio adjustment rather than a loss of confidence. Brighthouse, an insurance company, remains a core part of the portfolio.
4. Kyndryl Holdings Inc (KD)
- Shares: 3,762,442
- Value: $130.2M
- Portfolio %: 6.70%
- Change in Shares: -1,161,907
- % Change in Shares: -23.60%
- Analysis: The largest percentage reduction among top holdings, cutting almost a quarter of the position. This significant trim suggests growing concerns about the IT infrastructure provider’s outlook.
5. CNH Industrial NV (CNH)
- Shares: 10,234,720
- Value: $115.96M
- Portfolio %: 5.96%
- Change in Shares: +3,137,820
- % Change in Shares: +44.21%
- Analysis: The biggest increase in shares (+44%) shows strong bullish sentiment. CNH, a global manufacturer of agricultural and construction equipment, aligns with a cyclical value bet.
6. Penn Entertainment Inc (PENN)
- Shares: 5,748,440
- Value: $113.9M
- Portfolio %: 5.86%
- Change in Shares: +127,670
- % Change in Shares: +2.27%
- Analysis: A small increase suggests confidence in Penn’s gaming and sports betting operations. Einhorn may see undervalued growth potential.
7. Peloton Interactive Inc (PTON)
- Shares: 10,522,687
- Value: $91.5M
- Portfolio %: 4.71%
- Change in Shares: +992,797
- % Change in Shares: +10.42%
- Analysis: Einhorn added 10.42% more shares, suggesting a contrarian bet on Peloton’s turnaround story after its post-pandemic decline.
8. Viatris Inc (VTRS)
- Shares: 5,785,110
- Value: $72.0M
- Portfolio %: 3.70%
- Change in Shares: -1,485,320
- % Change in Shares: -20.43%
- Analysis: A significant reduction (20%) in this pharmaceutical company, indicating declining confidence.
9. HP Inc (HPQ)
- Shares: 2,110,680
- Value: $68.9M
- Portfolio %: 3.54%
- Change in Shares: -1,420,210
- % Change in Shares: -40.22%
- Analysis: The most aggressive reduction (-40%) in the portfolio. Potential concerns over PC demand or valuation.
10. Roivant Sciences Ltd (ROIV)
- Shares: 5,271,067
- Value: $62.4M
- Portfolio %: 3.21%
- Change in Shares: -36,973
- % Change in Shares: -0.70%
- Analysis: A very small reduction, suggesting he is maintaining a neutral stance.
Key Takeaways from Einhorn’s Portfolio Moves
- Largest Holding Unchanged: GRBK remains a core position, making up 27.51% of the portfolio.
- Energy Trimmed: CEIX (-15%) suggests some caution in coal.
- Biggest Buy: CNH (+44.21%) signals strong conviction in agricultural & industrial equipment.
- Biggest Sell: HP (-40%), a major reduction, possibly due to secular headwinds in PCs.
- Tech & Healthcare Mixed: PTON (+10%) shows optimism, while VTRS (-20%) suggests declining faith.
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