The latest 13F filing from Greenlight Capital (David Einhorn) provides a clear window into how one of the most recognizable value investors is positioning his equity book today. Einhorn has long been known for contrarian bets, concentrated value positions, and a willingness to size up where he believes the market is materially wrong.
This quarter’s portfolio continues that tradition. Greenlight’s holdings skew heavily toward undervalued cyclicals, out-of-favor industrials, and situations with significant cash-flow support, combined with selective special situations and hedges.
Below is a breakdown of Greenlight’s most important top holdings — and what they signal about Einhorn’s strategy.
1. GREEN BRICK PARTNERS (GRBK): 9,467,383 shares — $699.3M position
GRBK remains Einhorn’s crown jewel — by far the largest position in the portfolio at 27.5% of reported assets. Greenlight has been involved with the company for years, and the position size reflects sustained conviction.
GRBK benefits from structural housing shortages, strong regional exposure, and disciplined capital allocation. Despite cyclical fear in homebuilding, profitability remains robust, and Einhorn continues to treat GRBK as a long-duration compounder trading below intrinsic value.
2. FLUOR CORP (FLR): 5,513,680 shares — $231.96M position
FLR is Greenlight’s second-largest holding and one of its biggest increases this quarter, with a +1.69M share add (+44.35%).
Fluor is a classic value cyclically depressed engineering & construction name, operating in a space where investor skepticism remains high. Einhorn appears to view FLR as a turnaround with operating leverage and multi-year upside once project backlogs normalize and margins revert.
3. CORE NATURAL RESOURCES INC (CNR): 2,155,640 shares — $179.95M position
CNR gives Greenlight exposure to a natural-resources operator with stable production economics and consistent cash generation. Although there was no activity in the position this quarter, the size — just over 7% of the portfolio — signals sustained conviction in CNR’s ability to compound value through disciplined capital allocation and resilient underlying demand.
4. BRIGHTHOUSE FINANCIAL (BHF): 2,792,100 shares — $148.2M position
BHF is a long-standing Greenlight holding and a deep-value insurance play. With substantial buybacks and improving financial strength, it represents the kind of discounted book-value opportunity Einhorn prefers.
The quarter saw a modest +32,003 share increase, signaling continued belief in management’s capital return strategy.
5. KYNDRYL HOLDINGS (KD): 4,343,627 shares — $130.4M position
KD, the IBM spin-off, is undergoing a multi-year transformation. With improving margins and the shedding of legacy contracts, Greenlight sees an opportunity for operating leverage and a valuation reset.
Einhorn added 1.03M shares this quarter (+31.18%), marking one of his strongest conviction boosts.
6. PENN ENTERTAINMENT (PENN): 6,769,440 shares — $130.4M position
Despite widespread pessimism around regional gaming and digital betting, PENN remains a significant holding. Greenlight trimmed the position by -725,000 shares this quarter (-9.67%), but it still sits at more than 5% of the equity book.
Einhorn appears to believe the market is too negative on long-term cash-flow generation and operational efficiencies.
7. PG&E CORP (PCG): 6,380,853 shares — $96.2M position
PCG is a new addition to the Greenlight portfolio this quarter — and its immediate size makes it one of Einhorn’s most notable moves. Despite its controversial history, PG&E now benefits from a more predictable regulatory framework and improving cash-flow stability. Establishing a position of this scale suggests that Einhorn sees meaningful mispricing and a multi-year opportunity as the company continues to repair its balance sheet and normalize operations.
8. GRAPHIC PACKAGING HOLDING (GPK): 4,705,950 shares — $92.1M position
GPK provides steady packaging cash flow at a cyclical discount. The position saw no changes this quarter, consistent with Einhorn’s patience in businesses that can compound quietly.
9. DHT HOLDINGS (DHT): 7,620,934 shares — $91.0M position
DHT gives exposure to the tanker cycle, a familiar value hunting ground for Einhorn. With strong day rates and tight supply dynamics, the position reflects ongoing confidence in multi-year cash generation. No changes this quarter.
10. TEVA PHARMACEUTICAL (TEVA): 3,778,777 shares — $76.3M position
A classic Einhorn contrarian investment in a company resolving legal overhangs, stabilizing margins, and reducing leverage. TEVA remains unchanged this quarter, consistent with Greenlight’s multi-year investment horizon.
Big Picture Takeaways
Einhorn remains heavily tilted toward deep-value cyclicals.
Industrial, housing, energy-adjacent, and packaging companies dominate the top of the portfolio.
Turnarounds and transformations are central to the strategy.
KD, FLR, BHF, and PCG all reflect the belief that the market misprices medium-term improvement.
Capital discipline is a recurring theme.
Many holdings aggressively shrink share count or generate robust free cash flow.
Position changes highlight selective conviction boosts.
The new position in PCG and the large increase in FLR stand out as the clearest statements of belief.
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