David Einhorn's fund is up 16.47% this quarter and his most contrarian bet is quietly sitting at 29% of the entire portfolio.
The Greenlight Capital chief manages $2.05B with a deliberately diversified book, but one homebuilder dominates everything else. Here's the full breakdown:
1. Green Brick Title — 29%
2. (Multiple smaller positions cluster) — 22%
3. Consol Energy — 10%
4. Brighthouse Financial — 8%
5. Kyndryl — 6%
6. Tenet Health — 4%
7. Alight — 4%
8. ODP Corporation — 3%
9. QLD (SPDR Gold Shares) — 3%
10. Teck — 3%
11. LivaNova — 3%
12. Graphic Packaging — 3%
13. Weatherford — 3%
14. Net Power — 2%
The 22% cluster includes: Gulfport, SPDR, Viatris, Seadrill, Herc, First Citizens BancShares, DHT, Invesco, New York Community Bank, Kenvue, VanEck, First Horizon, AerCap, Galapagos, GoPro, Coya Therapeutics, Sotera Health, First Trust, Teva, NeuBase Therapeutics, GAIN Therapeutics, Danimer Scientific, Talis Biomedical, Nuvation Bio, and Katapult.
When a value investor known for shorting Lehman pre-2008 puts nearly a third of his fund into a single homebuilder and still posts 16% quarterly gains, the market is clearly missing something.
