david einhorn

Greenlight Capital, the value-oriented hedge fund managed by David Einhorn is out with its fourth quarter letter. The letter notes that the fund was down 4.9 net in fees in the fourth quarter of 2012. David Einhorn comments on why the hedge fund performed poorly in the last quarter of 2012.

Apple Inc. (NASDAQ:AAPL), which is one of the fund’s largest holdings was a big loser for the fund. Einhorn is still bullish on the company, and comments that he has purchased shares as the price has decreased.

Marvell Technology Group Ltd. (NASDAQ:MRVL) was also a big loser for the fund, and the stock went down further after losing a lawsuit. Einhorn is disappointed with Marvell Technology Group Ltd. (NASDAQ:MRVL) performance, but is still bullish and has purchased more shares of the company.

General Motors Company (NYSE:GM) was up 11%, a big winner for Einhorn. The company recently bought back shares held by the US Government. Einhorn believes that General Motors Company (NYSE:GM) still has room for more upside.

On the short side, Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) caused losses for the fund as shares appreciated 74%, wiping out 2012 gains on the short.

Einhorn covered a short position in Pitney Bowes.

Einhorn has been shorting the Japanese yen, he continues to hold the position, and believes that the currency will depreciate further. He has increased his stake in Vodafone Group Plc (NYSE:VOD), and notes the value of the company’s stake in Verizon wireless.

More discussion on the fundspositioning and Einhorn’s thoughts can be found in the letter, attached below: