Greenlight Capital Re, Ltd. (NASDAQ:GLRE), David Einhorn’s reinsurer, was almost flat in last month, returning -0.1 percent in April. Greenlight was up 5.8 percent in Q1. The latest information from the fund reports that the portfolio is 111 percent long and 75 percent short. The allocations in longs is slightly up since January, however the short portfolio still carries the same weight. David Einhorn’s net short exposure is significantly higher than many other competing funds.
Greenlight Re Positions
At the end of April, Greenlight Capital Re, Ltd. (NASDAQ:GLRE) still has Apple Inc. (NASDAQ:AAPL) as its largest holding and judging by the April returns, the gains from Apple were not able to wipe any losses. Greenlight’s other top holdings include CIGNA Corporation (NYSE:CI), General Motors Company (NYSE:GM), Marvell Technology Group Ltd. (NASDAQ:MRVL) and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD).
Gold assets of Greenlight Capital make its fourth largest holding after General Motors Company (NYSE:GM). Being one of Greenlight’s largest allocations, the sudden losses in the precious metal last month could have been the principal factor of the fund’s under-perfomance in April. Overall gold declined 7.5 percent in last month. However Einhorn is a solid believer in the use of gold as a long term asset and it is unlikely that any decline will shake his thesis.
Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) shares gained 7.7 percent while General Motors was up almost 11 percent at the end of last month, all other Greenlight’s top equity positions also posted gains in last month. So the nearly flat return in April could be attributable to gold and short positions of the fund.
The above mentioned returns from Greenlight Capital are unaudited and are from interim reports.
H/T Amanda Cantrell at Institutional Investor’s Alpha