Greenlight Capital Re, Ltd. (NASDAQ:GLRE) returned 3 percent in May. Billionaire hedge fund manager David Einhorn’s reinsurer was down 0.1 percent in April. For the first two months of the second quarter, the fund is up 2.9 percent. Greenlight Capital Re said in a report that its investment portfolio is 101 percent long and 68 percent short as of May 31.

Greenlight Capital Re

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s portfolio was 111% percent long and 75 percent in April. Einhorn’s short exposures are comparatively greater than other hedge funds. The fund has posted an 8.8 percent gain this year as of May 31, 2013.

Greenlight Capital Re Positions

As of May 31, Apple Inc. (NASDAQ:AAPL), General Motors Company (NYSE:GM), gold, Marvell Technology Group Ltd. (NASDAQ:MRVL) and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) were major holdings of Greenlight Capital Re, Ltd. (NASDAQ:GLRE). Apple Inc. (NASDAQ:AAPL) has gained about 2 percent since May 1.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) also has a long position in CIGNA Corporation (NYSE:CI) as of May. General Motors Company (NYSE:GM) helped the fund as the automaker’s shares rose 11.9 percent through May.

Greenlight Capital Re Gold Position

Falling gold prices remain a concern for Greenlight Capital Re, Ltd. (NASDAQ:GLRE). The precious metal has fallen more than 5 percent in May, according to MarketWatch. Despite the decline, David Einhorn is a firm believer than gold will rise over the long term, so a monthly decline may not change his belief. The precious metal was already down 7.5 percent in April.

Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) took a big hit in May, falling about 5.74 percent during the period. All other major equity positions of Greenlight posted gains last month. That’s the reason behind the fund’s 2.9 percent returns despite the poor performance of gold and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD).

The above investment returns are unaudited and interim, which Greenlight Capital Re, Ltd. (NASDAQ:GLRE) provides for information purpose only. Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares were up 0.08 percent to $24.77 at 9:42 AM EST.