David Einhorn’s Greenlight Capital is off to a not so great start for the first quarter of the year. The hedge fund’s reinsurance vehicle was up 0.1% according to data posted on the company’s website. For the first quarter, Greenlight Capital Re, Ltd. (NASDAQ:GLRE) was down 07.%.  Most hedge funds have been struggling this year, according to a recent report from Goldman Sachs. In contrast, the S&P 500 (.INX) had modest gains in both March and for the first quarter of 2014.

According to the Greenlight’s GLRE website:

As of 28-February-2014, the largest disclosed long positions in our investment portfolio are Alpha Bank A.E.,  Apple Inc. (NASDAQ:AAPL), gold, Marvell Technology Group Ltd. (NASDAQ:MRVL), Micron Technology, Inc. (NASDAQ:MU) and Oil States International, Inc. (NYSE:OIS).

These top five positions are unchanged from what the reinsurer reported in the month of February (see our discussion of Alpha Bank here).

The website further states:

Our investment portfolio is approximately 118% long and 71% short. All exposure information is calculated on a delta adjusted basis and excludes credit default swaps, interest rate swaps, sovereign debt, currencies, commodities, and derivatives on any of these instruments.

Gold was up over 6% in the past three months, Marvell gained nearly 10%, and Micron gained close to 9%, Alpha Bank A.E. was up over 6%. In contrast, OIS was down 3.1% in the past three months, while Apple Inc. (NASDAQ:AAPL) was down 4.3%.

What likely hurt returns in the year were short positions.  A long time short of Einhorn, Keurig Green Mountain Inc (NASDAQ:GMCR), which we presume he still holds was up a whopping 40% in the first quarter. Shares of GMCR soared after the company announced a deal  a big deal with Coke.

All of the top five Greenlight holdings have been disclosed publicly. In the hedge fund’s Q4 2013 letter to investors, new positions in BP plc (NYSE:BP) (LON:BP), Anadarko Petroleum Corporation (NYSE:APC) were revealed.

greenlight capital
greenlight capital

Below is a table of returns from GLRE

Net Monthly Returns:

March 2014: 0.1%

Net Quarterly Returns:

1st……….     (0.7)%   5.8% 6.5%   (3.4)%(1.9)%
2nd………     —2.0(3.3)(1.9)2.6
3rd……….      —
4th……….   —6.6(4.4)7.66.5
Full Year  (0.7)(2) 11.0 

A spokesperson for Greenlight Capital declined to comment.