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.
Below is a table of returns from GLRE
Net Monthly Returns:
March 2014: 0.1%
Net Quarterly Returns:
|Full Year|| (0.7)(2)||19.6||7.1||2.1||11.0|
A spokesperson for Greenlight Capital declined to comment.