Einhorn’s Greenlight Buys Nokia, Cuts Apple Inc., Sells GM

Einhorn’s Greenlight Buys Nokia, Cuts Apple Inc., Sells GM
David Einhorn InsiderMonkey (CC BY-ND 2.0)

The biggest change in the portfolio of David Einhorn’s Greenlight Capital Inc in 1Q14 was the 807% increase in Sunedison Inc (NYSE:SUNE), which went from being just 0.23% of the fund’s portfolio to 3.34%, making it the 7th largest position. Of 40 long positions (not counting call options) Greenlight’s five largest positions are Apple Inc. (NASDAQ:AAPL), Micron Technology, Inc. (NASDAQ:MU), Marvell Technology Group Ltd. (NASDAQ:MRVL), CIGNA Corporation (NYSE:CI), and Oil States International, Inc. (NYSE:OIS).

Greenlight’s new and increased positions

Greenlight also doubled its stake in EMC Corporation (NYSE:EMC) and Penn National Gaming, Inc (NASDAQ:PENN) last quarter, pushing EMC to 11th largest position making up 2.42% of the total portfolio. Other significant increases were a 21% increase in Anadarko Petroleum Corporation (NYSE:APC) making it the fund’s 9th largest position and a 79% increase in McDermott International Inc. Greenlight also increased holdings of Liberty Global plc – Class C Ordinary Shares (NASDAQ:LBTYK), BP plc (ADR) (NYSE:BP), URS Corp (NYSE:URS), Chico’s FAS, Inc. (NYSE:CHS), Spirit AeroSystems Holdings, Inc. (NYSE:SPR), and Amdocs Limited (NASDAQ:DOX).

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Greenlight Capital’s biggest new positions this quarter were CONN’S, Inc. (NASDAQ:CONN) and American Capital Agency Corp. (NASDAQ:AGNC), with $128 million and $112 million respectively. Conns is now the funds 13th largest position. Other new positions include Talmer Bancorp Inc (NASDAQ:TLMR), Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V), Lam Research Corporation (NASDAQ:LRCX), and National-Oilwell Varco, Inc. (NYSE:NOV).

Greenlight’s reduced and closed positions

General Motors Company (NYSE:GM) was one of Greenlight Capital’s largest positions last quarter accounting for 9.55% of its portfolio, making it the most significant exit this quarter. It also closed positions on NCR Corporation (NYSE:NCR), Delphi Automotive PLC (NYSE:DLPH), and DST Systems, Inc. (NYSE:DST), each of which had made up more than 1% of the fund’s portfolios.

Aspen Insurance Holdings Limited (NYSE:AHL) was Greenlight’s biggest reduction by percentage, being cut from 1.24% of the portfolio to 0.14%. Rite Aid Corporation (NYSE:RAD) and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) were both essentially cut in half, now accounting for 0.52% and 0.41% of the total portfolio respectively. Greenlight also cut back on Apple Inc. (NASDAQ:AAPL) stocks by 16%, but it is still the fund’s largest position, and the reduction was offset by $45 million worth of Apple call options. Other reduced positions include Aetna Inc (NYSE:AET), Computer Sciences Corporation (NYSE:CSC), Marvell Technology Group (NASDAQ:MRVL), IAC/InterActiveCorp (NASDAQ:IACI), and Intrexon Corp (NYSE:XON).

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