Greenlight Capital Re, Ltd. (NASDAQ:GLRE) had a profitable October, according to new data posted on the company’s website. The David’s reinsurer was up 1.0 percent in the month of September compared to the S&P 500 (.INX) return of 4.0 percent for the month. Despite the strong returns from longs, Einhorn’s shorts detracted as he noted in the GLRE conference call today.
See Greenlight Q3 letter to shareholders here.
As of 31-October-2013, the largest disclosed long positions in the investment portfolio are Apple Inc. (NASDAQ:AAPL), General Motors Company (NYSE:GM), gold, Marvell Technology Group Ltd. (NASDAQ:MRVL), Oil States International, Inc. (NYSE:OIS) and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD), unchanged from last month. The investment portfolio is approximately 119% long and 81% short. This exposure analysis is calculated on a delta adjusted basis and excludes macro positions, which consist of gold, credit default swaps, sovereign debt, foreign currency positions, interest rate derivatives and others.
Brian Meredith and Marie Lunackova, CFA of UBS noted in a report today:
GLRE continues to see a potential for future market volatility as higher equity markets are not reflecting lackluster earnings, economy and on-going emergency policies. Continuing the trend from prior quarters, GLRE plans to hold significant positions in gold, macro hedges and short positions in sovereign debt, for the foreseeable future.
Greenlight longs
Apple was a big winner in October, up around 7 percent for the month. Marvell was another strong performer with a return of approximately 6.5 percent in the past month. OIS had a small gain of about 2 percent in October. Vodafone provided a return of about 4 percent and gld had a gain of approximately 3 percent in the same time period. However, the biggest winner was Greenlight Capital Re, Ltd. (NASDAQ:GLRE), which is up over 8 percent, boosted by a 3 percent gain today.
Short positions include the Yen, Yuan, AUD, and Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR)
For the year GLRE investments are up 13.4 percent in comparison to returns of around 20 percent for the S&P 500 (.INX), and a 33 percent return for the re-insurer stock.
Below is a breakdown of all the returns of the investment portfolio
| 2013 | 2012 | 2011 | 2010 | 2009 | |
| 1st………. | 5.8% | 6.5% | (3.4)% | (1.9)% | 4.6% |
| 2nd……… | 2.0 | (3.3) | (1.9) | 2.6 | 13.9 |
| 3rd………. | 4.0 | 8.8 | 0.1 | 3.6 | 4.3 |
| 4th………. | 1.0(2) | (4.4) | 7.6 | 6.5 | 6.4 |
| Full Year | 13.4(3) |
7.1 | 2.1 | 11.0 | 32.1 |
