Greenlight Capital

Q1 2015 13F · by David Einhorn, portfolio manager

As of: Mar 31, 2015
Filed: Jul 17, 2015
US stock: $7.8B · prev $7.5B
Positions: 44 · prev 42
Options notional: $0
Documents: 2· 1 amendment

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves37 since the prior filing

+13.4 pp in · −14.5 pp out

New 8 +10.03 pp
Added 8 +3.42 pp
Trimmed 15 −9.41 pp
Exited 6 −5.09 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions43% of US stock

AAPL Apple Inc. trimmed−0.74 pp trimmed−0.7411.9%
MU Micron Technology, Inc. added−2.85 pp added−2.8511.7%
SUNEQ Sunedison Inc held held7.7%
unresolved Consol Energy Inc added+1.41 pp added+1.417.4%
GM General Motors Company new+4.56 pp new+4.564.6%

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Jul 17, 2015 ↗

Positions44 in this filing · 6 exited


AAPLApple Inc.	11.88%	7,437,171	$925M	trimmed−14%	−0.74 pp	8 q
MUMicron Technology, Inc.	11.69%	33,549,546	$910M	added+7%	−2.85 pp	7 q
SUNEQSunedison Inc	7.69%	24,953,888	$599M	held	—	6 q
unresolvedConsol Energy Inc	7.37%	20,583,070	$574M	added+55%	+1.41 pp	3 q
GMGeneral Motors Company	4.56%	9,467,986	$355M	new	+4.56 pp	new
unresolvedChicago Bridge & Iron Co N V	4.27%	6,751,657	$333M	added×2.3	+2.63 pp	2 q
TWXTime Warner Inc	4.10%	3,778,400	$319M	trimmed−0%	−0.21 pp	2 q
CFGCitizens Financial Group, Inc.	3.91%	12,612,200	$304M	added+25%	+0.57 pp	3 q
VOYAVoya Financial, Inc.	3.27%	5,909,068	$255M	added+7%	+0.15 pp	4 q
AERAercap Holdings N.V.	3.13%	5,581,800	$244M	added+49%	+1.20 pp	4 q
ONON Semiconductor Corp	2.73%	17,530,500	$212M	trimmed−1%	+0.34 pp	3 q
ACMAecom	2.60%	6,557,504	$202M	trimmed−1%	−0.09 pp	3 q
IACIIac / Interactivecorp (De) Com Stk	2.20%	2,544,689	$172M	trimmed−15%	−0.22 pp	8 q
KEYSKeysight Technologies, Inc.	2.11%	4,426,446	$164M	trimmed−1%	+0.11 pp	2 q
unresolvedMkt Vectors Gld Miners ETF	2.00%	8,517,796	$155M	held	—	8 q
LBTYKLiberty Global Ltd. Class C	1.99%	3,109,080	$155M	held	—	8 q
unresolvedUIL Holdings Corporation	1.72%	2,600,000	$134M	new	+1.72 pp	new
MRVLMarvell Technology, Inc.	1.71%	9,048,864	$133M	trimmed−63%	−3.06 pp	8 q
GRBKGreen Brick Partners, Inc	1.66%	15,641,805	$129M	held	—	2 q
unresolvedLife Time Fitness Inc	1.65%	1,811,085	$129M	trimmed−1%	+0.27 pp	2 q
TTWOTake-Two Interactive Software Inc	1.54%	4,704,600	$120M	held	—	6 q
LRCXLam Research Corp	1.49%	1,655,000	$116M	trimmed−33%	−1.13 pp	5 q
S9QSpirit Aerosystems Hold-cl A	1.48%	2,204,126	$115M	held	—	8 q
MMacy's Inc.	1.40%	1,680,000	$109M	new	+1.40 pp	new
CONNQConn's Inc	1.39%	3,563,000	$108M	held	—	5 q
unresolvedE M C Corp Mass	1.38%	4,218,200	$108M	trimmed−47%	−1.79 pp	6 q
unresolvedYahoo Inc	1.16%	2,025,000	$90M	held	—	2 q
unresolvedNorthstar Asset Mgmt Group I	0.95%	3,175,149	$74M	trimmed−30%	−0.41 pp	3 q
TPHTri Pointe Homes, Inc.	0.95%	4,786,061	$74M	added+9%	+0.06 pp	2 q
unresolvedSunedison Semiconductor Ltd	0.90%	2,700,000	$70M	new	+0.90 pp	new
LBTYALiberty Global Ltd. Class A	0.77%	1,168,418	$60M	held	—	8 q
SCSantander Consumer USA Holdings Inc	0.65%	2,172,251	$50M	new	+0.65 pp	new
NOKNokia Corporation	0.63%	6,450,000	$49M	trimmed−18%	−0.19 pp	3 q
unresolvedKapstone Paper & Packaging C	0.59%	1,409,998	$46M	added+61%	+0.25 pp	2 q
unresolvedHalyard Health Inc	0.45%	715,021	$35M	trimmed−70%	−0.97 pp	2 q
unresolvedIngram Micro Inc	0.36%	1,111,352	$28M	new	+0.36 pp	new
unresolvedCiveo Corp	0.35%	10,658,929	$27M	held	—	4 q
LNWOLight & Wonder Inc	0.27%	2,035,000	$21M	new	+0.27 pp	new
VODVodafone Group PLC	0.27%	639,294	$21M	held	—	5 q
TIMETime Inc	0.21%	740,000	$17M	trimmed−81%	−1.07 pp	4 q
unresolvedFcb Finl Hldgs Inc	0.19%	550,000	$15M	trimmed−59%	−0.25 pp	3 q
BNYBank of New York Mellon Corporation	0.17%	330,901	$13M	new	+0.17 pp	new
OISOil States International, Inc.	0.14%	265,028	$11M	held	—	8 q
FSAMFifth Street Asset Managemen	0.09%	599,000	$7M	held	—	2 q
unresolvedAetna Inc New	—	−1,349,551	—	exited	−1.59 pp	—
unresolvedCovidien PLC	—	−851,341	—	exited	−1.16 pp	—
KMTKennametal Inc.	—	−2,215,000	—	exited	−1.05 pp	—
DOXAmdocs Limited	—	−1,302,245	—	exited	−0.81 pp	—
GDOTGreen Dot Corporation	—	−1,250,000	—	exited	−0.34 pp	—
unresolvedCalifornia Res Corp	—	−1,968,722	—	exited	−0.14 pp	—