Greenlight Capital

Q3 2016 13F · by David Einhorn, portfolio manager

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $5.2B · prev $5.5B
Positions: 36 · prev 45
Options notional: $0
Documents: 1· no amendments

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%

Moves39 since the prior filing

+7.5 pp in · −9.7 pp out

New 2 +1.24 pp
Added 6 +6.28 pp
Trimmed 20 −0.34 pp
Exited 11 −9.35 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions43% of US stock

AAPL Apple Inc. trimmed−0.80 pp trimmed−0.8011.2%
GM General Motors Company trimmed+1.38 pp trimmed+1.3810.3%
AER Aercap Holdings N.V. added+2.37 pp added+2.379.4%
unresolved Consol Energy Inc trimmed+0.07 pp trimmed+0.076.6%
TWX Time Warner Inc trimmed−0.48 pp trimmed−0.485.9%

Positions36 in this filing · 11 exited


AAPLApple Inc.	11.22%	5,194,440	$587M	trimmed−24%	−0.80 pp	14 q
GMGeneral Motors Company	10.32%	17,000,000	$540M	trimmed−1%	+1.38 pp	7 q
AERAercap Holdings N.V.	9.39%	12,766,308	$491M	added+12%	+2.37 pp	10 q
unresolvedConsol Energy Inc	6.56%	17,872,616	$343M	trimmed−19%	+0.07 pp	9 q
TWXTime Warner Inc	5.88%	3,863,309	$308M	trimmed−18%	−0.48 pp	8 q
CCThe Chemours Company	5.01%	16,367,186	$262M	trimmed−0%	+2.53 pp	4 q
MYLMylan NV	4.66%	6,400,000	$244M	added+29%	+0.74 pp	4 q
GDXVanEck Gold Miners ETF	4.11%	8,141,296	$215M	trimmed−1%	−0.08 pp	2 q
GRBKGreen Brick Partners, Inc	3.81%	24,118,668	$199M	held	—	8 q
unresolvedYahoo Inc	3.61%	4,383,100	$189M	trimmed−1%	+0.57 pp	8 q
VOYAVoya Financial, Inc.	2.85%	5,168,301	$149M	added+5%	+0.60 pp	10 q
unresolvedMichael Kors Hldgs Ltd	2.74%	3,066,902	$144M	trimmed−37%	−1.65 pp	6 q
unresolvedCalpine Corp	2.72%	11,239,800	$142M	added+99%	+1.19 pp	2 q
AGRAvangrid, Inc.	2.47%	3,094,800	$129M	trimmed−7%	−0.34 pp	4 q
DDSDillard's, Inc. Class A	2.33%	1,931,672	$122M	trimmed−1%	+0.17 pp	6 q
LBTYKLiberty Global Ltd. Class C	2.08%	3,294,780	$109M	held	—	14 q
unresolvedRite Aid Corp	1.98%	13,443,035	$103M	added+30%	+0.56 pp	2 q
YELPYelp Inc.	1.83%	2,300,000	$96M	trimmed−21%	+0.21 pp	4 q
unresolvedCnx Coal Res LP	1.63%	5,488,438	$85M	held	—	5 q
unresolvedDsw Inc	1.40%	3,574,000	$73M	trimmed−16%	−0.25 pp	4 q
UHALU-Haul Holding Company	1.36%	220,000	$71M	added×2.8	+0.82 pp	2 q
unresolvedAmaya Inc	1.23%	3,962,684	$64M	held	—	2 q
IACIIac / Interactivecorp (De) Com Stk	1.22%	1,021,900	$64M	held	—	14 q
TTWOTake-Two Interactive Software Inc	1.19%	1,378,193	$62M	trimmed−50%	−0.71 pp	12 q
ACMAecom	1.14%	2,004,571	$60M	trimmed−35%	−0.65 pp	9 q
PVHPVH Corp.	1.12%	529,170	$58M	trimmed−14%	+0.06 pp	3 q
XUnited States Steel Corp	1.11%	3,089,800	$58M	new	+1.11 pp	new
unresolvedCigna Corporation	1.08%	435,000	$57M	held	—	4 q
unresolvedArris Intl Inc	0.99%	1,831,800	$52M	trimmed−2%	+0.27 pp	2 q
LBTYALiberty Global Ltd. Class A	0.81%	1,243,018	$42M	held	—	14 q
FMCFMC Corporation	0.66%	719,600	$35M	held	—	2 q
TPHTri Pointe Homes, Inc.	0.52%	2,073,482	$27M	trimmed−54%	−0.45 pp	8 q
unresolvedTerraform Pwr Inc	0.41%	1,528,025	$21M	trimmed−13%	+0.06 pp	4 q
unresolvedQuorum Health Corp	0.30%	2,501,800	$16M	trimmed−14%	−0.27 pp	2 q
GEOThe GEO Group, Inc.	0.13%	287,133	$7M	new	+0.13 pp	new
unresolvedTerraform Global Inc	0.13%	1,633,791	$7M	trimmed−13%	+0.02 pp	5 q
unresolvedTwenty First Centy Fox Inc	—	−4,768,079	—	exited	−2.37 pp	—
unresolvedHatteras Finl Corp	—	−7,577,500	—	exited	−2.28 pp	—
HUMHumana Inc.	—	−384,300	—	exited	−1.27 pp	—
PRGOPerrigo Company PLC	—	−527,834	—	exited	−0.88 pp	—
CORCencora, Inc.	—	−535,000	—	exited	−0.78 pp	—
unresolvedHertz Global Holdings Inc	—	−3,300,000	—	exited	−0.67 pp	—
CYHCommunity Health Systems, Inc.	—	−2,419,017	—	exited	−0.53 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−411,079	—	exited	−0.24 pp	—
LAMRLamar Advertising Co	—	−148,072	—	exited	−0.18 pp	—
99998USDLiberty Global PLC Lilac - A	—	−155,084	—	exited	−0.09 pp	—
VODVodafone Group PLC	—	−100,000	—	exited	−0.06 pp	—