Greenlight Capital

Q4 2017 13F · by David Einhorn, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $5.5B · prev $6.2B
Positions: 43 · prev 33
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%

Moves58 since the prior filing

+34.7 pp in · −35.2 pp out

New 26 +26.88 pp
Added 5 +7.83 pp
Trimmed 11 −15.38 pp
Exited 16 −19.78 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 130% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions55% of US stock

GM General Motors Company trimmed−11.60 pp trimmed−11.6019.3%
BHF Brighthouse Financial, Inc. new+11.72 pp new+11.7211.7%
AER Aercap Holdings N.V. trimmed+0.01 pp trimmed+0.019.3%
MYL Mylan NV trimmed+1.13 pp trimmed+1.137.8%
AAPL Apple Inc. trimmed−2.39 pp trimmed−2.396.7%

Positions43 in this filing · 16 exited


GMGeneral Motors Company	19.26%	25,862,200	$1.1B	trimmed−53%	−11.60 pp	new
BHFBrighthouse Financial, Inc.	11.72%	11,000,000	$645M	new	+11.72 pp	new
AERAercap Holdings N.V.	9.34%	9,768,178	$514M	trimmed−22%	+0.01 pp	new
MYLMylan NV	7.83%	10,182,307	$431M	trimmed−5%	+1.13 pp	new
AAPLApple Inc.	6.74%	2,192,900	$371M	trimmed−44%	−2.39 pp	new
VOYAVoya Financial, Inc.	5.13%	5,702,444	$282M	trimmed−4%	+1.61 pp	new
GRBKGreen Brick Partners, Inc	4.95%	24,118,668	$273M	held	—	new
CNXCNX Resources Corporation	4.73%	17,807,181	$261M	new	+4.73 pp	new
PRGOPerrigo Company PLC	4.49%	2,836,632	$247M	added+12%	+1.41 pp	new
SGISomnigroup International Inc.	3.22%	2,824,000	$177M	added×7.1	+2.88 pp	new
AABAAltaba Inc.	2.81%	2,216,400	$155M	trimmed−48%	−0.95 pp	new
MUMicron Technology, Inc.	2.54%	3,404,100	$140M	added+28%	+1.26 pp	new
ADNTAdient plc	2.44%	1,705,385	$134M	added×3.9	+1.98 pp	new
CEIXCore Natural Resources, Inc.	1.60%	2,225,663	$88M	new	+1.60 pp	new
CCRConsol Coal Resources LP	1.56%	5,488,438	$86M	new	+1.56 pp	new
CNDTConduent Incorporated	1.27%	4,337,700	$70M	trimmed−27%	−0.26 pp	new
TWTRTwitter, Inc.	1.22%	2,785,000	$67M	new	+1.22 pp	new
TWXTime Warner Inc	1.11%	665,000	$61M	new	+1.11 pp	new
unresolvedEnsco PLC	1.04%	9,700,000	$57M	new	+1.04 pp	new
CCThe Chemours Company	0.95%	1,048,100	$52M	trimmed−71%	−1.25 pp	new
unresolvedDsw Inc	0.94%	2,407,700	$52M	added+7%	+0.30 pp	new
DDSDillard's, Inc. Class A	0.88%	805,659	$48M	trimmed−68%	−1.46 pp	new
unresolvedExela Technologies Inc	0.78%	8,384,629	$43M	new	+0.78 pp	new
VNTRVenator Materials PLC	0.68%	1,700,000	$38M	new	+0.68 pp	new
MDCOMedicines Co	0.50%	1,000,000	$27M	new	+0.50 pp	new
JCPJ.C. Penney Company, Inc.	0.37%	6,397,990	$20M	new	+0.37 pp	new
VREXVarex Imaging Corporation	0.17%	231,900	$9M	trimmed−65%	−0.19 pp	new
CLPRClipper Realty Inc.	0.16%	883,377	$9M	trimmed−12%	−0.03 pp	new
BBYBest Buy Company, Inc.	0.13%	104,700	$7M	new	+0.13 pp	new
KSSKohls Corporation	0.13%	132,800	$7M	new	+0.13 pp	new
SFLYShutterfly, Inc.	0.13%	139,000	$7M	new	+0.13 pp	new
WWayfair Inc.	0.13%	87,500	$7M	new	+0.13 pp	new
CRICarter's Inc.	0.12%	58,000	$7M	new	+0.12 pp	new
LOWLowe's Companies Inc.	0.12%	68,100	$6M	new	+0.12 pp	new
UAAUnder Armour, Inc.	0.12%	452,500	$7M	new	+0.12 pp	new
PLCEChildren's Place, Inc.	0.11%	43,100	$6M	new	+0.11 pp	new
GAPThe Gap, Inc.	0.11%	176,600	$6M	new	+0.11 pp	new
JWNNordstrom, Inc.	0.11%	125,900	$6M	new	+0.11 pp	new
SIGSignet Jewelers Limited	0.11%	104,000	$6M	new	+0.11 pp	new
WTWWillis Towers Watson Public Limited Company	0.10%	130,000	$6M	new	+0.10 pp	new
unresolvedMichael Kors Hldgs Ltd	0.06%	48,250	$3M	new	+0.06 pp	new
FIVEFive Below, Inc.	0.05%	44,300	$3M	new	+0.05 pp	new
PRKSUnited Parks & Resorts Inc.	0.04%	142,148	$2M	new	+0.04 pp	new
unresolvedConsol Energy Inc	—	−22,663,081	—	exited	−5.46 pp	—
GDXVanEck Gold Miners ETF	—	−7,944,896	—	exited	−2.83 pp	—
unresolvedCalpine Corp	—	−10,961,000	—	exited	−2.39 pp	—
unresolvedCnx Coal Res LP	—	−5,488,438	—	exited	−1.32 pp	—
UHALU-Haul Holding Company	—	−220,000	—	exited	−1.30 pp	—
HPEHewlett Packard Enterprise Company	—	−4,450,000	—	exited	−1.19 pp	—
unresolvedAmaya Inc	—	−3,962,684	—	exited	−1.14 pp	—
unresolvedRite Aid Corp	—	−16,778,989	—	exited	−0.80 pp	—
unresolvedMonsanto Co	—	−384,900	—	exited	−0.74 pp	—
PVHPVH Corp.	—	−386,837	—	exited	−0.71 pp	—
AAAlcoa Corporation	—	−1,275,000	—	exited	−0.67 pp	—
TGNATEGNA Inc.	—	−2,400,000	—	exited	−0.56 pp	—
CARSCars.com Inc.	—	−548,399	—	exited	−0.24 pp	—
FREDQFred's Inc-class A	—	−1,500,000	—	exited	−0.22 pp	—
unresolvedNew York REIT Inc	—	−1,000,000	—	exited	−0.14 pp	—
unresolvedQuorum Health Corp	—	−1,096,991	—	exited	−0.07 pp	—