Greenlight Capital

Q1 2018 13F · by David Einhorn, portfolio manager

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $4.0B · prev $5.5B
Positions: 35 · prev 43
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%

Moves47 since the prior filing

+5.7 pp in · −8.8 pp out

New 9 +1.91 pp
Added 3 +3.74 pp
Trimmed 18 −5.82 pp
Exited 17 −3.01 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 8.0 years per position

Low
Moderate
High

Top 5 positions58% of US stock

GM General Motors Company trimmed+1.34 pp trimmed+1.3420.6%
BHF Brighthouse Financial, Inc. added+2.50 pp added+2.5014.2%
AER Aercap Holdings N.V. trimmed−1.01 pp trimmed−1.018.3%
MYL Mylan NV trimmed+0.07 pp trimmed+0.077.9%
GRBK Green Brick Partners, Inc held held6.6%

Positions35 in this filing · 17 exited


GMGeneral Motors Company	20.60%	22,614,400	$822M	trimmed−13%	+1.34 pp	2 q
BHFBrighthouse Financial, Inc.	14.22%	11,040,000	$567M	added0%	+2.50 pp	2 q
AERAercap Holdings N.V.	8.33%	6,552,162	$332M	trimmed−33%	−1.01 pp	2 q
MYLMylan NV	7.90%	7,652,000	$315M	trimmed−25%	+0.07 pp	2 q
GRBKGreen Brick Partners, Inc	6.59%	24,118,668	$263M	held	—	2 q
VOYAVoya Financial, Inc.	4.95%	3,908,568	$197M	trimmed−31%	−0.18 pp	2 q
PRGOPerrigo Company PLC	4.70%	2,250,620	$188M	trimmed−21%	+0.21 pp	2 q
MUMicron Technology, Inc.	4.37%	3,347,000	$175M	trimmed−2%	+1.83 pp	2 q
CNXCNX Resources Corporation	4.11%	10,639,404	$164M	trimmed−40%	−0.62 pp	2 q
AABAAltaba Inc.	3.27%	1,764,300	$131M	trimmed−20%	+0.46 pp	2 q
AAPLApple Inc.	2.64%	628,100	$105M	trimmed−71%	−4.10 pp	2 q
unresolvedEnsco PLC	2.20%	20,000,000	$88M	added×2.1	+1.16 pp	2 q
CCRConsol Coal Resources LP	1.92%	5,488,438	$77M	held	—	2 q
TWTRTwitter, Inc.	1.82%	2,505,000	$73M	trimmed−10%	+0.60 pp	2 q
CNDTConduent Incorporated	1.80%	3,846,600	$72M	trimmed−11%	+0.53 pp	2 q
ADNTAdient plc	1.77%	1,183,498	$71M	trimmed−31%	−0.67 pp	2 q
TWXTime Warner Inc	1.58%	665,000	$63M	held	—	2 q
unresolvedExela Technologies Inc	1.16%	8,384,629	$46M	held	—	2 q
IACIIac / Interactivecorp (De) Com Stk	0.98%	249,700	$39M	new	+0.98 pp	new
SGISomnigroup International Inc.	0.89%	781,700	$35M	trimmed−72%	−2.33 pp	2 q
CEIXCore Natural Resources, Inc.	0.85%	1,169,276	$34M	trimmed−47%	−0.75 pp	2 q
MDCOMedicines Co	0.83%	1,000,000	$33M	held	—	2 q
unresolvedDsw Inc	0.71%	1,260,000	$28M	trimmed−48%	−0.23 pp	2 q
VNTRVenator Materials PLC	0.34%	755,233	$14M	trimmed−56%	−0.34 pp	2 q
DDSDillard's, Inc. Class A	0.23%	113,200	$9M	trimmed−86%	−0.65 pp	2 q
CLPRClipper Realty Inc.	0.18%	847,500	$7M	trimmed−4%	+0.02 pp	2 q
TPRTapestry, Inc.	0.14%	105,000	$6M	new	+0.14 pp	new
ANFAbercrombie & Fitch Co.	0.13%	212,500	$5M	new	+0.13 pp	new
BLMNBloomin' Brands, Inc.	0.13%	218,000	$5M	new	+0.13 pp	new
FIVEFive Below, Inc.	0.13%	70,700	$5M	added+60%	+0.08 pp	2 q
PYPLPayPal Holdings, Inc.	0.13%	67,000	$5M	new	+0.13 pp	new
URBNUrban Outfitters Inc	0.13%	136,500	$5M	new	+0.13 pp	new
SFMSprouts Farmers Market, Inc.	0.12%	207,000	$5M	new	+0.12 pp	new
ODPOffice Depot Inc	0.11%	2,100,000	$5M	new	+0.11 pp	new
ROKURoku, Inc. Class A	0.04%	47,760	$1M	new	+0.04 pp	new
CCThe Chemours Company	—	−1,048,100	—	exited	−0.95 pp	—
JCPJ.C. Penney Company, Inc.	—	−6,397,990	—	exited	−0.37 pp	—
VREXVarex Imaging Corporation	—	−231,900	—	exited	−0.17 pp	—
BBYBest Buy Company, Inc.	—	−104,700	—	exited	−0.13 pp	—
KSSKohls Corporation	—	−132,800	—	exited	−0.13 pp	—
SFLYShutterfly, Inc.	—	−139,000	—	exited	−0.13 pp	—
WWayfair Inc.	—	−87,500	—	exited	−0.13 pp	—
CRICarter's Inc.	—	−58,000	—	exited	−0.12 pp	—
LOWLowe's Companies Inc.	—	−68,100	—	exited	−0.12 pp	—
UAAUnder Armour, Inc.	—	−452,500	—	exited	−0.12 pp	—
PLCEChildren's Place, Inc.	—	−43,100	—	exited	−0.11 pp	—
GAPThe Gap, Inc.	—	−176,600	—	exited	−0.11 pp	—
JWNNordstrom, Inc.	—	−125,900	—	exited	−0.11 pp	—
SIGSignet Jewelers Limited	—	−104,000	—	exited	−0.11 pp	—
WTWWillis Towers Watson Public Limited Company	—	−130,000	—	exited	−0.10 pp	—
unresolvedMichael Kors Hldgs Ltd	—	−48,250	—	exited	−0.06 pp	—
PRKSUnited Parks & Resorts Inc.	—	−142,148	—	exited	−0.04 pp	—