Greenlight Capital

Q2 2018 13F · by David Einhorn, portfolio manager

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $3.1B · prev $4.0B
Positions: 29 · prev 35
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%

Moves34 since the prior filing

+2.0 pp in · −7.7 pp out

New 6 +0.80 pp
Added 2 +1.19 pp
Trimmed 14 −3.96 pp
Exited 12 −3.72 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.4% a year, about 13.5 years per position

Low
Moderate
High

Top 5 positions64% of US stock

GM General Motors Company trimmed+5.99 pp trimmed+5.9926.6%
BHF Brighthouse Financial, Inc. added+0.58 pp added+0.5814.8%
MYL Mylan NV trimmed0.00 pp trimmed0.007.9%
GRBK Green Brick Partners, Inc held held7.5%
AER Aercap Holdings N.V. trimmed−1.32 pp trimmed−1.327.0%

Positions29 in this filing · 12 exited


GMGeneral Motors Company	26.59%	21,160,843	$834M	trimmed−6%	+5.99 pp	3 q
BHFBrighthouse Financial, Inc.	14.80%	11,580,000	$464M	added+5%	+0.58 pp	3 q
MYLMylan NV	7.90%	6,859,000	$248M	trimmed−10%	0.00 pp	3 q
GRBKGreen Brick Partners, Inc	7.54%	24,118,668	$236M	held	—	3 q
AERAercap Holdings N.V.	7.01%	4,061,408	$220M	trimmed−38%	−1.32 pp	3 q
unresolvedEnsco PLC	4.63%	20,000,000	$145M	held	—	3 q
VOYAVoya Financial, Inc.	4.35%	2,904,268	$137M	trimmed−26%	−0.60 pp	3 q
CNXCNX Resources Corporation	4.32%	7,625,000	$136M	trimmed−28%	+0.21 pp	3 q
PRGOPerrigo Company PLC	4.31%	1,852,920	$135M	trimmed−18%	−0.39 pp	3 q
AABAAltaba Inc.	4.12%	1,764,300	$129M	held	—	3 q
CCRConsol Coal Resources LP	2.63%	5,488,438	$83M	held	—	3 q
TWTRTwitter, Inc.	2.23%	1,603,600	$70M	trimmed−36%	+0.41 pp	3 q
IACIIac / Interactivecorp (De) Com Stk	1.59%	326,147	$50M	added+31%	+0.61 pp	2 q
unresolvedExela Technologies Inc	1.27%	8,384,629	$40M	held	—	3 q
SGISomnigroup International Inc.	1.20%	781,700	$38M	held	—	3 q
MDCOMedicines Co	1.17%	1,000,000	$37M	held	—	3 q
ADNTAdient plc	0.92%	587,075	$29M	trimmed−50%	−0.85 pp	3 q
CNDTConduent Incorporated	0.89%	1,539,447	$28M	trimmed−60%	−0.91 pp	3 q
AAPLApple Inc.	0.84%	142,100	$26M	trimmed−77%	−1.80 pp	3 q
MUMicron Technology, Inc.	0.46%	275,500	$14M	trimmed−92%	−3.91 pp	3 q
CLPRClipper Realty Inc.	0.20%	730,772	$6M	trimmed−14%	+0.02 pp	3 q
unresolvedDsw Inc	0.17%	207,600	$5M	trimmed−84%	−0.54 pp	3 q
DGDollar General Corp.	0.14%	43,500	$4M	new	+0.14 pp	new
GAPThe Gap, Inc.	0.14%	134,000	$4M	new	+0.14 pp	new
TJXTJX Companies, Inc. (The)	0.14%	45,000	$4M	new	+0.14 pp	new
AZOAutoZone, Inc.	0.13%	6,000	$4M	new	+0.13 pp	new
DLTRDollar Tree Inc.	0.13%	47,000	$4M	new	+0.13 pp	new
BBYBest Buy Company, Inc.	0.12%	51,600	$4M	new	+0.12 pp	new
VNTRVenator Materials PLC	0.07%	131,294	$2M	trimmed−83%	−0.27 pp	3 q
TWXTime Warner Inc	—	−665,000	—	exited	−1.58 pp	—
CEIXCore Natural Resources, Inc.	—	−1,169,276	—	exited	−0.85 pp	—
DDSDillard's, Inc. Class A	—	−113,200	—	exited	−0.23 pp	—
TPRTapestry, Inc.	—	−105,000	—	exited	−0.14 pp	—
ANFAbercrombie & Fitch Co.	—	−212,500	—	exited	−0.13 pp	—
BLMNBloomin' Brands, Inc.	—	−218,000	—	exited	−0.13 pp	—
FIVEFive Below, Inc.	—	−70,700	—	exited	−0.13 pp	—
PYPLPayPal Holdings, Inc.	—	−67,000	—	exited	−0.13 pp	—
URBNUrban Outfitters Inc	—	−136,500	—	exited	−0.13 pp	—
SFMSprouts Farmers Market, Inc.	—	−207,000	—	exited	−0.12 pp	—
ODPOffice Depot Inc	—	−2,100,000	—	exited	−0.11 pp	—
ROKURoku, Inc. Class A	—	−47,760	—	exited	−0.04 pp	—