Greenlight Capital

Q1 2020 13F · by David Einhorn, portfolio manager

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $696M · prev $1.3B
Positions: 22 · prev 18
Options notional: $6M
Documents: 1· no amendments

Picture99.2% US stock

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

US stock listed on a US exchange 99.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.8%
Calls at notional value 0.0%

Moves27 since the prior filing

+22.3 pp in · −31.1 pp out

New 11 +22.18 pp
Added 3 +0.14 pp
Trimmed 5 −3.83 pp
Exited 7 −27.24 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 98% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions65% of US stock

GRBK Green Brick Partners, Inc held held27.9%
BHF Brighthouse Financial, Inc. added+2.24 pp added+2.2412.6%
AER Aercap Holdings N.V. added−3.89 pp added−3.8910.7%
CHNG Change Healthcare Inc. new+7.60 pp new+7.607.6%
CC The Chemours Company trimmed−2.92 pp trimmed−2.926.2%

Positions22 in this filing · 7 exited


GRBKGreen Brick Partners, Inc	27.89%	24,118,668	$194M	held	—	10 q
BHFBrighthouse Financial, Inc.	12.64%	3,640,332	$88M	added+2%	+2.24 pp	10 q
AERAercap Holdings N.V.	10.71%	3,271,091	$75M	added+2%	−3.89 pp	10 q
CHNGChange Healthcare Inc.	7.60%	5,294,005	$53M	new	+7.60 pp	new
CCThe Chemours Company	6.22%	4,883,549	$43M	trimmed−28%	−2.92 pp	4 q
CNXCNX Resources Corporation	5.65%	7,388,923	$39M	added+26%	+1.79 pp	10 q
OPTUOptimum Communications, Inc.	5.20%	1,625,380	$36M	trimmed−25%	+0.82 pp	7 q
CCRConsol Coal Resources LP	4.49%	5,488,438	$31M	held	—	10 q
ADNTAdient plc	2.42%	1,854,406	$17M	trimmed−26%	−1.55 pp	10 q
CCKCrown Holdings Inc.	1.78%	213,500	$12M	new	+1.78 pp	new
CNCCentene Corporation	1.75%	204,700	$12M	new	+1.75 pp	new
MOAltria Group, Inc.	1.70%	305,400	$12M	new	+1.70 pp	new
PAYXPaychex Inc	1.67%	185,000	$12M	new	+1.67 pp	new
unresolvedNeubase Therapeutics Inc	1.57%	1,538,462	$11M	held	—	3 q
AXPAmerican Express Company	1.56%	127,200	$11M	new	+1.56 pp	new
DHRDanaher Corporation	1.53%	76,800	$11M	new	+1.53 pp	new
GSGoldman Sachs Group Inc.	1.53%	69,100	$11M	new	+1.53 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	1.51%	57,500	$11M	new	+1.51 pp	new
DISThe Walt Disney Company	1.51%	108,700	$11M	new	+1.51 pp	new
TGPNSeapeak LLC	0.82%	580,201	$6M	trimmed−32%	−0.16 pp	5 q
unresolvedExela Technologies Inc	0.22%	7,518,723	$2M	trimmed−6%	−0.02 pp	10 q
GPORGulfport Energy Corporation	0.04%	700,000	$312,000	new	+0.04 pp	new
GMGeneral Motors Company	—	−6,154,702	—	exited	−16.71 pp	—
DXCDXC Technology Company	—	−813,000	—	exited	−2.27 pp	—
LNWOLight & Wonder Inc	—	−1,126,842	—	exited	−2.24 pp	—
ECHOEchoStar Corporation	—	−677,000	—	exited	−2.18 pp	—
SGISomnigroup International Inc.	—	−267,500	—	exited	−1.73 pp	—
MDCOMedicines Co	—	−229,900	—	exited	−1.45 pp	—
CEIXCore Natural Resources, Inc.	—	−610,053	—	exited	−0.66 pp	—