Greenlight Capital

Q2 2020 13F · by David Einhorn, portfolio manager

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $915M · prev $696M
Positions: 22 · prev 22
Options notional: $7M
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%

Moves30 since the prior filing

+25.2 pp in · −24.7 pp out

New 11 +24.73 pp
Added 4 +0.47 pp
Trimmed 3 −3.46 pp
Exited 11 −21.20 pp

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

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 95% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions68% of US stock

GRBK Green Brick Partners, Inc held held31.2%
AER Aercap Holdings N.V. added+1.13 pp added+1.1311.8%
BHF Brighthouse Financial, Inc. held held11.1%
GDX VanEck Gold Miners ETF new+7.35 pp new+7.357.3%
AAWW Atlas Air Worldwide Holdings, Inc. new+6.67 pp new+6.676.7%

Positions22 in this filing · 11 exited


GRBKGreen Brick Partners, Inc	31.23%	24,118,668	$286M	held	—	11 q
AERAercap Holdings N.V.	11.84%	3,519,008	$108M	added+8%	+1.13 pp	11 q
BHFBrighthouse Financial, Inc.	11.07%	3,640,332	$101M	held	—	11 q
GDXVanEck Gold Miners ETF	7.35%	1,833,100	$67M	new	+7.35 pp	new
AAWWAtlas Air Worldwide Holdings, Inc.	6.67%	1,417,745	$61M	new	+6.67 pp	new
CHNGChange Healthcare Inc.	6.56%	5,358,205	$60M	added+1%	−1.04 pp	2 q
CCThe Chemours Company	5.70%	3,395,949	$52M	trimmed−30%	−0.52 pp	5 q
CNXCNX Resources Corporation	2.87%	3,040,885	$26M	trimmed−59%	−2.78 pp	11 q
TECKTeck Resources Limited	2.73%	2,397,500	$25M	new	+2.73 pp	new
REZIResideo Technologies, Inc.	2.49%	1,944,700	$23M	new	+2.49 pp	new
CCRConsol Coal Resources LP	2.45%	5,488,438	$22M	held	—	11 q
unresolvedNeubase Therapeutics Inc	1.83%	1,903,227	$17M	added+24%	+0.26 pp	4 q
JACKJack in the Box Inc.	1.54%	190,500	$14M	new	+1.54 pp	new
CCKCrown Holdings Inc.	1.52%	213,500	$14M	held	—	2 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.13%	61,900	$10M	new	+1.13 pp	new
APGAPi Group Corporation	0.96%	723,370	$9M	new	+0.96 pp	new
SGISomnigroup International Inc.	0.54%	69,300	$5M	new	+0.54 pp	new
ECHOEchoStar Corporation	0.52%	170,039	$5M	new	+0.52 pp	new
WHRWhirlpool Corp.	0.41%	28,800	$4M	new	+0.41 pp	new
PVHPVH Corp.	0.39%	73,600	$4M	new	+0.39 pp	new
GPORGulfport Energy Corporation	0.16%	1,307,903	$1M	added+87%	+0.12 pp	2 q
unresolvedExela Technologies Inc	0.06%	1,038,129	$576,000	trimmed−86%	−0.16 pp	11 q
OPTUOptimum Communications, Inc.	—	−1,625,380	—	exited	−5.20 pp	—
ADNTAdient plc	—	−1,854,406	—	exited	−2.42 pp	—
CNCCentene Corporation	—	−204,700	—	exited	−1.75 pp	—
MOAltria Group, Inc.	—	−305,400	—	exited	−1.70 pp	—
PAYXPaychex Inc	—	−185,000	—	exited	−1.67 pp	—
AXPAmerican Express Company	—	−127,200	—	exited	−1.56 pp	—
DHRDanaher Corporation	—	−76,800	—	exited	−1.53 pp	—
GSGoldman Sachs Group Inc.	—	−69,100	—	exited	−1.53 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−57,500	—	exited	−1.51 pp	—
DISThe Walt Disney Company	—	−108,700	—	exited	−1.51 pp	—
TGPNSeapeak LLC	—	−580,201	—	exited	−0.82 pp	—