Greenlight Capital

Q3 2020 13F · by David Einhorn, portfolio manager

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $1.2B · prev $915M
Positions: 35 · prev 22
Options notional: $14M
Documents: 1· no amendments

Picture98.9% US stock

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

US stock listed on a US exchange 98.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 1.1%
Calls at notional value 0.0%

Moves34 since the prior filing

+16.4 pp in · −13.1 pp out

New 17 +12.35 pp
Added 5 +4.01 pp
Trimmed 8 −11.60 pp
Exited 4 −1.53 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions60% of US stock

GRBK Green Brick Partners, Inc held held32.1%
BHF Brighthouse Financial, Inc. held held8.1%
AAWW Atlas Air Worldwide Holdings, Inc. added+0.90 pp added+0.907.6%
CHNG Change Healthcare Inc. trimmed−0.22 pp trimmed−0.226.3%
AER Aercap Holdings N.V. trimmed−5.57 pp trimmed−5.576.3%

Positions35 in this filing · 4 exited


GRBKGreen Brick Partners, Inc	32.07%	24,118,668	$388M	held	—	12 q
BHFBrighthouse Financial, Inc.	8.09%	3,640,332	$98M	held	—	12 q
AAWWAtlas Air Worldwide Holdings, Inc.	7.57%	1,506,145	$92M	added+6%	+0.90 pp	2 q
CHNGChange Healthcare Inc.	6.34%	5,293,505	$77M	trimmed−1%	−0.22 pp	3 q
AERAercap Holdings N.V.	6.27%	3,012,680	$76M	trimmed−14%	−5.57 pp	12 q
GLDSPDR Gold Trust, SPDR Gold Shares	5.54%	378,800	$67M	added×6.1	+4.41 pp	2 q
CCThe Chemours Company	5.26%	3,046,949	$64M	trimmed−10%	−0.44 pp	6 q
SNXTD SYNNEX Corporation	3.16%	273,200	$38M	new	+3.16 pp	new
GDXVanEck Gold Miners ETF	3.13%	969,100	$38M	trimmed−47%	−4.22 pp	2 q
TECKTeck Resources Limited	2.60%	2,258,800	$31M	trimmed−6%	−0.13 pp	2 q
VYXNCR Voyix Corporation	2.57%	1,403,249	$31M	new	+2.57 pp	new
CNXCNX Resources Corporation	2.19%	2,809,685	$27M	trimmed−8%	−0.68 pp	12 q
REZIResideo Technologies, Inc.	1.97%	2,173,500	$24M	added+12%	−0.52 pp	2 q
TWTRTwitter, Inc.	1.79%	487,500	$22M	new	+1.79 pp	new
CCRConsol Coal Resources LP	1.51%	5,488,438	$18M	held	—	12 q
CCKCrown Holdings Inc.	1.36%	213,500	$16M	held	—	3 q
JACKJack in the Box Inc.	1.32%	201,500	$16M	added+6%	−0.22 pp	2 q
INTCIntel Corp	1.28%	300,000	$16M	new	+1.28 pp	new
unresolvedNeubase Therapeutics Inc	1.27%	2,027,027	$15M	added+7%	−0.56 pp	5 q
INGRIngredion Incorporated	1.03%	164,700	$12M	new	+1.03 pp	new
APGAPi Group Corporation	0.75%	641,070	$9M	trimmed−11%	−0.21 pp	2 q
DDSDillard's, Inc. Class A	0.60%	200,000	$7M	new	+0.60 pp	new
UHALU-Haul Holding Company	0.42%	14,439	$5M	new	+0.42 pp	new
PVHPVH Corp.	0.36%	73,600	$4M	held	—	2 q
ICPTIntercept Pharmaceuticals, Inc.	0.34%	100,000	$4M	new	+0.34 pp	new
GHCGraham Holdings Company	0.28%	8,500	$3M	new	+0.28 pp	new
unresolvedPanacea Acquisition Corp	0.28%	300,000	$3M	new	+0.28 pp	new
AORTArtivion, Inc.	0.15%	100,527	$2M	new	+0.15 pp	new
KWKennedy-wilson Holdings, Inc.	0.15%	125,000	$2M	new	+0.15 pp	new
unresolvedVapotherm Inc	0.12%	50,000	$1M	new	+0.12 pp	new
MNOVMedicinova, Inc.	0.08%	185,000	$969,000	new	+0.08 pp	new
RTP.UReinvent Technology Partners	0.05%	50,000	$575,000	new	+0.05 pp	new
unresolvedAmarin Corp PLC	0.03%	100,000	$421,000	new	+0.03 pp	new
GPORGulfport Energy Corporation	0.03%	653,951	$344,000	trimmed−50%	−0.13 pp	3 q
unresolvedPanacea Acquisition Corp	0.02%	100,000	$235,000	new	+0.02 pp	new
SGISomnigroup International Inc.	—	−69,300	—	exited	−0.54 pp	—
ECHOEchoStar Corporation	—	−170,039	—	exited	−0.52 pp	—
WHRWhirlpool Corp.	—	−28,800	—	exited	−0.41 pp	—
unresolvedExela Technologies Inc	—	−1,038,129	—	exited	−0.06 pp	—