Greenlight Capital

Q1 2025 13F · by David Einhorn, portfolio manager

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $2.0B · prev $1.9B
Positions: 33 · prev 36
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%

Moves28 since the prior filing

+5.5 pp in · −5.5 pp out

New 1 +1.66 pp
Added 14 +3.89 pp
Trimmed 9 −4.80 pp
Exited 4 −0.66 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions57% of US stock

GRBK Green Brick Partners, Inc held held28.0%
CNR Core Natural Resources, Inc. added+0.97 pp added+0.978.6%
BHF Brighthouse Financial, Inc. trimmed+1.22 pp trimmed+1.228.2%
KD Kyndryl Holdings, Inc. added−0.12 pp added−0.126.6%
PENN PENN Entertainment, Inc. added−0.68 pp added−0.685.2%

Positions33 in this filing · 4 exited


GRBKGreen Brick Partners, Inc	27.96%	9,467,383	$552M	held	—	30 q
CNRCore Natural Resources, Inc.	8.62%	2,208,640	$170M	added+58%	+0.97 pp	18 q
BHFBrighthouse Financial, Inc.	8.23%	2,801,097	$162M	trimmed−1%	+1.22 pp	30 q
KDKyndryl Holdings, Inc.	6.58%	4,135,207	$130M	added+10%	−0.12 pp	14 q
PENNPENN Entertainment, Inc.	5.18%	6,268,440	$102M	added+9%	−0.68 pp	5 q
CNHCnh Industrial N.v.	5.02%	8,076,540	$99M	trimmed−21%	−0.94 pp	3 q
HPQHP Inc.	4.23%	3,018,770	$84M	added+43%	+0.69 pp	5 q
TECKTeck Resources Limited	3.69%	2,000,000	$73M	added+84%	+1.42 pp	20 q
DHTDht Holdings, Inc.	3.52%	6,610,934	$69M	added+26%	+1.01 pp	7 q
CPRICapri Holdings Limited	3.48%	3,479,107	$69M	added+65%	+1.20 pp	4 q
LBTYALiberty Global Ltd. Class A	3.04%	5,220,502	$60M	added+34%	+0.49 pp	5 q
ROIVRoivant Sciences Ltd.	2.78%	5,441,167	$55M	added+3%	−0.43 pp	5 q
VTRSViatris Inc.	2.65%	6,000,830	$52M	added+4%	−1.05 pp	6 q
GLDSPDR Gold Trust, SPDR Gold Shares	2.63%	180,151	$52M	trimmed−11%	+0.11 pp	20 q
SDRLSeadrill Limited	2.01%	1,588,828	$40M	added×2.1	+0.47 pp	8 q
CNCCentene Corporation	1.68%	547,570	$33M	trimmed−37%	−1.03 pp	2 q
DLTRDollar Tree Inc.	1.66%	436,360	$33M	new	+1.66 pp	new
PTONPeloton Interactive, Inc. Class A	1.60%	5,003,408	$32M	trimmed−52%	−3.11 pp	4 q
GPKGraphic Packaging Holding Company	1.38%	1,047,100	$27M	held	—	16 q
WFRDWeatherford International plc	1.24%	456,639	$24M	held	—	13 q
LKFTLakefront Biotherapeutics	0.61%	482,746	$12M	added+1%	−0.07 pp	14 q
COYACoya Therapeutics, Inc.	0.54%	1,646,440	$11M	held	—	10 q
TEVATeva Pharmaceutical Industries Limited	0.44%	568,200	$9M	added+21%	−0.09 pp	6 q
ALITAlight, Inc.	0.30%	1,000,000	$6M	trimmed−70%	−0.89 pp	6 q
SNXTD SYNNEX Corporation	0.24%	46,215	$5M	trimmed−14%	−0.08 pp	2 q
ACHCAcadia Healthcare Company, Inc.	0.19%	120,860	$4M	trimmed−6%	−0.07 pp	2 q
GDXVanEck Gold Miners ETF	0.18%	76,460	$4M	trimmed−31%	−0.01 pp	5 q
OIHVanEck Oil Services ETF	0.16%	12,360	$3M	added×2.2	+0.08 pp	9 q
GPROGoPro, Inc.	0.09%	2,823,100	$2M	held	—	17 q
GANXGain Therapeutics, Inc.	0.05%	566,130	$1M	held	—	17 q
KPLTKatapult Holdings, Inc.	0.00%	262,227	$2,334	held	—	16 q
NUVBNuvation Bio Inc.	0.00%	34,995	$61,591	held	—	17 q
NUVB/WSNuvation Bio Inc -CW27	0.00%	100,000	$32,000	held	—	17 q
RSPInvesco S&P 500 Equal Weight ETF	—	−27,530	—	exited	−0.25 pp	—
XRTState Street SPDR S&P Retail ETF	—	−59,810	—	exited	−0.24 pp	—
FCGFirst Trust Natural Gas ETF	—	−70,830	—	exited	−0.09 pp	—
PDBCInvesco Actively Managed Exch-Traded Commodity Fd Tr Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	—	−117,360	—	exited	−0.08 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-25-002307
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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