Skip to content
David Einhorn

David Einhorn Portfolio Analysis: Core Holdings, Value Plays & Strategy

Sunday, March 15, 2026 · Johnny Hopkins

David Einhorn’s Greenlight Capital reported an equity portfolio of roughly $2.85 billion in the latest quarter, maintaining its characteristic value-oriented, opportunistic investment approach focused on underappreciated businesses and special situations.

The portfolio is moderately concentrated, with the top ten positions accounting for about 65% of total assets. Holdings span cyclical industries, financial services, healthcare, packaging, utilities, and select consumer names — reflecting Einhorn’s long-standing willingness to invest across sectors where he believes valuations diverge materially from intrinsic value.

The latest filing suggests continued conviction in several mid-cap value opportunities, particularly in cyclical and restructuring stories. At the same time, Greenlight made targeted additions to certain core holdings while trimming or reducing exposure in select names following performance moves or shifting risk/reward profiles.

Greenlight’s portfolio continues to emphasize cash-flow generating companies trading at discounted valuations, turnaround situations, and businesses undergoing structural or capital allocation improvements — consistent with Einhorn’s deep fundamental, catalyst-driven style.

Portfolio Snapshot

Estimated Portfolio Value: ~$2.85B
Top 10 Weight: ~65%
Turnover: Moderate — active adjustments across several positions

Top Holdings & Weights

Company Ticker Value Portfolio %
Green Brick Partners GRBK ~$593M ~20.8%
Fluor Corp FLR ~$220M ~7.7%
Core Natural Resources CNR ~$186M ~6.5%
Brighthouse Financial BHF ~$181M ~6.4%
Graphic Packaging Holding GPK ~$127M ~4.5%
PG&E Corp PCG ~$125M ~4.4%
Capri Holdings CPRI ~$116M ~4.1%
Centene Corp CNC ~$109M ~3.8%
Kyndryl Holdings KD ~$101M ~3.6%
Teva Pharmaceutical TEVA ~$95M ~3.4%

Key Takeaway

The portfolio highlights Greenlight’s preference for:

  • Cyclical value opportunities where market expectations remain subdued

  • Financial and insurance businesses trading below intrinsic value

  • Turnaround and restructuring stories

  • Cash-flow generative industrial and infrastructure companies

  • Special situations with identifiable catalysts

Green Brick Partners remains the firm’s largest position by a wide margin, underscoring Einhorn’s long-standing conviction in the homebuilder’s capital allocation and growth potential.

Biggest Changes Last Quarter

Notable Adds

Graphic Packaging Holding (GPK):
Shares increased significantly.
→ Suggests growing conviction in the company’s packaging demand outlook and margin expansion potential.

Capri Holdings (CPRI):
Position increased materially.
→ Reflects belief that the luxury group may be undervalued following volatility around the Tapestry acquisition situation and broader luxury sector concerns.

Centene (CNC):
Shares added during the quarter.
→ Indicates a value opportunity within managed healthcare amid regulatory uncertainty.

PG&E Corp (PCG):
Position increased.
→ Greenlight appears to see improving fundamentals and regulatory clarity supporting long-term valuation.

Notable Trims

Core Natural Resources (CNR):
Position reduced modestly.
→ Likely profit-taking following strong performance in the energy and resource sector.

Teva Pharmaceutical (TEVA):
Shares trimmed.
→ May reflect portfolio rebalancing after the stock’s recovery and improving outlook.

Kyndryl Holdings (KD):
Slight reduction in shares.
→ Appears tactical rather than a change in long-term thesis around the company’s turnaround.

Victoria’s Secret (VSCO):
Shares reduced.
→ Reflects caution around discretionary consumer demand trends.

Full Exits Last Quarter

Greenlight fully exited several smaller positions during the quarter, including:

  • Seadrill Ltd (SDRL)

  • Nexstar Media Group (NXST)

  • HP Inc. (HPQ)

  • VanEck Oil Services ETF (OIH)

These exits suggest capital redeployment toward higher-conviction ideas rather than a broad shift in portfolio strategy.

Portfolio Characteristics

Style: Deep value with catalyst-driven opportunities
Concentration: Moderate (largest position ~21%)
Turnover: Opportunistic and research-driven

Core Sector Themes

  • Homebuilding and housing exposure

  • Financial and insurance value plays

  • Healthcare and pharmaceutical recovery stories

  • Infrastructure and industrial services

  • Consumer discretionary turnarounds

Geographic Exposure

  • Predominantly U.S.-listed equities

  • Many companies with global revenue exposure

Summary

Greenlight Capital’s latest filing reflects David Einhorn’s continued focus on undervalued businesses with identifiable catalysts. The portfolio remains anchored by high-conviction positions such as Green Brick Partners, while maintaining meaningful exposure to industrials, financials, and restructuring opportunities.

Recent activity indicates active portfolio management, with additions to names like Graphic Packaging, Capri Holdings, and Centene, alongside selective trims in energy and healthcare holdings. The full exits from several smaller positions suggest ongoing capital recycling into the fund’s strongest ideas.

Overall, Greenlight’s portfolio continues to embody Einhorn’s hallmark strategy: deep fundamental research, opportunistic value investing, and a willingness to take concentrated positions where the gap between price and intrinsic value appears most compelling.