David Einhorn’s Portfolio Analysis

David Einhorn reported an equity portfolio valued at approximately $3.19 billion in the latest reported quarter, reflecting Greenlight Capital’s long-standing focus on value-oriented investing, contrarian opportunities, and businesses trading at discounts to intrinsic value.

The portfolio remains relatively concentrated, with the top ten holdings accounting for more than half of total assets. Greenlight continues to emphasize cyclical, industrial, energy, financial, and special situation investments, while maintaining a willingness to take large positions in its highest-conviction ideas. The latest filing showed meaningful additions to several existing holdings alongside notable reductions in a number of cyclical positions.

Portfolio Snapshot

Total Portfolio Value: ~$3.19B
Top 10 Weight: 57.12%
Turnover: Moderate

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Top Holdings & Weights

• Green Brick Partners (GRBK) — 19.12%
• Fluor Corporation (FLR) — 6.94%
• Core Natural Resources (CNR) — 6.10%
• Brighthouse Financial (BHF) — 5.33%
• PG&E Corporation (PCG) — 3.65%
• Versant Media Group (VSNT) — 3.51%
• Acadia Healthcare (ACHC) — 3.31%
• Victoria’s Secret & Co. (VSCO) — 3.28%
• DHT Holdings (DHT) — 3.02%
• Penn Entertainment (PENN) — 2.85%

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Key Takeaways

Greenlight’s largest position remains Green Brick Partners, which alone represents nearly one-fifth of the portfolio. The sizable weighting highlights Einhorn’s conviction in the homebuilder and its long-term value creation potential.

The portfolio also maintains significant exposure to cyclical and economically sensitive businesses through holdings such as Fluor, Core Natural Resources, DHT Holdings, and PG&E. These positions reflect Greenlight’s willingness to invest where market expectations may be overly pessimistic.

Financials remain an important theme, with major investments in Brighthouse Financial and other insurance-related businesses. Healthcare exposure is represented by Acadia Healthcare and Centene, while consumer-facing positions include Victoria’s Secret and Penn Entertainment.

Overall, the filing continues to reflect Einhorn’s classic value-investing approach: concentrated positions, contrarian ideas, and a focus on companies trading below his estimate of intrinsic value.

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Biggest Changes Last Quarter

Versant Media Group (VSNT)
New Position

→ Greenlight established a new 3.03 million share position in Versant Media Group, making it one of the fund’s largest new investments during the quarter and an immediate top-ten holding.

BKV Corporation (BKV)
Shares increased by 1.41 million (+109.29%)

→ One of the largest percentage increases in the portfolio, indicating growing conviction in the natural gas producer.

TD Synnex (SNX)
Shares increased by 423,040 (+748.88%)

→ A substantial increase that suggests Greenlight sees attractive value in the technology distribution business.

DHT Holdings (DHT)
Shares decreased by 2.09 million (-28.42%)

→ Greenlight significantly reduced its tanker holding after prior strong performance.

PG&E Corporation (PCG)
Shares decreased by 1.15 million (-14.79%)

→ The firm trimmed its utility position while maintaining it as a meaningful portfolio holding.

Fluor Corporation (FLR)
Shares decreased by 808,550 (-14.55%)

→ A notable reduction in one of Greenlight’s largest positions.

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Summary

David Einhorn’s latest filing highlights a concentrated portfolio built around a handful of high-conviction value ideas. Green Brick Partners remains the dominant holding, while sizable positions in Fluor, Core Natural Resources, Brighthouse Financial, and PG&E underscore Greenlight’s focus on cyclical and out-of-favor sectors.

The most notable activity during the quarter was the establishment of a significant new position in Versant Media Group, along with substantial additions to BKV Corporation and TD Synnex. Greenlight also trimmed several existing holdings, including DHT Holdings, PG&E, and Fluor Corporation.

Overall, the filing remains consistent with Einhorn’s disciplined value-investing philosophy, emphasizing concentrated investments in businesses trading below his estimate of intrinsic value.