David Einhorn

David Einhorn’s Greenlight Capital ended 2023 with $2.05 billion in reported 13F assets, and the filing shows a portfolio that is both concentrated and contrarian. The single largest position is Green Brick Partners, a Texas homebuilder, which appears three separate times in the top ten. Combined, those stakes total roughly $592 million, or about 29% of the fund’s disclosed equity holdings. That is an outsized bet on a regional housing cycle, and it is not a popular name among large-cap hedge funds. Einhorn has held Green Brick for years, and the repeated entries suggest he added to the position during the quarter rather than trimming it. The rest of the book leans toward value and special situations. CONSOL Energy, a coal producer, is the second-largest exposure at about $175 million combined, or 8.6% of the portfolio. Brighthouse Financial, a life insurer, and Kyndryl Holdings, the IT services spin-off from IBM, round out the top five. Tenet Healthcare and ODP Corp, the office supply retailer, are smaller but still meaningful holdings. These are not growth stocks or momentum names. They are cash-generative, often unloved businesses where Einhorn sees a margin of safety. What stands out is the absence of mega-cap technology. Most large hedge funds hold Microsoft, Apple, or Nvidia in some form. Greenlight does not, at least not in the top ten. Instead, Einhorn is running a concentrated value portfolio with a heavy tilt toward housing, energy, and financials. The fund’s largest position alone is nearly 20% of assets, which is far above what most peers would tolerate. That level of conviction is a signature of his style, but it also means the fund’s performance in 2024 will hinge on a few cyclical bets, particularly Green Brick and CONSOL.