"Tracking David Einhorn’s Portfolio – Q3 2021 Update"
"David Einhorn's 13F stock portfolio value decreased from $1.59B to $1.49B this quarter.Greenlight increased The ODP Group, LivaNova plc, and Sonos while reducing Concentrix and AerCap Holdings.The largest three positions are at ~44% of the portfolio. As of Q3 2021, the overall portfolio is 127% long and 70% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory  filed on 11/15/2021. Please visit our  series for an idea on his investment philosophy and our  for the fund’s moves during Q2 2021.Greenlight Capital’s 13F portfolio value stood at $1.49B this quarter. It is down ~6% compared to $1.59B as of last quarter. Einhorn’s Q3 2021 letter reported that the fund returned negative 2.6% for Q3 2021. This is compared to 0.6% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight has several minutely small stakes primarily in SPAC units, shares, and warrants. Those are 23andMe (ME) wts, Adamis Pharma (ADMP), Altimeter Growth 2 (AGCB), AST Space Mobile (ASTS) & wts, BlackSky Technology (BKSY) wts, CNX Resources Corp (CNX), EVgo Inc. (EVGO) wts, Expedia Group (EXPE), Extraction Oil & Gas (XOGAQ), Faraday Future (FFIE) wts, Finserv Acquisition 2 (FSRX) Units, FREYR Battery (FREY), Gain Therapeutics (GANX), Ginkgo Bioworks (DNA) wts, Katapult Holdings (KPLT) wts, Microvast Holdings (MVST) wts, Nuvation Bio (NUVB) & wts, Panacea Acquisition 2 (PANA), Paysafe Limited (PSFE) wts, Playstudios (MYPS), PLBY Group (PLBY), Proterra Inc. (PTRA) wts, Reinvent Technology Partners Y (RTPY) Units, Spire Global (SPIR) wts, Stryve Foods (SNAX), The Beachbody Company (BODY) wts, TMC The Metals Company (TMC) wts, Victoria’s Secret (VSCO), Bakkt (BKKT) wts, and Waverly Capital Acquisition (WAVC) Units.New Stakes:iShares Silver Trust (SLV): SLV is a 2.14% of the portfolio position established this quarter at prices between ~$20 and ~$24.50 and the stock currently trades at $23.17.Stake Disposals:Joby Aviation (JOBY): Reinvent Technology Partners merged with Joby Aviation in a De-SPAC transaction that closed in August. Greenlight built the small 0.91% stake over the last two quarters at prices between ~$10 and ~$15.70. The disposal this quarter was at prices between ~$8 and ~$13.40. The stock currently trades at $8.80.SPDR S&P 500 ETF (SPY) and SYNNEX Corporation (SNX): These two very small (less than ~1% of the portfolio each) positions were eliminated this quarter.Stake Increases:Brighthouse Financial (BHF): BHF is a large (top three) stake at 11.89% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $53.74. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. This quarter saw a ~8% stake increase.Note 1: Greenlight highlighted their bullish thesis on BHF in their Q3 2021 shareholder letter: the runoff business that was suspected to be a drain is proven as false. BV is now $175 and there is a new $1B repurchase authorization. This is after a 30% share count reduction from the previous authorization.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Teck Resources (TECK): TECK is a 7.56% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock has doubled and currently trades at ~$27. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75. Last two quarters have seen a stake doubling at prices between ~$19.50 and ~$26.80.Note: David Einhorn pitched Teck Resources at Sohn Conference in May.Change Healthcare (CHNG): CHNG is a large ~5% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $20.68. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24. This quarter saw a ~4% increase.Note: UnitedHealth (UNH) is buying Change Healthcare in a $25.75 all-cash deal announced in January.The ODP Group (ODP): ODP is a ~3% of the portfolio position primarily built over the last two quarters at prices between ~$39 and ~$50. The stock currently trades at $42.22.Danimer Scientific (DNMR): The 2.58% of the portfolio DNMR stake came about following the ~$700M EV De-SPAC transaction with Live Oak Acquisition that closed in December. Greenlight’s stake goes back to earlier funding rounds done a year ago. There was a ~25% stake increase in Q1 2021 at prices between ~$22 and ~$64. That was followed with a ~12% stake increase this quarter. DNMR currently trades at $16.20.Capri Holdings (CPRI): The ~2% CPRI position was purchased in Q1 2021 at prices between ~$40.50 and ~$59.50 and it is now at $63.53. There was a ~220% stake increase over the last two quarters at prices between ~$46.50 and ~$60.50.SPDR Gold Trust (GLD): The 1.28% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. It currently trades at ~$175. This quarter saw a ~14% stake increase.Jack in the Box (JACK): JACK is a ~1% position purchased in Q2 2020 at prices between $32 and $73. There was a ~40% selling in Q4 2020 at prices between ~$80 and ~$95 while next quarter saw a similar increase at prices between ~$91 and ~$117. Last quarter saw a ~22% selling at prices between ~$109 and ~$123. The stock currently goes for ~$100. There was a minor ~6% stake increase this quarter.LivaNova plc (LIVN): The 0.94% of the portfolio stake in LIVN saw a ~200% stake increase this quarter at prices between ~$76 and ~$89. The stock is now at $85.96.Sonos Inc. (SONO): The 0.79% stake in SONO was purchased in Q4 2020 at prices between ~$14 and ~$24.50. The stake was sold down next quarter but was rebuilt over the last two quarters at prices between ~$31.50 and ~$44. The stock currently trades at $33.47.Note: Their average cost on Sonos is $28.45 per share.Stake Decreases:Chemours (CC): CC is a 4.53% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $32.41. The five quarters through Q1 2021 had seen a two-thirds reduction at prices between ~$7 and ~$28.75. Last two quarters have seen only minor adjustments.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Consol Energy (CEIX): CEIX is a 3.70% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling last quarter at prices between ~$8.75 and ~$18.70. CEIX currently trades at $24.26. There was a minor ~2% trimming this quarter.Note: Greenlight has a ~6% ownership stake in Consol Energy.Concentrix (CNXC): CNXC is a spinoff from SYNNEX Corporation that started trading in December. Terms called for SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$188. Q1 2021 saw a ~40% stake increase at prices between ~$100 and ~$150 while last quarter there was a ~18% trimming at prices between ~$149 and ~$160. That was followed with a one-third reduction this quarter at prices between ~$156 and ~$179.Resideo Technologies (REZI): The 2.27% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. The stock is now at $27.58. Last two quarters have seen only minor adjustments.AerCap Holdings N.V. (AER): AER is currently a ~2% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. At the time, it was a top-three stake. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The three quarters through Q1 2021 had seen another ~80% selling at prices between ~$23 and ~$61. That was followed with another ~20% selling this quarter at prices between ~$48 and ~$61. The stock currently trades at $63.23.Echostar Corp (SATS): The 1.76% SATS position was built over the last three quarters at prices between ~$19.95 and ~$28.70 and it is now at $29.39. There was a ~20% selling this quarter at prices between ~$21.50 and ~$27.FuboTV (FUBO): FUBO had an IPO last October. Shares started trading at ~$12 and currently goes for ~$24. Greenlight’s stake goes back to earlier funding rounds and their cost-basis is ~$5 per share. Q1 2021 saw the stake reduced by roughly two-thirds at prices between ~$21 and ~$52.40. There was a ~10% stake increase last quarter while this quarter there was another one-third reduction. The stake is now at 0.52% of the portfolio.Graphic Packaging Holding (GPK) and Gulfport Energy (GPOR): These two very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~24% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. They still own just over one-third of the business. The stock currently trades at $26.85.Atlas Air Worldwide (AAWW): AAWW is a large top three 8.30% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. The stock has doubled and currently trades at $88.59. Q4 2020 saw a ~15% stake increase at prices between $51.28 and $68.20 while next quarter saw similar trimming at prices between ~$51 and ~$62.Note: Greenlight controls ~5.5% of the business.GoPro Inc. (GPRO): The 2.30% GPRO stake was built over the last two quarters at prices between ~$7.50 and ~$13.50 and the stock currently trades at $11.55.Twitter Inc. (TWTR): The ~2% TWTR stake was purchased in Q3 2020 at prices between $31 and $45 and the stock is now at $50.61.Neubase Therapeutics (NBSE): NBSE is a small 0.66% of the portfolio position established in Q3 2019 at an average cost of $3.96. Q2 2020 saw a ~25% stake increase at prices between $6.70 and $11.51. That was followed with another one-third increase this quarter at prices between $4.60 and $9.30. The stock currently trades at $3.45. Greenlight controls ~11% of NBSE.PLBY Group (PLBY) and New Corp (NWS): These small stakes established last quarter were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q2 2021 and Q3 2021.Info from Q2 2021 Letter – 7/26/2021  – Performance – -2.9% in Q2 2021 vs 8.5% for S&P. ~12% annualized since 1996 inception. Commentary – Last two weeks underperformance due to market narrative shift to deflation and fed talk on inflation being “transitory”. Greenlight is on the other side of this trade and expects inflation to pick up. Underinvestment should lead to sustained higher pricing and those businesses should benefit. Bullish on housing – GRBK, Air Freight – AAWW, Copper and basic Materials – TECK (pitched this at Sohn conference), Titanium Dioxide – Chemours (CC), Cement – Buzzi Unicem Italy, Thermal Coal and Natural Gas – CEIX, GPOR, Paperboard – Graphics Packaging (GPK). Also have positions in inflation swaps and gold. GSE Preferred share loss. Exposure - 127% long and 68% short , Largest Long Positions –Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Green Brick Partners, and Teck Resources.Regulatory filings from 6/8/2021 thru 8/25/2021: None."