"Tracking David Einhorn’s Portfolio – Q4 2013 Update"
"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory  filed on 02/14/2014. Please visit our  series for an idea on how his holdings have progressed over the years and our  highlighting the fund’s moves during Q3 2013.Greenlight Capital’s US long portfolio stood at $7.29B this quarter. It is almost 30% higher than the $5.63B as of last quarter: the long/short ratio shifted in the long direction during the quarter - 125% long and 70% short as of Q4 2013 compared to 109% long and 72% short as of Q3 2013. The number of holdings in the portfolio increased from 30 to 38 - the fund added nine new holdings while eliminating just one. The top five holdings represent 56% of the US long portfolio compared to the 52.87% as of last quarter.Einhorn’s Q4 2013 letter reported that the fund returned 6.5% in Q4 2013 and 19.1% for the year. In a constantly rising bull-market, the fund is not expected to keep pace with the market, but the long-term performance of his absolute-returns strategy speaks for itself: 19.5% annualized returns (net of fees and expenses) since inception in 1996. To learn about David Einhorn and the perils of shorting, check-out his “”.  In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE) - (added as an SA reader requested GLRE be tagged following this publish).New Stakes:Micron Technology (MU): MU is a huge 14.22% of the US long portfolio position purchased this quarter at an average cost-basis of $16.49. The stock has already returned over 50% and is trading at around $25. It is currently his second-largest position after Apple.Anadarko Petroleum (APC) & BP PLC (BP): APC is a 1.99% of the US long portfolio position purchased this quarter at an average cost-basis of $78.55. The stock currently trades at $81.54. BP is a 0.65% of the US long portfolio position purchased this quarter at an average cost-basis of $47.39. The stock currently trades at $48.81. For investors attempting to follow Einhorn, these are good options to consider for further research.Chico’s FAS (CHS), EMC Corporation (EMC), McDermott Intl. (MDR), Penn National Gaming (PENN), Sunedison Inc. (SUNE), and Take-Two Interactive (TTWO): These are small positions (less than ~1% of the US long portfolio each) that were established this quarter. As the position sizes are small, they do not indicate a clear bias. EMC is trading near the low-end of Einhorn’s purchase price-range and is a good option to consider when following him.Stake Disposals:NVR Inc. (NVR): NVR was a minute 0.37% of the US long portfolio position established last quarter at prices between $835 and $962. It was disposed of this quarter at prices between $890 and $1040. The stock currently trades at $1182. NVR was previously a modest-sized position in the portfolio since 2010 but that stake was disposed of in Q1 2013. The stock dropped over 20% in August 2013 from the peak reached in March and Einhorn probably made an opportunistic round-trip.Stake Increases:Intrexon Corporation (XON) & Tempur Sealy International (TPX): These two are relatively small (less than 1% each) positions established last quarter and increased this quarter. XON is a 0.70% position established at prices between $21.36 and $29.70 and increased marginally this quarter. TPX is a 1.33% position established at prices between $36 and $47 and increased by ~57% this quarter at prices between $38 and $51. XON trades currently at $27.08 and TPX is at $48.13. The stake build-ups indicate a mild bullish bias toward these businesses.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was substantially increased to a 1.74% position at prices between $43.50 and $51.50. It was kept steady last quarter but this quarter saw a 6.5% stake increase at prices between $53 and $69. The stock currently trades at $68.37.Amdocs (DOX), ING US (VOYA), and URS Corporation (URS): These are medium-sized positions (less than ~2% of the US long portfolio) that were substantially increased this quarter. The original stakes on these three businesses were established in Q2 2013 - DOX at prices between $34 and $37, VOYA at an average cost-basis of $20.29, and URS at prices between $43 and $50. The buying activity this quarter indicates a bullish bias toward these businesses. URS is trading near the low-end of Einhorn’s original purchase price range and is a good option to consider when following him: this quarter saw a ~16% stake increase at prices between $50.75 and $55 and the stock is currently trading at $43.37.Stake Decreases:Aetna Inc. (AET): AET was a top-five position as of last quarter. This quarter, the position was reduced by ~23% at prices between $60.75 and $69. The position was also reduced last quarter: 18% stake reduction at prices between $61.50 and $68.71. The original position was ~3.2M shares established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $69.19. The substantial stake reduction of a large position indicates a bearish bias.Cigna Corporation (CI): CI is a top-five position that has seen stake reductions in the last three quarters. This quarter saw a ~10% trimming at prices between $73 and $88. It was reduced by ~40% in Q2 2013 at prices between $62.50 and $72.50. Last quarter saw a ~7% trimming at prices between $72 and $84.50. The original position was established in Q2 2012 at prices between $43 and $50. The stock currently trades at $77.71. The significant stake reduction of a large position over three quarters indicates a clear bearish bias.Delphi Automotive PLC (DLPH): DLPH is a 1.98% of the US long portfolio stake that was established in 2011 prior to the IPO. It was reduced by 25% in Q1 2013 at prices between $37.50 and $44.50. In Q2 2013, it was reduced again by another 45% at prices between $40.94 and $52.09. The position was kept steady last quarter but this quarter saw further selling: ~28% stake reduction at prices between $54 and $60. The stock currently trades at $64.12.Einstein Noah (BAGL): BAGL is a very long-term holding that was kept steady since 2009. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. This quarter saw another ~27% stake reduction at prices between $14.50 and $18.11. The remaining position accounts for 1.34% of the US long portfolio. The continued selling indicates a bearish bias. The stock currently trades at $15.89.NCR Corporation (NCR): NCR is a 1.71% position that was reduced by half this quarter at prices between $32 and $41.56. Last quarter saw a ~20% stake reduction at prices between $32.90 and $40. The stock currently trades at $34.18. NCR was first purchased in 2010 at much lower prices and Einhorn is harvesting gains. The stock returned 36% in 2013. Einhorn still owns 2.2% of the shares outstanding.WPX Energy (WPX): WPX is a 0.46% position that was increased by 77% last quarter at prices between $18.42 and $20.50. The original position was purchased in Q2 2013 at prices between $15 and $20.50. This quarter saw an about-turn as two-thirds of the position was sold at prices between $17.82 and $23.45. The stock currently trades at $17.46. The activity indicates a bearish bias.DST SYS INC (DST), Aspen Insurance Holdings (AHL), Legg Mason Inc. (LM), and Rite Aid Corporation (RAD): These are small positions (less than ~1.5% of the US long portfolio each) that were reduced incrementally this quarter. The stake reductions indicate a mild bearish bias. Einhorn still owns 3.3% of the shares outstanding in AHL.The rest of the positions were kept steady during the quarter:Apple Inc. (AAPL) and CALLs: AAPL is Einhorn’s largest position accounting for 18.44% of the US long portfolio. The position was first purchased in the high-200s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $574.88 and $702.10 but upped by 45% in Q4 2012 at prices between $509 and $671. In Q1 2013, the position was again increased by around 50% at prices between $420 and $550 and has since been kept steady. The stock currently trades at around $544. Einhorn is very bullish on AAPL.Marvell Technology Group (MRVL): MRVL is a top-five position in the portfolio. It was marginally increased last quarter at prices between $11.50 and $13.38. The stock currently trades at $15.32. Einhorn’s average cost-basis on MRVL is around $11.  Einhorn controls 9% of the business.Oil States International (OIS): OIS is a 3.84% of the US long portfolio stake established in Q1 2013 at an average purchase price of $77.16. The position was marginally increased last quarter. The stock currently trades at around $98.40. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT.Spirit Aerosystems (SPR): SPR is a 1.25% position that has seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% last quarter at prices between $21.50 and $26. The stock currently trades at $28.84. The activity indicates a clear bullish bias.Computer Sciences Corporation (CSC): Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68 and by an additional ~12% in Q4 2012 at prices between $30 and $41. Q1 2013 saw an about-turn, as the position was reduced by around 23% at prices between $40 and $51 and the pattern continued in Q2 2013 with a stake reduction of another 30% at prices between $42.50 and $49.40. Last quarter saw further selling as the position was reduced by another 14% at prices between $43.77 and $54.20. The stock currently trades at $61.72.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for ~3% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership.Market Vectors Gold Miner ETF (GDX): GDX position was increased by ~47% to a 4.04% position in Q2 2013 at prices between $23.42 and $35.06. The stock currently trades at $26.35. Einhorn is holding on against falling prices. He also has previously disclosed a large holding in physical gold.General Motors Company (GM): GM is Greenlight’s third-largest position at 9.55% of the US long portfolio. Q2 2013 saw a ~15% trimming at prices between $33.31 and $37.58. The stock currently trades at $35.95. Einhorn is sitting on large gains on the position.Babcock & Wilcox (BWC): BWC is a 1.87% of the US long portfolio position established in Q3 & Q4 2012 at prices between $23.37 and $27 and has since been kept relatively steady. The stock currently trades at $34.17.Biofuel Energy (BIOF), Fifth Street Finance (FSC), and Vodafone Group PLC (VOD): These are very small positions (less than 1% of the US long portfolio) that were kept steady this quarter. VOD is listed as one of the top-five longs in the partnership and so Einhorn probably owns shares in the London exchange as well.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2013:"