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Hedge Fund Greenlight Capital Buys AAPL, CFN, ESV, NVR, TRH, SYMM, Sells EMC, LMT

gurufocus

gurufocus

370 followers
This is the Q3 portfolio of hedge fund Greenlight Capital. The fund is run by David Einhorn, one of the best hedge fund managers.

In his most recent shareholder letter, David Einhorn said that his funds returned 4.6%, 4.4%, and 4.2% net of fees in the third quarter, bringing the respective year to date net returns to 6.9%, 6.1%, and 5.0%.

David Einhorn thinks that QE2 is much more likely to be successful in creating inflation and speculation in financial instruments. “It is perverse that on the heels of suffering the after-effects of collapse of the internet bubble and then the real estate bubble, the fed would like to encourage the formation of yet another asset bubble.”

David Einhorn buys Apple Inc., Carefusion Corp., Ensco International Inc., Broadridge Financial Solutions Inc., Ingram Micro Inc., NVR Inc, Verigy Ltd., Transatlantic Holdings Inc., Symmetricom Inc., sells Emc Corp., Lockheed Martin Corp. during the 3-months ended 09/30/2010, according to the most recent filings of his investment company, Greenlight Capital Inc. As of 09/30/2010, Greenlight Capital Inc owns 35 stocks with a total value of $4 billion. These are the details of the buys and sells.

For the details of David Einhorn's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=David+Einhorn

This is the sector weightings of his portfolio:

Financials 22.9%
Technology 18.8%
Health Care 16.8%
Oil & Gas 10.6%
Consumer Services 8.9%
Consumer Goods 4.6%
Industrials 4.4%
Basic Materials 0.4%


These are the top 5 holdings of David Einhorn

  1. CIT Group Inc. (CIT) - 10,590,429 shares, 10.76% of the total portfolio.
  2. ENSCO International Inc. (ESV) - 9,011,604 shares, 10.03% of the total portfolio. Shares added by 21.5%
  3. Pfizer Inc (PFE) - 23,154,098 shares, 9.89% of the total portfolio.
  4. Carefusion Corp. (CFN) - 13,374,724 shares, 8.27% of the total portfolio. Shares added by 53.4%
  5. Apple Inc. (AAPL) - 837,500 shares, 5.91% of the total portfolio. Shares added by 168%


Added: Apple Inc. (AAPL)

David Einhorn added to his holdings in Apple Inc. by 168%. His purchase prices were between $239.93 and $292.32, with an estimated average price of $259.7. The impact to his portfolio due to this purchase was 3.7%. His holdings were 837,500 shares as of 09/30/2010.

Apple Computer, Inc. designs, manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business customers. Apple Inc. has a market cap of $280.5 billion; its shares were traded at around $307.035 with a P/E ratio of 20.3 and P/S ratio of 4.3. Apple Inc. had an annual average earning growth of 59.8% over the past 5 years.

Added: Carefusion Corp. (CFN)

David Einhorn added to his holdings in Carefusion Corp. by 53.4%. His purchase prices were between $20.68 and $25.16, with an estimated average price of $22.62. The impact to his portfolio due to this purchase was 2.88%. His holdings were 13,374,724 shares as of 09/30/2010.

CareFusion is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. Carefusion Corp. has a market cap of $5.22 billion; its shares were traded at around $23.49 with a P/E ratio of 17.7 and P/S ratio of 1.3.

Added: Ensco International Inc. (ESV)

David Einhorn added to his holdings in Ensco International Inc. by 21.5%. His purchase prices were between $40.2 and $46.64, with an estimated average price of $42.93. The impact to his portfolio due to this purchase was 1.77%. His holdings were 9,011,604 shares as of 09/30/2010.

Ensco International plc, formerly ENSCO International Incorporated, is a provider of offshore contract drilling services to the international oil and gas industry. Ensco International Inc. has a market cap of $6.82 billion; its shares were traded at around $47.68 with a P/E ratio of 11.7 and P/S ratio of 3.5. The dividend yield of Ensco International Inc. stocks is 1.6%. Ensco International Inc. had an annual average earning growth of 23.9% over the past 10 years. GuruFocus rated Ensco International Inc. the business predictability rank of 3.5-star.

Added: Nvr Inc (NVR)

David Einhorn added to his holdings in Nvr Inc by 47.62%. His purchase prices were between $604.16 and $677.38, with an estimated average price of $632.99. The impact to his portfolio due to this purchase was 0.65%. His holdings were 124,000 shares as of 09/30/2010.

NVR Inc. is a holding company that operates in two business segments; the construction and marketing of homes and in financial services. Nvr Inc has a market cap of $3.62 billion; its shares were traded at around $618.78 with a P/E ratio of 18.7 and P/S ratio of 1.4. Nvr Inc had an annual average earning growth of 2.8% over the past 10 years.

Added: Transatlantic Holdings Inc. (TRH)

David Einhorn added to his holdings in Transatlantic Holdings Inc. by 26.53%. His purchase prices were between $46.6 and $50.87, with an estimated average price of $48.38. The impact to his portfolio due to this purchase was 0.32%. His holdings were 1,204,700 shares as of 09/30/2010.

Transatlantic Holdings, through its wholly-owned subsidiaries, Transatlantic Reinsurance Company, Trans Re Zurich, and Putnam, offers reinsurance capacity for a full range of property and casualty products on a treaty and facultative basis, directly and through brokers, to insurance and reinsurance companies, in both the domestic and international markets. Transatlantic Holdings Inc. has a market cap of $3.3 billion; its shares were traded at around $51.74 with a P/E ratio of 8.9 and P/S ratio of 0.7. The dividend yield of Transatlantic Holdings Inc. stocks is 1.6%.

Added: Symmetricom Inc. (SYMM)

David Einhorn added to his holdings in Symmetricom Inc. by 113.85%. His purchase prices were between $4.81 and $5.62, with an estimated average price of $5.17. The impact to his portfolio due to this purchase was 0.13%. His holdings were 1,709,846 shares as of 09/30/2010.

Symmetricom, Inc. as a worldwide leader in precise time and frequency products and services, Symmetricom provides `Perfect Timing` to customers around the world. Symmetricom Inc. has a market cap of $292.8 million; its shares were traded at around $6.73 with a P/E ratio of 16.4 and P/S ratio of 1.3.

New Purchase: Broadridge Financial Solutions Inc. (BR)

David Einhorn initiated holdings in Broadridge Financial Solutions Inc.. His purchase prices were between $18.96 and $23.13, with an estimated average price of $21.09. The impact to his portfolio due to this purchase was 1.51%. His holdings were 2,650,000 shares as of 09/30/2010.

Broadridge is a global provider of technology-based outsourcing solutions to the financial services industry. Broadridge Financial Solutions Inc. has a market cap of $2.72 billion; its shares were traded at around $21.43 with a P/E ratio of 14 and P/S ratio of 1.2. The dividend yield of Broadridge Financial Solutions Inc. stocks is 2.8%.

New Purchase: Ingram Micro Inc. (IM)

David Einhorn initiated holdings in Ingram Micro Inc.. His purchase prices were between $14.87 and $17.05, with an estimated average price of $16.01. The impact to his portfolio due to this purchase was 0.74%. His holdings were 1,765,386 shares as of 09/30/2010.

Ingram Micro, Inc. is one of the distributors of information technology products and services worldwide. Ingram Micro Inc. has a market cap of $2.8 billion; its shares were traded at around $17.85 with a P/E ratio of 9.5 and P/S ratio of 0.1. Ingram Micro Inc. had an annual average earning growth of 7.3% over the past 10 years.

New Purchase: Verigy Ltd. (VRGY)

David Einhorn initiated holdings in Verigy Ltd.. His purchase prices were between $7.7 and $9.12, with an estimated average price of $8.43. The impact to his portfolio due to this purchase was 0.59%. His holdings were 2,940,000 shares as of 09/30/2010.

Verigy Ltd. designs, develops, manufactures, sells and services advanced test systems and solutions for the memory and system-on-chip segments of the semiconductor industry. with a P/E ratio of 68.7.

Sold Out: Emc Corp. (EMC)

David Einhorn sold out his holdings in Emc Corp.. His sale prices were between $18.04 and $21.64, with an estimated average price of $19.81.

EMC Corporation and its subsidiaries design, manufacture, market and support a wide range of hardware and software products and provide services for the storage, management, protection and sharing ofelectronic information. Emc Corp. has a market cap of $44.05 billion; its shares were traded at around $21.45 with a P/E ratio of 23.1 and P/S ratio of 3.1. Emc Corp. had an annual average earning growth of 8.2% over the past 5 years.

Sold Out: Lockheed Martin Corp. (LMT)

David Einhorn sold out his holdings in Lockheed Martin Corp.. His sale prices were between $68.48 and $76.15, with an estimated average price of $72.81.

Lockheed Martin Corp. is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced-technology systems, products and services. Lockheed Martin Corp. has a market cap of $25.15 billion; its shares were traded at around $69.37 with a P/E ratio of 9.7 and P/S ratio of 0.6. The dividend yield of Lockheed Martin Corp. stocks is 3.6%. Lockheed Martin Corp. had an annual average earning growth of 17% over the past 10 years. GuruFocus rated Lockheed Martin Corp. the business predictability rank of 2.5-star.

About the author:

gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 3.3/5 (3 votes)

Comments

paulwitt
Paulwitt - 4 years ago
I see Mr. Einhorn loaded up on financials. I think that could be lucrative.

Finally, the XLF broke through the 50 and 200 day moving averages and the XLF re-tested the support level and held. The XLF was the hardest hit sector in the S&P over the last two years and with many banks at or under book value I think it is just a matter of time that the XLF breaks out.

I kind of think the banks just have sand in the gears and it just takes time to work out.

Just my opinion.

Disclosure: I have call options on the financials (if they expire so be it)

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