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David Einhorn’s Hedge Fund Greenlight Capital Portfolio Update

Renowned hedge fund manager David Einhorn just reported the first-quarter portfolio of his hedge fund Greenlight Capital. Einhorn has been bearish and hedged his portfolio. The recent bull run of the stocks have hurt his performances. He discussed his new positions in Best Buy, Yahoo, and Delphi Automotive in his latest shareholder letter.

David Einhorn buys Best Buy Company Inc., Yahoo! Inc., The Travelers Companies Inc., CVS Caremark Corp., General Motors Company, Hca Holdings Inc., Seagate Technology, Pfizer Inc., Microsoft Corp., Becton Dickinson And Co., Biofuel Energy Corp., Amdocs Ltd., sells Ensco Plc, Carefusion Corp., Everest Re Group Ltd., Cardinal Health Inc., Mi Developments Inc., Health Management Assoc., Health Net Inc., Potash Corp. Of Saskatchewan Inc., Tranatlantic Holdings Inc., Verigy Ltd., Flagstar Bancorp Inc., Capitol Federal Financial Inc. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Greenlight Capital Inc. As of 03/31/2011, Greenlight Capital Inc. owns 41 stocks with a total value of $5.2 billion. These are the details of the buys and sells.

This is the portfolio chart of David Einhorn. You can click on the legend of the chart to show/hide buys, sells or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



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:

Technology 20.7%
Financials 15.5%
Consumer Services 14.6%
Health Care 13.5%
Oil & Gas 8.4%
Telecommunications 5%
Consumer Goods 3.9%
Industrials 2.2%
Basic Materials 0.4%


These are the top 5 holdings of David Einhorn

  1. Pfizer Inc. (PFE) - 24,954,098 shares, 9.81% of the total portfolio. Shares added by 7.77%
  2. Apple Inc. (AAPL) - 837,500 shares, 5.65% of the total portfolio.
  3. CIT Group Inc. NEW (CIT) - 6,662,889 shares, 5.49% of the total portfolio. Shares reduced by 9.2%
  4. Carefusion Corp. (CFN) - 10,024,724 shares, 5.47% of the total portfolio. Shares reduced by 25.05%
  5. Sprint Nextel Corp. (S) - 55,900,000 shares, 5.02% of the total portfolio.


Added: The Travelers Companies Inc. (TRV)

David Einhorn added to his holdings in The Travelers Companies Inc. by 96.89%. His purchase prices were between $53.33 and $60.92, with an estimated average price of $57.54. The impact to his portfolio due to this purchase was 2.38%. His holdings were 4,198,211 shares as of 03/31/2011.

St. Paul Travelers is a provider of commercial property-liability insurance and asset management services. The Travelers Companies Inc. has a market cap of $26.87 billion; its shares were traded at around $62.33 with a P/E ratio of 8.93 and P/S ratio of 1.07. The dividend yield of The Travelers Companies Inc. stocks is 2.31%. The Travelers Companies Inc. had an annual average earnings growth of 8.4% over the past 5 years.

Added: Pfizer Inc. (PFE)

David Einhorn added to his holdings in Pfizer Inc. by 7.77%. His purchase prices were between $17.51 and $20.38, with an estimated average price of $19.07. The impact to his portfolio due to this purchase was 0.71%. His holdings were 24,954,098 shares as of 03/31/2011.

Pfizer Inc is a research-based, global pharmaceutical company that discovers and develops innovative, value-added products that improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. Pfizer Inc. has a market cap of $167.18 billion; its shares were traded at around $20.92 with a P/E ratio of 9.38 and P/S ratio of 2.47. The dividend yield of Pfizer Inc. stocks is 3.82%.

Added: Microsoft Corp. (MSFT)

David Einhorn added to his holdings in Microsoft Corp. by 18.02%. His purchase prices were between $24.78 and $28.87, with an estimated average price of $27.04. The impact to his portfolio due to this purchase was 0.68%. His holdings were 9,069,042 shares as of 03/31/2011.

Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $210.31 billion; its shares were traded at around $25.03 with a P/E ratio of 10.17 and P/S ratio of 3.37. The dividend yield of Microsoft Corp. stocks is 2.56%. Microsoft Corp. had an annual average earnings growth of 12.6% over the past 10 years. GuruFocus rated Microsoft Corp. the business predictability rank of 3-star.

Added: Becton Dickinson And Co. (BDX)

David Einhorn added to his holdings in Becton Dickinson And Co. by 20.59%. His purchase prices were between $76.51 and $85.64, with an estimated average price of $81.15. The impact to his portfolio due to this purchase was 0.61%. His holdings were 2,331,598 shares as of 03/31/2011.

Becton, Dickinson and Co. is engaged principally in the manufacture and sale of a broad line of supplies, devices and systems used by health care professionals, medical research institutions and the general public. Becton Dickinson And Co. has a market cap of $19.48 billion; its shares were traded at around $88.11 with a P/E ratio of 16.75 and P/S ratio of 2.64. The dividend yield of Becton Dickinson And Co. stocks is 1.86%. Becton Dickinson And Co. had an annual average earnings growth of 14% over the past 10 years. GuruFocus rated Becton Dickinson And Co. the business predictability rank of 5-star.

Added: Biofuel Energy Corp. (BIOF)

David Einhorn added to his holdings in Biofuel Energy Corp. by 260.23%. His purchase prices were between $0.8 and $1.74, with an estimated average price of $1.08. The impact to his portfolio due to this purchase was 0.31%. His holdings were 27,168,879 shares as of 03/31/2011.

BIOFUEL ENERGY CORP., is a publicly traded company whose goal is to become one of the ethanol producers in the United States. Biofuel Energy Corp. has a market cap of $73.84 million; its shares were traded at around $0.6 with and P/S ratio of 0.16.

New Purchase: Best Buy Company Inc. (BBY)

David Einhorn initiated holdings in Best Buy Company Inc.. His purchase prices were between $29.08 and $35.91, with an estimated average price of $33.21. The impact to his portfolio due to this purchase was 3.33%. His holdings were 6,000,000 shares as of 03/31/2011.

Best Buy operates in a single business segment, selling personal computers and other home office products, consumer electronics, entertainment software, major appliances and related accessories principally through its retail stores. Best Buy Company Inc. has a market cap of $12.59 billion; its shares were traded at around $32.31 with a P/E ratio of 9.28 and P/S ratio of 0.25. The dividend yield of Best Buy Company Inc. stocks is 1.86%. Best Buy Company Inc. had an annual average earnings growth of 13.9% over the past 10 years. GuruFocus rated Best Buy Company Inc. the business predictability rank of 4.5-star.

New Purchase: Yahoo! Inc. (YHOO)

David Einhorn initiated holdings in Yahoo! Inc.. His purchase prices were between $15.5725 and $17.77, with an estimated average price of $16.63. The impact to his portfolio due to this purchase was 2.74%. His holdings were 8,500,000 shares as of 03/31/2011.

Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services. Yahoo! Inc. has a market cap of $21.67 billion; its shares were traded at around $16.55 with a P/E ratio of 21.22 and P/S ratio of 3.43.

New Purchase: Cvs Caremark Corp. (CVS)

David Einhorn initiated holdings in Cvs Caremark Corp.. His purchase prices were between $32.51 and $35.71, with an estimated average price of $33.91. The impact to his portfolio due to this purchase was 2.17%. His holdings were 3,275,000 shares as of 03/31/2011.

CVS/Caremark is the nation's premier integrated pharmacy services provider, combining one of the nation's pharmaceutical services companies with the country's largest pharmacy chain. Cvs Caremark Corp. has a market cap of $52.17 billion; its shares were traded at around $38.13 with a P/E ratio of 14.28 and P/S ratio of 0.54. The dividend yield of Cvs Caremark Corp. stocks is 1.31%. Cvs Caremark Corp. had an annual average earnings growth of 13.4% over the past 10 years. GuruFocus rated Cvs Caremark Corp. the business predictability rank of 4.5-star.

New Purchase: General Motors Company (GM)

David Einhorn initiated holdings in General Motors Company. His purchase prices were between $30.74 and $38.98, with an estimated average price of $35.03. The impact to his portfolio due to this purchase was 2.05%. His holdings were 3,420,000 shares as of 03/31/2011.

General Motors Company is engaged in the designing, manufacturing and retailing of vehicles globally including passenger cars, crossover vehicles, and light trucks, sport utility vehicles, vans and other vehicles. General Motors Company has a market cap of $48.49 billion; its shares were traded at around $31.07 with and P/S ratio of 0.36.

New Purchase: Hca Holdings Inc. (HCA)

David Einhorn initiated holdings in Hca Holdings Inc.. His purchase prices were between $30.91 and $34.24, with an estimated average price of $32.28. The impact to his portfolio due to this purchase was 1.92%. His holdings were 2,935,000 shares as of 03/31/2011.

HCA Inc. is a non-governmental hospital in the U.S. Hca Holdings Inc. has a market cap of $18.48 billion; its shares were traded at around $34.6 .

New Purchase: Seagate Technology (STX)

David Einhorn initiated holdings in Seagate Technology. His purchase prices were between $12.29 and $15.03, with an estimated average price of $13.83. The impact to his portfolio due to this purchase was 0.91%. His holdings were 3,268,957 shares as of 03/31/2011.

Seagate Technology is the worldwide leader in the design, manufacture and marketing of hard disc drives, providing products for a wide-range of applications, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Branded Solutions. Seagate Technology has a market cap of $7.76 billion; its shares were traded at around $17.14 with a P/E ratio of 10.39 and P/S ratio of 0.68. The dividend yield of Seagate Technology stocks is 4.2%.

New Purchase: Amdocs Ltd. (DOX)

David Einhorn initiated holdings in Amdocs Ltd.. His purchase prices were between $27.09 and $30.35, with an estimated average price of $28.96. The impact to his portfolio due to this purchase was 0.28%. His holdings were 505,340 shares as of 03/31/2011.

Amdocs is a provider of customer care, billing and order management systems for communications and Internet services. Amdocs Ltd. has a market cap of $5.64 billion; its shares were traded at around $29.7 with a P/E ratio of 14.08 and P/S ratio of 1.89. Amdocs Ltd. had an annual average earnings growth of 6.8% over the past 10 years. GuruFocus rated Amdocs Ltd. the business predictability rank of 4-star.

Reduced: Ensco Plc (ESV)

David Einhorn reduced to his holdings in Ensco Plc by 51.1%. His sale prices were between $50.1 and $58.7, with an estimated average price of $54.32. The impact to his portfolio due to this sale was -5.15%. David Einhorn still held 4,406,604 shares as of 03/31/2011.

Ensco International plc, formerly ENSCO International Incorporated, is a provider of offshore contract drilling services to the international oil and gas industry. Ensco Plc has a market cap of $7.71 billion; its shares were traded at around $54.07 with a P/E ratio of 17.39 and P/S ratio of 4.54. The dividend yield of Ensco Plc stocks is 2.59%. Ensco Plc had an annual average earnings growth of 19.2% over the past 10 years. GuruFocus rated Ensco Plc the business predictability rank of 4.5-star.

Reduced: Carefusion Corp. (CFN)

David Einhorn reduced to his holdings in Carefusion Corp. by 25.05%. His sale prices were between $25.22 and $28.51, with an estimated average price of $26.92. The impact to his portfolio due to this sale was -1.83%. David Einhorn still held 10,024,724 shares as of 03/31/2011.

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 $6.65 billion; its shares were traded at around $29.82 with a P/E ratio of 19.36 and P/S ratio of 1.69.

Reduced: Cardinal Health Inc. (CAH)

David Einhorn reduced to his holdings in Cardinal Health Inc. by 30.38%. His sale prices were between $38.31 and $42.84, with an estimated average price of $41. The impact to his portfolio due to this sale was -1.6%. David Einhorn still held 4,602,200 shares as of 03/31/2011.

Cardinal Health, Inc. is one of the providers of products and services to healthcare providers and manufacturers to help them improve the efficiency and quality of healthcare. Cardinal Health Inc. has a market cap of $15.55 billion; its shares were traded at around $44.45 with a P/E ratio of 17.23 and P/S ratio of 0.16. The dividend yield of Cardinal Health Inc. stocks is 1.75%. Cardinal Health Inc. had an annual average earnings growth of 1.5% over the past 10 years.

Reduced: Mi Developments Inc. (MIM)

David Einhorn reduced to his holdings in Mi Developments Inc. by 39.88%. His sale prices were between $26.7 and $29.9, with an estimated average price of $27.9. The impact to his portfolio due to this sale was -1.27%. David Einhorn still held 3,399,762 shares as of 03/31/2011.

MI Developments Inc. is a real estate operating company engaged in the ownership, management, leasing, development and acquisition of industrial and commercial real estate properties located in North America and Europe. Mi Developments Inc. has a market cap of $1.39 billion; its shares were traded at around $30.08 with and P/S ratio of 3.87. The dividend yield of Mi Developments Inc. stocks is 1.33%.

Reduced: Tranatlantic Holdings Inc. (TRH)

David Einhorn reduced to his holdings in Tranatlantic Holdings Inc. by 89.24%. His sale prices were between $46.24 and $52.45, with an estimated average price of $50.5. The impact to his portfolio due to this sale was -1%. David Einhorn still held 129,600 shares as of 03/31/2011.

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. Tranatlantic Holdings Inc. has a market cap of $2.98 billion; its shares were traded at around $47.75 with a P/E ratio of 23.07 and P/S ratio of 0.68. The dividend yield of Tranatlantic Holdings Inc. stocks is 1.76%.

Sold Out: Everest Re Group Ltd. (RE)

David Einhorn sold out his holdings in Everest Re Group Ltd.. His sale prices were between $81.61 and $90.58, with an estimated average price of $85.02.

Everest Re Group, Ltd. is a world leader in property and casualty reinsurance and insurance, offering innovative products, responsive service and unsurpassed financial strength. Everest Re Group Ltd. has a market cap of $4.89 billion; its shares were traded at around $90.13 with a P/E ratio of 19.59 and P/S ratio of 1.04. The dividend yield of Everest Re Group Ltd. stocks is 2.13%.

Sold Out: Health Management Assoc. (HMA)

David Einhorn sold out his holdings in Health Management Assoc.. His sale prices were between $8.94 and $10.94, with an estimated average price of $9.77.

Health Management Associates, Inc. provides a broad range of general acute care health services in non-urban communities. Health Management Assoc. has a market cap of $2.79 billion; its shares were traded at around $11.1 with a P/E ratio of 16.32 and P/S ratio of 0.55. Health Management Assoc. had an annual average earnings growth of 27.7% over the past 10 years. GuruFocus rated Health Management Assoc. the business predictability rank of 4-star.

Sold Out: Health Net Inc. (HNT)

David Einhorn sold out his holdings in Health Net Inc.. His sale prices were between $27.14 and $32.82, with an estimated average price of $29.75.

Health Net, Inc. is an integrated managed care organization which administers the delivery of managed health care services. Health Net Inc. has a market cap of $2.99 billion; its shares were traded at around $32.18 with a P/E ratio of 12.1 and P/S ratio of 0.22.

Sold Out: Potash Corp. Of Saskatchewan Inc. (POT)

David Einhorn sold out his holdings in Potash Corp. Of Saskatchewan Inc.. His sale prices were between $51.61 and $63.3133, with an estimated average price of $57.54.

Potash Corporation of Saskatchewan Inc. is the world's largest potash company, the third largest phoshate producer and the second largest nitrogen producer in the world. Potash Corp. Of Saskatchewan Inc. has a market cap of $44.06 billion; its shares were traded at around $51.58 with a P/E ratio of 21.61 and P/S ratio of 6.74. The dividend yield of Potash Corp. Of Saskatchewan Inc. stocks is 0.54%. Potash Corp. Of Saskatchewan Inc. had an annual average earnings growth of 35.8% over the past 10 years. GuruFocus rated Potash Corp. Of Saskatchewan Inc. the business predictability rank of 4.5-star.

Sold Out: Verigy Ltd. (VRGY)

David Einhorn sold out his holdings in Verigy Ltd.. His sale prices were between $12.38 and $14.21, with an estimated average price of $13.33.

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. Verigy Ltd. has a market cap of $879.73 million; its shares were traded at around $14.48 with a P/E ratio of 23.35 and P/S ratio of 1.63.

Sold Out: Flagstar Bancorp Inc. (FBC)

David Einhorn sold out his holdings in Flagstar Bancorp Inc.. His sale prices were between $1.45 and $1.82, with an estimated average price of $1.66.

Flagstar Bancorp, Inc. is the holding company for Flagstar Bank, FSB, a federally chartered stock savings bank. Flagstar Bancorp Inc. has a market cap of $797.21 million; its shares were traded at around $1.44 with and P/S ratio of 0.84.

Sold Out: Capitol Federal Financial Inc (CFFN)

David Einhorn sold out his holdings in Capitol Federal Financial Inc. His sale prices were between $11.2 and $12.64, with an estimated average price of $11.93.

Capitol Federal Financial is a federally chartered mid-tier holding company. Capitol Federal Financial Inc has a market cap of $1.92 billion; its shares were traded at around $11.46 with a P/E ratio of 29.82 and P/S ratio of 4.7. The dividend yield of Capitol Federal Financial Inc stocks is 2.62%.


Rating: 2.5/5 (20 votes)

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