Renowned hedge fund manager David Einhorn reported his first quarter portfolio. In the first quarter, he sold a lot more stocks than he bought. He got into Howard Marks’ company Oaktree Capital (OAK), which came to the market a few weeks ago through IPO. As of March 31, 2012, Greenlight Capital owns 37 stocks with a total value of $5.5 billion.
With Apple (NASDAQ:AAPL) as his largest holding, Einhorn is heavy in the technology sector, which is almost half of his holdings. He bought into more tech companies such as Computer Science (NYSE:CSC), Expedia Inc. (NASDAQ:EXPE), DST Systems (DST).
This is an overview of his buys and sells:
- New Purchases: CSC, EXPE, RNDY, OAK,
- Added Positions: DST, MRVL,
- Reduced Positions: MSFT, GM, ESV, CBS, HCA, NVR, RIMM, GDXJ, ABX,
- Sold Out: TRV, YHOO, EPL, BR, FURX, OVTI,
Einhorn’s new position with Expedia (NASDAQ:EXPE) is 1 million shares as of the end of the first quarter. His purchase prices were between $28.63 and $35.44, with an estimated average price of $30.45. Expedia Inc has a market cap of $5.49 billion.
Einhorn also added to his position in DST System (DST). He now owns 1.5 million shares. The company has grown its earnings 11% a year in the past 10 years very consistently. GuruFocus rated DST Systems the business predictability rank of 3.5-star.
The largest sale of Einhorn in the first quarter was with Microsoft Corp (NASDAQ:MSFT). He sold about half of his position. His sale prices were between $27.4 and $32.85, with an estimated average price of $28.73. Microsoft stock had a good run this year. It was up more than 20% by the end of the first quarter. The stock now has a dividend yield of 2.6%.
The second largest sale of David Einhorn was General Motors (NYSE:GM). He sold about 22% of his position at the average price of $23. He still owns 14.8 million shares. It is interesting to point out that GM is now a new position in Warren Buffett’s Berkshire Hathaway portfolio.
Here is the complete portfolio of David Einhorn. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of David Einhorn.