David Einhorn (Trades, Portfolio), president of Greenlight Capital Re Ltd. (GLRE, Financial), disclosed in a regulatory filing that his firm’s top five trades for the second quarter included boosts to its holdings of Atlas Air Worldwide Holdings Inc. (AAWW, Financial) and Kyndryl Holdings Inc. (KD, Financial) and reductions to its positions in Change Healthcare Inc. (CHNG, Financial), The Chemours Co. (CC, Financial) and Teck Resources Ltd. (TECK, Financial).
The New York-based firm emphasizes intrinsic value in its investing approach. The value-oriented firm is also known to take activist positions in companies and pushing for management changes.
As of June, Greenlight’s $1.29 billion 13F equity portfolio contains 47 stocks, with three new positions and a quarterly turnover ratio of 9%. The top four sectors in terms of weight are consumer cyclical, industrials, financial services and energy, representing 36.40%, 13.17%, 11.87% and 11.70% of the equity portfolio.
Investors should be aware 13F filings do not give a complete picture of a firm’s holdings as the reports only include its positions in U.S. stocks and American depository receipts, but the reports can still provide valuable information. Further, the reports only reflect trades and holdings as of the most-recent portfolio filing date, which may or may not be held by the reporting firm today or even when this article was published.
Atlas Air Worldwide
Greenlight purchased 418,898 shares of Atlas Air Worldwide (AAWW, Financial), boosting the position by 56.96% and its equity portfolio by 2.31%.
Shares of Atlas Air Worldwide averaged $68.64 during the second quarter; the stock is significantly overvalued based on Friday’s price-to-GF Value ratio of 1.44.
The Purchase, New York-based aviation services company has a GF Score of 76 out of 100 based on a rank of 8 out of 10 for profitability and momentum, a growth rank of 7 out of 10, a financial strength rank of 5 out of 10 and a GF Value rank of 1 out of 10.
Other gurus with holdings in Atlas Air Worldwide include Ken Fisher (Trades, Portfolio)’s Fisher Investments and Donald Smith & Co.
Kyndryl Holdings
The firm added 2,953,000 shares of Kyndryl Holdings (KD, Financial), boosting the stake by 122% and its equity portfolio by 2.25%. Shares averaged $11.66 during the second quarter.
The New York-based infrastructure services company has a GF Score of 21 out of 100 based on a financial strength rank of 5 out of 10 and a profitability rank of 2 out of 10. Despite this, the stock does not have enough data to compute a growth rank, a GF Value rank and a momentum rank and thus, the GF Score may give an incomplete picture of the company's potential.
Other gurus with holdings in Kyndryl include Jim Simons (Trades, Portfolio)’ Renaissance Technologies and Mario Gabelli (Trades, Portfolio)’s GAMCO Investors Inc. (GBL, Financial).
Change Healthcare
Greenlight sold 2,278,830 shares of Change Healthcare (CHNG, Financial), slicing 60.84% of the holding and 3.16% of its equity portfolio. Shares averaged $23.32 during the second quarter.
The McKesson Corp. (MCK) spinoff has a GF Score of 39 out of 100 based on a momentum rank of 6 out of 10 and a rank of 3 out of 10 for profitability and financial strength. Despite this, the stock does not have enough data to compute a growth rank and a GF Value rank and thus, the GF Score may give an incomplete picture of the company’s potential.
Chemours
The firm sold 1,441,814 shares of Chemours (CC, Financial), trimming 67.32% of the position and 2.88% of its equity portfolio.
Shares of Chemours averaged $36.70 during the second quarter; the stock is modestly overvalued based on Friday’s price-to-GF Value ratio of 1.11.
The Wilmington, Delaware-based chemical company has a GF Score of 76 out of 100 based on a momentum rank of 9 out of 10, a profitability rank of 7 out of 10, a GF Value rank of 3 out of 10 and a rank of 5 out of 10 for financial strength and growth.
Teck Resources
Greenlight sold 963,400 shares of Teck Resources (TECK, Financial), paring 32.37% of the position and 2.47% of its equity portfolio.
Shares of Teck Resources averaged $39.47 during the second quarter; the stock is fairly valued based on Friday’s price-to-GF Value ratio of 0.97.
The Vancouver-based mining company has as GF Score of 81 out of 100 based on a momentum rank of 9 out of 10, a growth rank of 5 out of 10, a financial strength rank of 6 out of 10 and a rank of 7 out of 10 for profitability and GF Value.
