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Highlights of David Einhorn’s Greenlight Capital’s 3Q 13F

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Greenlight Capital’s 13F in the third quarter

Activist investor David Einhorn’s Greenlight Capital’s recent 13F filing revealed new positions and disposals during the third quarter that ended in September. In this series, we’ll go through some of the main positions that Greenlight Capital traded during the past quarter. The value of the US long portfolio was $6.9 billion in the third quarter. It was $7.17 billion in the second quarter.

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Greenlight’s positions during the third quarter

The activist fund added new positions in Citizens Financial Group (CFG), CONSOL Energy (CNX), ON Semiconductor (ONNN), AECOM Technology Corporation (ACM), and NorthStar Asset Management Group Inc. (NSAM).

Its top exits were Computer Sciences Corporation (CSC) and Tempur Sealy International Inc. (TPX). Greenlight’s investor letter highlighted its investments in Civeo (CVEO) and EMC (EMC). The top ten positions are outlined below.

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Fund posts a loss during 3Q14

The fund noted in its letter that Greenlight Capital’s funds posted a loss of 3.9%—net of fees and expenses. It said its year-to-date (or YTD) net return was 2.2%. The fund said the third quarter was “frustrating.” It said that it “lost a small amount on longs, shorts, and macro.”

Greenlight was bullish on its only “material winner Apple (AAPL).” It said AAPL is expected to grow revenues faster than Amazon (AMZN) this quarter. The fund said it added Amazon to an earlier disclosed “Bubble Basket” of short positions. It contained technology stocks.

The next part of this series will highlight the fund’s new position in ON Semiconductor.

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