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Behind Einhorn’s Top Sells in 1Q17

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Jul. 21 2017, Updated 7:45 a.m. ET

Top sells in Einhorn’s portfolio

As of March 31, 2017, the top selling in billionaire investor David Einhorn’s portfolio included Apple (AAPL), Time Warner (TWX), Rite Aid (RAD), and AerCap Holdings (AER). Although some of these stocks remained as his top holdings, we saw reductions in his position with them.

Einhorn is a great believer in Apple. He believes the company’s growing customer base and increased focus on services will be important growth drivers. Apple represents around 7.9% of the total holdings in Einhorn’s Greenlight Capital portfolio. But Einhorn reduced nearly 3.6% of his holdings in Apple in 1Q17. In 4Q16, Apple represented ~11.6% of his firm’s total portfolio holdings.

Time Warner was also one of the top holdings in Einhorn’s portfolio in 4Q15, representing nearly 7.6% of the total. But Einhorn reduced nearly 2.7% of the fund’s holdings in Time Warner in 1Q17. In 4Q16, TWX made up nearly 5.5% of the fund, while now it represents only around 2.8%.

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Institutional ownership report

According to the institutional ownership report, Vanguard Group was the first-largest investor in Apple as of March 31, 2017, with 343.7 million shares. BlackRock (BLK) was the second-largest investor, with 313.2 million shares.

Vanguard Group and BlackRock (BLK) were also the first- and second-largest investors in Time Warner, with 48.7 million shares and 42.8 million shares, respectively, as of March 31, 2017.

In the next and final part of this series, we’ll take a closer look at Einhorn’s investment strategy.

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