David Einhorn’s Greenlight Capital Q3 Moves
In the third quarter, David Einhorn’s Greenlight Capital made some significant moves in the energy and health care sectors, as revealed in a new securities filing. The hedge fund opened a new position in small cap-crude oil tanker company DHT Holdings, valued at almost $20.9 million by the end of the third quarter. Additionally, Greenlight increased its stake in natural gas developer Southwestern Energy by 9.5%, amounting to $65.2 million.
On the other hand, Greenlight sold about 15% of its shares in coal mining company Consol Energy, but its remaining stake is still worth $252.2 million, making it the second-highest holding in its portfolio. Despite having several top holdings in energy, Einhorn expressed concerns about a potential surge in oil prices due to geopolitical risks.
In the health care sector, Greenlight significantly increased its holdings in Sotera Health by over 6,000%, with the position worth more than $5 million by the end of September. The fund also bought up shares in biotech names Gain Therapeutics and Coya Therapeutics and increased stakes in other companies such as Green Brick Partners, Kyndryl Holdings, and Brighthouse Financial.
Einhorn’s Geopolitical Worries and Strong Performance
Einhorn expressed worries about geopolitical risks impacting the stock market and has stopped building new stock positions for the time being. However, despite these concerns, Greenlight has outperformed the broader market this year with a 12.9% return in the third quarter and gains exceeding 27% for 2023 so far. This is compared to the S&P 500’s gain of 17.6%.
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