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"Tracking Yacktman Asset Management Portfolio – Q3 2015 Update"	"Yacktman's US long equity portfolio decreased ~19% from $18.74B to $15.24B this quarter.Yacktman Asset Management dropped eBay Inc. in the quarter. Most of their other positions were reduced as well.Yacktman’s largest five stakes are at ~50% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/09/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2015.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased 18.70% from $18.74B to $15.24B. The number of holdings remained steady at 47. The largest holding is Procter & Gamble at 13.15% of the US long portfolio. Largest five individual stock positions are Procter & Gamble, Twenty First Century Fox, PepsiCo Inc., Sysco Corporation, and Coca-Cola and they together account for 50.25% of the US long portfolio. The firm has around $28B in Assets Under Management (AUM) and currently holds around 18% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 28 of their stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.To add from Q4 2015 Update onwards: To know more about Yacktman's bottom-up value investing philosophy, check-out the book "".New Stakes:None.Stake Disposals:eBay Inc. (EBAY): A ~2% EBAY stake was purchased in Q4 2013 at prices between $21 and $23. Last quarter saw a ~22% reduction at prices between $23.48 and $26.61 and the elimination happened this quarter at prices between $24 and $29. The stock currently trades at $29.18.Note 1: The stock price reflects the spin-off of PayPal (PYPL) on July 17th. EBAY shareholders received one share of PYPL for each share of EBAY held.Note 2: The stock had a previous round-trip in the portfolio. A small long-term stake was eliminated in 2011.Stake Increases:Johnson & Johnson (JNJ): JNJ is a medium-sized 4.63% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock currently trades at around $101. Last quarter saw a ~12% reduction at prices between $97 and $104 and this quarter saw a marginal increase.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last four quarters had seen only very minor adjustments. This quarter saw a ~10% increase at prices between $25.19 and $34.49. Yacktman’s average cost-basis on this position is very low. The remaining stake is huge at ~12.93% (second-largest) of the US long portfolio.Stake Decreases:C.R. Bard Inc. (BCR): BCR is a 1.79% of the US long portfolio position. Last year had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in the last three quarters: two-thirds further reduction at prices between $163 and $201. The stock currently trades at $185. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen selling. Yacktman is harvesting huge gains. They still control ~2% of the business.Cisco Systems (CSCO): CSCO is a large 6.22% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stock currently trades at $28.18. This year has so far seen a combined ~37% reduction at prices between $24.62 and $30.19. The position has seen consistent selling since Q1 2014. Yacktman is harvesting gains from this position.Clorox Company (CLX): CLX is a very long-term 0.51% portfolio position that has been in the portfolio since Yacktman’s first 13F filing in Q1 1999. The bulk of the current position was purchased in 2012 when almost 4M shares were acquired at prices between $67 and $76. Q3 2014 saw a ~17% stake reduction at prices between $86 and $97 and that was followed with another roughly one-third reduction the following quarter at prices between $95 and $106. The selling accelerated this year: almost 80% further reduction at prices between $103 and $119. The stock currently trades at $122. The significant selling in a very long-term position indicates a clear bearish bias.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $41.54 and the position stands at 6.55% of the US long portfolio. The even larger 11.01% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $98.88. Last two quarters have seen significant reductions in both: KO was sold down by ~36% at prices between $37.99 and $42.12 while PEP saw a ~30% reduction at prices between $89.64 and $99.86.Oracle Corporation (ORCL): The fairly large 6.25% ORCL position was first purchased in Q2 2013. Over 20M shares were purchased at prices between $30 and $35. Q1 2015 saw a ~8% reduction at prices between $41.47 and $45 and that was followed with a ~14% reduction last quarter at prices between $40.30 and $44.91. The pattern continued this quarter with a ~12% reduction at prices between $35.44 and $40.96. The stock currently trades at $40.10.Stryker Corporation (SYK): SYK is a 1.94% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position had since been kept relatively steady. Q4 2014 saw a ~24% reduction at prices between $79.20 and $96.61. The pattern continued the following quarter with a ~13% reduction at prices between $90 and $96 and that was followed with another ~23% selling last quarter at prices between $91.12 and $97.40. This quarter saw a further ~36% reduction at prices between $92 and $105. The stock currently trades at $96.81. Yacktman is aggressively harvesting huge long-term gains from this position.Sigma-Aldrich Corporation (SIAL): The SIAL stake was established in Q1 2013 when around 1.25M shares were purchased. The position was doubled the following quarter. The buying happened at prices between $75 and $85. Since then, the position remained relatively steady although minor adjustments were made every quarter. Q3 2014 saw a ~25% reduction at prices between $100 and $136 and the following quarter saw another ~13% reduction at prices between $134 and $138. This quarter, the remaining ~1% stake was almost sold out. The stock currently trades very close to $140.Note: The stock had a ~30% price-spike on September 22, 2014 when it was announced that Merck Inc. (MRK) had agreed to acquire SIAL for $140 per share in cash.Sysco Corporation (SYY): SYY is a fairly large position at 6.60% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. The position has wavered. Last quarter saw a ~8% increase at prices between $36 and $40 while this quarter saw a ~24% reduction at prices between $35.68 and $41.38. The stock currently trades at $40.47.Note: In June 2015, a federal judge ruled against Sysco’s plans to merge with US Foods and the deal was abandoned soon after.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a ~1% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position had seen minor trimming every quarter. Q1 2015 saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction last quarter at prices between $151 and $171. This quarter saw a marginal further reduction. The stock currently trades at around $134. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Sigma-Aldrich, and Stryker Corporation. Last five quarters have seen stake reductions in all of them and that indicates a shift in bias.Avon Products (AVP): AVP is a 0.81% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. Last year saw a two-thirds increase at prices between $9 and $17. Last two quarters had seen a further ~22% increase at prices between $6.26 and $9.39. This quarter saw a marginal reduction. The stake is now at 38.01M shares (8.8% of the business). The stock currently trades well below the low end of his purchase price ranges at $3.05. For investors attempting to follow Yacktman, AVP is a good option to consider for further research.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. Q4 2014 saw a ~8% reduction at prices between $63.45 and $77.16 and last quarter saw a further ~6% selling at prices between $61.64 and $73.22. This quarter also saw a ~9% reduction at prices between $61.89 and $70.83. The stock currently trades at $67.82 and the position stands at 2.22% of the US long portfolio.Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the current position was purchased in 2009 in the $15 price-range. Q3 2014 saw a ~27% reduction at prices between $53 and $57 and the following quarter saw another ~15% reduction at prices between $53.15 and $60.57. Last quarter the pattern continued: ~39% sold at prices between $56.28 and $61.27. There was a minor reduction this quarter as well. The stock currently trades at $61.35. Yacktman is harvesting large long-term gains from this position.Exxon Mobil (XOM): XOM is a 2.88% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades at $81.96. Last quarter saw a ~13% reduction at prices between $82.82 and $89.11. This quarter also saw a marginal reduction.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 4.97% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Q3 2014 saw a 14.29% reduction at prices between $41.50 and $45.50 and that was followed with a ~22% reduction the following quarter at prices between $42.74 and $49.61. Last quarter saw a further ~16% reduction at prices between $40.29 and $49.15. This quarter also saw minor selling. The stock currently trades at $54.16. Yacktman is harvesting long-term gains from this position.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q2 2014 saw a 6% increase at prices between $78.50 and $83. Last five quarters have seen only marginal activity. The stock currently trades at $75.40. PG is Yacktman’s largest position at 13.15 % of the portfolio.State Street Corporation (STT): STT is a small 0.86% of the US long portfolio position that saw a ~10% reduction last quarter at prices between $73.45 and $80.84. This quarter also saw minor selling. The stock currently trades at $72.42. The original stake is from 2010 with the bulk purchased in 2011 in the high-30s price-range.US Bancorp (USB): The 2.39% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock has doubled and currently trades at $43.34. Last quarter saw a ~19% reduction at prices between $42.44 and $45.10 and this quarter saw a further ~8% reduction at prices between $39.76 and $46.Unilever N V (UN): UN is a small ~1% of the US long portfolio stake established in Q4 2014 at prices between $37.14 and $41.02. In Q1 2015, the position was increased by ~23% at prices between $37.64 and $43.88. Last two quarters have seen marginal reductions. The stock currently trades at $43.87.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $58.51. Q1 2015 saw a ~4% trimming at prices between $80.69 and $90.47 and last quarter the selling accelerated: around one-third reduction at prices between $70.93 and $82.25. This quarter saw a further ~7% trimming at prices between $63.10 and $73.79. The position now accounts for 0.82% of the US long portfolio.Wells Fargo (WFC): WFC is a small 0.79% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. The position was kept relatively steady until Q1 2014. Q2 & Q3 2014 saw significant selling as the stake was reduced to 2.8M shares at prices between $48 and $54. The stock currently trades at $55.49. This year has so far seen a further ~18% reduction at prices between $50 and $58.52.The Bank of New York Mellon Corporation (BK), Colgate-Palmolive (CL), ConocoPhillips (COP), Hewlett Packard (HPQ), and Viacom Inc. (VIAB): These are significant positions (more than ~0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:None.Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis. Last three quarters have seen selling in all of them: The Bank of New York Mellon (1.69%), US Bancorp (2.39%), and Wells Fargo (0.79%).Very small (less than 0.5% of the portfolio each) positions account for 2.37% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Corning Inc. (GLW), Goldman Sachs (GS), Intel Corporation (INTC), Lancaster Colony (LANC), Liberty Media (LMCA), MOCON Inc. (MOCO), Preformed Line Products (PLPC), PayPal (PYPL), Philip Morris Intl. (PM), Raven Inds. (RAVN), Staples Inc. (SPLS), and Valmont Industries (VMI). Yacktman controls ~2% of APOL. Martha Stewart Living Omnimedia (MSO) was eliminated this quarter.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q3 2015:Latest 13G/13D filings (02/2015): APOL (2.2M shares - 2%), AVP (31.47M shares - 7.2%), SYY (31.63M shares - 5.3%), BCR (4.46M shares - 5.9%)"
"Tracking Yacktman Asset Management Portfolio – Q2 2015 Update"	"Yacktman's US long equity portfolio decreased ~14% from $21.71B to $18.74B this quarter.Yacktman Asset Management dropped Patterson Companies. The vast majority of the rest of their positions were reduced as well.Yacktman’s largest five stakes are at ~48% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/10/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2015.This quarter, Yacktman Asset Management’s (YACKX) (YAFFX) (YASSX) US long portfolio decreased ~14% from $21.71B to $18.74B. The number of holdings decreased from 50 to 47. The largest holding is Procter & Gamble at 11.96% of the US long portfolio. Largest five individual stock positions are Procter & Gamble, Twenty First Century Fox, PepsiCo Inc., Sysco Corporation, and Oracle Corporation and they together account for ~48% of the US long portfolio. The firm has around $30B in Assets Under Management (AUM) and currently holds around 18% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 28 of those stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.New Stakes:None.Stake Disposals:Patterson Companies (PDCO): PDCO was a very small 0.5% of the US long portfolio (~2% of business) position as of last quarter. The original stake was from 2010 with the bulk purchased in 2011 in the low-30s price-range. It was eliminated this quarter at prices between $45.61 and $49.55. The stock currently trades at $50.17. Last quarter had seen a ~20% reduction.Stake Increases:Avon Products (AVP): AVP is a 1.23% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. Last year saw a two-thirds increase at prices between $9 and $17. Last two quarters have seen a further ~22% increase at prices between $6.26 and $9.39. The stake is now at 38.34M shares (8.8% of the business). The stock currently trades near the low end of his purchase price ranges at $6.64. For investors attempting to follow Yacktman, AVP is a very good option to consider.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q2 2014 saw a 6% increase at prices between $78.50 and $83. Last four quarters have seen only marginal activity. The stock currently trades at $76.37. PG is Yacktman’s largest position at 11.96% of the portfolio.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last four quarters have seen only very minor adjustments. Yacktman’s average cost-basis on this position is very low. The remaining stake is huge at ~11.50% (second-largest) of the US long portfolio.Sysco Corporation (SYY): SYY is a fairly large position at 6.54% of the US long portfolio. It was established in 2010 with the bulk purchased in 2011 and 2012 in the high-20s price-range. Last few quarters have seen only very minor activity. This quarter saw a ~8% increase at prices between $36 and $40. The stock currently trades at $37.58.Stake Decreases:Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a ~1% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position had seen minor trimming every quarter. Last quarter saw a ~15% reduction at prices between $123 and $158 and that was followed with a huge ~58% reduction this quarter at prices between $151 and $171. The stock currently trades at around $152. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Sigma-Aldrich, and Stryker Corporation. Last four quarters have seen stake reductions in all of them and that indicates a shift in bias.C.R. Bard Inc. (BCR): BCR is a 2.53% of the US long portfolio position. Last year had seen a ~42% reduction at prices between $129 and $172. The selling accelerated in the last two quarters: ~38% further reduction at prices between $164 and $179. The stock currently trades at $199. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen selling. Yacktman is harvesting huge gains. They still control ~3.8% of the business.Cisco Systems (CSCO): CSCO is a large 6.17% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stock currently trades at $28.59. Last quarter saw a ~14% reduction at prices between $26.37 and $30.19 and this quarter saw a further ~14% reduction at prices between $27 and $30. The position has seen consistent selling since Q1 2014. Yacktman is harvesting gains from this position.Clorox Company (CLX): CLX is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in Q1 1999. The bulk of the current position was purchased in 2012 when almost 4M shares were acquired at prices between $67 and $76. Q3 2014 saw a ~17% stake reduction at prices between $86 and $97 and that was followed with another roughly one-third reduction the following quarter at prices between $95 and $106. The selling accelerated this year: almost two-thirds further reduction at prices between $104 and $112. The stock currently trades at $117. The significant selling in a very long-term position indicates a clear bearish bias.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $41.67 and the position stands at 6.38% of the US long portfolio. The even larger 11.13% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $99.09. This quarter saw significant reductions in both: KO was sold down by ~22% at prices between $39.23 and $41.52 while PEP saw a ~12% reduction at prices between $92.64 and $98.22.Comcast Corporation (CMCSA): CMCSA is a ~1% of the US long portfolio position first purchased in 2008. The bulk of the current position was purchased in 2009 in the $15 price-range. Q3 2014 saw a ~27% reduction at prices between $53 and $57 and last quarter saw another ~15% reduction at prices between $53.15 and $60.57. This quarter the pattern continued: another ~39% sold at prices between $56.28 and $61.27. The stock currently trades at $59.45. Yacktman is harvesting large long-term gains from this position.eBay Inc. (EBAY): The current ~2% EBAY stake was purchased in Q4 2013 at prices between $50 and $56. This quarter saw a ~22% reduction at prices between $55.79 and $63.23. The stock currently trades at $28.66.Note 1: The stock price was adjusted down due to the spin-off of PayPal (PYPL) on July 17th. EBAY shareholders received one share of PYPL for each share of EBAY held.Note 2: The stock had a previous round-trip in the portfolio. A small long-term stake was eliminated in 2011.Exxon Mobil (XOM): XOM is a 2.66% of the US long portfolio stake first purchased in 2007. The bulk of the position was acquired in 2013 in the low-90s price-range. The stock currently trades at $78.75. This quarter saw a ~13% reduction at prices between $82.82 and $89.11.US Bancorp (USB): The 2.22% USB position has been in the portfolio for over 15 years. Majority of the current stake was purchased in 2011 in the low-20s price-range. The stock has doubled and currently trades at $46.01. This quarter saw a ~19% reduction at prices between $42.44 and $45.10.Johnson & Johnson (JNJ): JNJ is a medium-sized 3.91% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 in the low $60s price-range. The stock currently trades at around $100. This quarter saw a ~12% reduction at prices between $97 and $104.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 4.27% of the US long portfolio stake was established in 2011 when ~20M shares were added at prices between $24 and $28.50. Q3 2014 saw a 14.29% reduction at prices between $41.50 and $45.50 and that was followed with a ~22% reduction last quarter at prices between $42.74 and $49.61. This quarter saw a further ~16% reduction at prices between $40.29 and $49.15. The stock currently trades at $47.33. Yacktman is harvesting long-term gains from this position.Oracle Corporation (ORCL): The fairly large 6.46% ORCL position was first purchased in Q2 2013. Over 20M shares were purchased at prices between $30 and $35. Last quarter saw a ~8% reduction at prices between $41.47 and $45 and that was followed with a ~14% reduction this quarter at prices between $40.30 and $44.91. The stock currently trades at $39.89.State Street Corporation (STT): STT is a small 0.82% of the US long portfolio position that saw a ~10% reduction this quarter at prices between $73.45 and $80.84. The stock currently trades at $79.53. The original stake is from 2010 with the bulk purchased in 2011 in the high-30s price-range.Stryker Corporation (SYK): SYK is a 2.49% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position had since been kept relatively steady. Q4 2014 saw a ~24% reduction at prices between $79.20 and $96.61. The pattern continued last quarter with a ~13% reduction at prices between $90 and $96 and that was followed with another ~23% selling this quarter at prices between $91.12 and $97.40. The stock currently trades at $102.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $71.49. Last quarter saw a ~4% trimming at prices between $80.69 and $90.47 and this quarter the selling accelerated: around one-third reduction at prices between $70.93 and $82.25. The position now accounts for 0.79% of the US long portfolio.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. Q4 2014 saw a ~8% reduction at prices between $63.45 and $77.16 and this quarter saw a further ~6% selling at prices between $61.64 and $73.22. The stock currently trades at $69.58 and the position stands at 1.82% of the US long portfolio.Sigma-Aldrich Corporation (SIAL): The 1.05% SIAL stake was established in Q1 2013 when around 1.25M shares were purchased. The position was doubled the following quarter. The buying happened at prices between $75 and $85. Since then, the position remained relatively steady although minor adjustments were made every quarter. Q3 2014 saw a ~25% reduction at prices between $100 and $136 and the following quarter saw another ~13% reduction at prices between $134 and $138. Last two quarters have also seen minor selling. The stock currently trades at $139.62.Note: The stock had a ~30% price-spike on September 22, 2014 when it was announced that Merck Inc. (MRK) had agreed to acquire SIAL for $140 per share in cash.Unilever N V (UN): UN is a small 0.95% of the US long portfolio stake established in Q4 2014 at prices between $37.14 and $41.02. Last quarter, the position was increased by ~23% at prices between $37.64 and $43.88. This quarter saw a minor reduction. The stock currently trades at $46.51.Wells Fargo (WFC): WFC is a small 0.74% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. The position was kept relatively steady until Q1 2014. Q2 & Q3 2014 saw significant selling as the stake was reduced to 2.8M shares at prices between $48 and $54. The stock currently trades at $57.95. Last quarter saw a ~6% reduction at prices between $50.72 and $56.17 and this quarter saw a further ~6% reduction at prices between $54 and $58.The Bank of New York Mellon Corporation (BK), ConocoPhillips (COP), Hewlett Packard (HPQ), and Viacom Inc. (VIAB): These are significant positions (more than ~0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:None.Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis. Last three quarters have seen selling in all of them: The Bank of New York Mellon (1.54%), US Bancorp (2.22%), and Wells Fargo (0.74%).Very small (less than 0.5% of the portfolio each) positions account for 2.65% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Colgate Palmolive (CL), Corning Inc. (GLW), Goldman Sachs (GS), Intel Corporation (INTC), Lancaster Colony (LANC), Liberty Media (LMCA), MOCON Inc. (MOCO), Martha Stewart Living Omnimedia (MSO), Philip Morris Intl. (PM), Raven Inds. (RAVN), Staples Inc. (SPLS), and Valmont Industries (VMI). Yacktman controls ~2% of APOL.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q2 2015:13G/13D filings: APOL (2.2M shares - 2%), AVP (31.47M shares - 7.2%), SYY (31.63M shares - 5.3%), BCR (4.46M shares - 5.9%)"
"Tracking Yacktman Asset Management Portfolio – Q1 2015 Update"	"Yacktman's US long equity portfolio decreased ~10% from $24.12B to $21.71B this quarter.Yacktman Asset Management substantially increased Avon Products and Unilever NV while reducing Anthem Inc., C.R. Bard Inc., Cisco Systems, Clorox Company, Comcast Corporation, and Stryker Corporation.Yacktman’s largest five positions are at over 46% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 04/30/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2014.This quarter, Yacktman’s US long portfolio decreased ~10% from $24.12B to $21.71B. The number of holdings decreased from 51 to 50. The largest holding is PepsiCo at 11.23% of the US long portfolio. Largest five individual stock positions are PepsiCo Inc., Procter & Gamble, Twenty First Century Fox, Coca-Cola Company, and Oracle Corporation and they together account for just over 46% of the US long portfolio. The firm has around $31B in Assets Under Management (AUM) and currently holds around 25% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 29 of those stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.New Stakes:None.Stake Disposals:None.Stake Increases:Avon Products (AVP): AVP is a 1.32% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. Q1 2014 saw further buying as the position size was increased by about one-third at prices between $14.28 and $17.22 and Q2 2014 saw an 8% increase at prices between $13.30 and $15.30. Last quarter saw another ~17% increase at prices between $9.11 and $12.60 and that was followed with a ~14% increase this quarter at prices between $7.28 and $9.39. The stake is at 35.82M shares (8.23% of the business). The stock currently trades near the low end of his purchase ranges at $8.17. For investors attempting to follow Yacktman, AVP is a very good option to consider.Unilever N V (UN): UN is a small 0.83% of the US long portfolio stake established last quarter at prices between $37.14 and $41.02. This quarter, the position was increased by ~23% at prices between $37.64 and $43.88. The stock currently trades at $43.47.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q2 2014 saw a 6% increase at prices between $78.50 and $83. Last three quarters have seen only marginal activity. The stock currently trades at $80.35. PG is Yacktman’s second-largest position at 10.77% of the portfolio.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last three quarters have seen only very minor adjustments. Yacktman’s average cost-basis on this position is very low and it accounts for 10.06% of the US long portfolio.Stake Decreases:Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.89% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position had seen minor trimming every quarter. This quarter saw a ~15% reduction at prices between $123 and $158. The stock currently trades at around $155.84. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Sigma-Aldrich, and Stryker Corporation. Last three quarters have seen stake reductions in all of them and that indicates a shift in bias.C.R. Bard Inc. (BCR): BCR is a 2.56% of the US long portfolio position that was reduced by ~12% in Q1 2014 at prices between $125 and $148. Q3 2014 saw a ~4% reduction at prices between $142 and $153 and last quarter saw a further one-third reduction at prices between $142 and $173. This quarter, the pattern continued: another ~25% reduction at prices between $164 and $179. The stock currently trades at $171. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen some selling. The activity indicates a clear bearish bias. Yacktman controls 4.5% of the business.Cisco Systems (CSCO): CSCO is a large 6.21% of the US long portfolio position first purchased in 2010. The bulk of the current position was purchased in 2011 and 2012 at prices between $15 and $22. The stock currently trades at $29.17. This quarter saw a ~14% reduction at prices between $26.37 and $30.19. The position has seen consistent selling since Q1 2014. Yacktman is harvesting gains from this position.Clorox Company (CLX): CLX is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in Q1 1999. The bulk of the current position was purchased in 2012 when almost 4M shares were acquired at prices between $67 and $76. Q3 2014 saw a ~17% stake reduction at prices between $86 and $97 and that was followed with another roughly one-third reduction last quarter at prices between $95 and $106. The pattern continued this quarter with another 54% reduction at prices between $104 and $112. The stock currently trades at $107. The significant selling in a very long-term position indicates a clear bearish bias.Comcast Corporation (CMCSA): CMCSA is a 1.37% of the US long portfolio position first purchased in 2008. The bulk of the current position was purchased in 2009 in the $15 price-range. Q3 2014 saw a ~27% stake reduction at prices between $53 and $57 and this quarter saw another ~15% reduction at prices between $53.15 and $60.57. The stock currently trades at $58.78. Yacktman is harvesting long-term gains from this position.Stryker Corporation (SYK): SYK is a 2.70% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position had since been kept relatively steady. Q3 2014 saw a 5.72% reduction and that was followed with a ~24% reduction last quarter at prices between $79.20 and $96.61. The pattern continued this quarter with a ~13% reduction at prices between $90 and $96. The stock currently trades at $93.63.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. Last quarter saw a ~8% reduction at prices between $63.45 and $77.16 and this quarter saw minor additional selling. The stock currently trades at $66.08 and the position stands at 1.96% of the US long portfolio.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $40.96 and the position stands at 7.27% of the US long portfolio. The even larger 11.23% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $95.95. Both positions saw minor selling in the last three quarters.Johnson & Johnson (JNJ): JNJ is a medium-sized 3.91% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 at around the low $60s price-range. The stock currently trades at around $100. The position was reduced by 4.36% in Q3 2014 at prices between $100 and $109 and last two quarters have seen marginal selling.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 4.03% of the US long portfolio stake was established in 2011 when ~20M shares were purchased at prices between $24 and $28.50. Q3 2014 saw a 14.29% reduction at prices between $41.50 and $45.50 and that was followed with a ~22% reduction last quarter at prices between $42.74 and $49.61. The stock currently trades at $48.24. This quarter saw a further 2% trimming. Yacktman is harvesting long-term gains from this position.Oracle Corporation (ORCL): The ORCL position was first purchased in Q2 2013 when over 20M shares were purchased at prices between $30 and $35. The position was at over 27M shares as of Q2 2014. Q3 2014 saw a ~12% stake increase at prices between $38 and $42 and that was followed with a ~23% increase last quarter at prices between $37.56 and $46.23. This quarter saw an about-turn as ~8% of the position was sold at prices between $41.47 and $45. The stock currently trades at $44.59.Sigma-Aldrich Corporation (SIAL): The 0.91% SIAL stake was first established in Q1 2013 when around 1.25M shares were purchased. The position was doubled the following quarter. The stake establishment happened at prices between $75 and $85. Since then, the position remained relatively steady although minor adjustments were made every quarter. Q3 2014 saw a ~25% reduction at prices between $100 and $136 and last quarter saw another ~13% reduction at prices between $134 and $138. This quarter, the pattern continued with a ~8% reduction at prices between $137 and $139. The stock currently trades at $139.Note: The stock had a ~30% price-spike on September 22, 2014 when it was announced that Merck Inc. (MRK) had agreed to acquire SIAL for $140 per share in cash.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $79.18. This quarter saw a ~4% trimming at prices between $80.69 and $90.47. The position now accounts for 1.19% of the US long portfolio.Wells Fargo (WFC): WFC is a small 0.66% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. The position was kept relatively steady until Q1 2014. Q2 & Q3 2014 saw significant selling as the stake was reduced to 2.8M shares at prices between $48 and $54. The stock currently trades at $55.73. This quarter saw a ~6% reduction at prices between $50.72 and $56.17.The Bank of New York Mellon Corporation (BK), ConocoPhillips (COP), eBay Inc. (EBAY), Exxon Mobil (XOM), Hewlett Packard (HPQ), Patterson Companies (PDCO), Sysco Corporation (SYY), US Bancorp (USB), & Viacom Inc. (VIAB): These are significant positions (more than ~0.5% of the US long portfolio) that were decreased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:State Street Corporation (STT): STT is a small 0.75% of the US long portfolio position that was left untouched this quarter.Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis. Last two quarters have seen selling in all of them: The Bank of New York Mellon (1.40%), US Bancorp (2.38%), and Wells Fargo (0.66%).Very small (less than 0.5% of the portfolio each) positions account for ~3% of the overall portfolio. They are Altria Group (MO), America’s Car-Mart (CRMT), Apollo Education Group (APOL), The Bancorp Inc. (TBBK), Bank of America (BAC), Berkshire Hathaway (BRK.A)(BRK.B), Colgate Palmolive (CL), Corning Inc. (GLW), DreamWorks Animation (DWA), Goldman Sachs (GS), Intel Corporation (INTC), Lancaster Colony (LANC), Liberty Media (LMCA), MOCON Inc. (MOCO), Martha Stewart Living Omnimedia (MSO), Philip Morris Intl. (PM), Raven Inds. (RAVN), Staples Inc. (SPLS), and Valmont Inds. (VMI). Yacktman controls ~2% of APOL.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q1 2015:13G/13D filings: APOL (2.2M shares - 2%), AVP (31.47M shares - 7.2%), SYY (31.63M shares - 5.3%), BCR (4.46M shares - 5.9%)"
"Tracking Yacktman Asset Management Portfolio – Q4 2014 Update"	"Yacktman's US long equity portfolio increased marginally from $23.95B to $24.12B this quarter.Yacktman Asset Management substantially increased Oracle Corporation and Avon Products while reducing C.R. Bard, Clorox Company, Microsoft Corporation, Patterson Companies, Sigma-Aldrich, and Stryker Corporation.Yacktman’s largest five positions are at over 45% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 02/02/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2014.This quarter, Yacktman’s US long portfolio increased marginally from $23.95B to $24.12B. The number of holdings remained steady at 51. The largest holding is Procter & Gamble at 10.71% of the US long portfolio. Largest five individual stock positions are Procter & Gamble, PepsiCo Inc., Twenty First Century Fox, Coca-Cola Company, and Oracle Corporation and they together account for over 45% of the US long portfolio. The firm has over $30B in Assets Under Management (AUM) and currently has over 20% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 29 of those stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.New Stakes:Unilever N V (UN): UN is a small 0.57% of the US long portfolio stake established this quarter at prices between $37.14 and $41.02. The stock currently trades at $43.19.Stake Disposals:Becton Dickinson (BDX): BDX was a small 0.62% of the US long portfolio position first purchased in 2010 at prices between $67 and $85. The stake was doubled in 2011 at prices between $71 and $89. In Q1 2014, the position was reduced by around one-fourth at prices between $105 and $117 and this quarter the remaining position was eliminated at prices between $114 and $142. The stock currently trades at around $140.Stake Increases:Oracle Corporation (ORCL): The ORCL position was first purchased in Q2 2013 when over 20M shares were purchased at prices between $30 and $35. The position was at over 27M shares as of Q2 2014. Last quarter saw a ~12% stake increase at prices between $38 and $42 and that was followed with a ~23% increase this quarter at prices between $37.56 and $46.23. The stock currently trades at $42.68 and the stake is now a top-five position in the portfolio. The activity indicates a clear bullish bias.Avon Products (AVP): AVP is a 1.23% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. Q1 2014 saw further buying as the position size was increased by about one-third at prices between $14.28 and $17.22 and Q2 2014 saw an 8% increase at prices between $13.30 and $15.30. This quarter saw another ~17% increase at prices between $9.11 and $12.60 and the stake is at 31.5M shares. The stock currently trades below his purchase ranges at $8.12. For investors attempting to follow Yacktman, AVP is a very good option to consider.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $85.71. Last two quarters have seen minor increases and the position now accounts for 1.17% of the US long portfolio.Exxon Mobil (XOM), ConocoPhillips (COP), & Viacom Inc. (VIAB): These are significant positions (more than ~0.5% of the US long portfolio) that were increased marginally (less than ~10% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Stake Decreases:C.R. Bard Inc. (BCR): BCR is a 3.08% of the US long portfolio position that was reduced by ~12% in Q1 2014 at prices between $125 and $148. Last quarter saw a ~4% reduction at prices between $142 and $153 and this quarter saw a further one-third reduction at prices between $142 and $173. The stock currently trades at $170. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen some selling. The activity indicates a clear bearish bias.Clorox Company (CLX): CLX is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in Q1 1999. The bulk of the current position was purchased in 2012 when almost 4M shares were acquired at prices between $67 and $76. Last quarter saw a ~17% stake reduction at prices between $86 and $97 and that was followed with another roughly one-third reduction this quarter at prices between $95 and $106. The stock currently trades at $108. The significant selling in a very long-term position indicates a bearish bias.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 4.24% of the US long portfolio stake was established in 2011 when ~20M shares were purchased at prices between $24 and $28.50. Last quarter saw a 14.29% reduction at prices between $41.50 and $45.50 and that was followed with a ~22% reduction this quarter at prices between $42.74 and $49.61. The stock currently trades at $41.28. Yacktman is harvesting long-term gains from this position.Sigma-Aldrich Corporation (SIAL): The 0.89% SIAL stake was first purchased in Q1 2013 when around 1.25M shares were purchased. The position was doubled the following quarter. The stake establishment happened at prices between $75 and $85. Since then, the position remained relatively steady although minor adjustments were made every quarter. Last quarter saw a ~25% reduction at prices between $100 and $136 and this quarter saw another ~13% reduction at prices between $134 and $138. The stock currently trades at $138.Note: The stock had a ~30% price-spike on September 22, 2014 when it was announced that Merck Inc. (MRK) had agreed to acquire SIAL for $140 per share in cash.Stryker Corporation (SYK): SYK is a 2.87% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position had since been kept relatively steady. Last quarter saw a 5.72% reduction and that was followed with a ~24% reduction this quarter at prices between $79.20 and $96.61. The stock currently trades at $91.76.Anthem Inc. (ANTM) previously Wellpoint Inc.: ANTM is a 1.63% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position has seen minor trimming every quarter. The stock currently trades at around $136. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Sigma-Aldrich, and Stryker Corporation. Last two quarters have seen stake reductions in all of them and that indicates a shift in bias.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67 and since then the stake had been kept relatively steady. This quarter saw a ~8% reduction at prices between $63.45 and $77.16. The stock currently trades at $73.44 and the position stands at 1.85% of the US long portfolio.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $41.59 and the position stands at 7.23% of the US long portfolio. The even larger 10.58% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $95.33. Both positions saw minor selling in the last two quarters.Comcast Corporation (CMCSA): CMCSA is a 1.48% of the US long portfolio position first purchased in 2008. The bulk of the current position was purchased in 2009 in the $15 price-range. Last quarter saw a ~27% stake reduction at prices between $53 and $57 and this quarter saw very minor additional selling. The stock currently trades at $53.81. Yacktman is harvesting long-term gains from this position.Johnson & Johnson (JNJ): JNJ is a medium-sized 3.73% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 at around the low $60s price-range. The stock currently trades at around $101. The position was reduced by 4.36% last quarter at prices between $100 and $109 and this quarter saw a marginal reduction.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Q2 2014 saw a 6% increase at prices between $78.50 and $83 and last quarter saw an additional 2.66% increase at prices between $77 and $85. This quarter saw an about turn: ~2% reduction at prices between $82.24 and $93.46. The stock currently trades at $85.12.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Q1 2014 also saw a 6% trimming in FOXA at prices between $30.73 and $35.63. Last two quarters have seen only very minor adjustments. Yacktman’s average cost-basis on this position is very low and it accounts for 10.10% of the US long portfolio.Wells Fargo (WFC): WFC is a small 0.63% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. The position was kept relatively steady until Q1 2014. Q2 & Q3 2014 saw significant selling as the stake was reduced to 2.8M shares at prices between $48 and $54. The stock currently trades at $52.81. This quarter saw a marginal reduction.The Bank of New York Mellon Corporation (BK), Cisco Systems (CSCO), eBay Inc. (EBAY), Hewlett Packard (HPQ), Patterson Companies (PDCO), Sysco Corporation (SYY), & US Bancorp (USB): These are significant positions (more than ~0.5% of the US long portfolio) that were decreased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:State Street Corporation (STT): STT is a minute 0.68% of the US long portfolio position that was left untouched this quarter.Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis. This quarter saw selling in all of them: The Bank of New York Mellon (1.230%), US Bancorp (2.36%), and Wells Fargo (0.63%).The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q4 2014:"
"Tracking Yacktman Asset Management Portfolio – Q3 2014 Update"	"Yacktman's US long equity portfolio decreased marginally from $24.59B to $23.95B this quarter.Yacktman Asset Management substantially increased Oracle Corporation while reducing Clorox Company, Comcast Corporation, Microsoft Corporation, Sigma-Aldrich Corporation, and Wells Fargo.Yacktman’s largest five positions are at around 45% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 11/04/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2014.This quarter, Yacktman’s US long portfolio decreased marginally from $24.59B to $23.95B. The number of holdings increased from 47 to 51. The largest holding is PepsiCo Inc. at 11.35% of the US long portfolio. Largest five individual stock positions are PepsiCo Inc., Procter & Gamble, Twenty First Century Fox, Coca-Cola Company, and Cisco Systems and they together account for almost 45% of the US long portfolio. The firm has over $30B in Assets Under Management (AUM) and currently has over 20% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions. 28 of those stakes are significantly large (over ~0.5% of the US long portfolio each) and they are the focus of this article.New Stakes:None.Stake Disposals:None.Stake Increases:Oracle Corporation (ORCL): The ORCL position was first purchased in Q2 2013 when over 20M shares were purchased at prices between $30 and $35. The position was at over 27M shares as of last quarter. This quarter saw a ~12% stake increase at prices between $38 and $42. The stock currently trades at $39.13 and it accounts for almost 5% of the US long portfolio. The activity indicates a bullish bias.Procter & Gamble (PG): PG is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. Last quarter saw a 6% increase at prices between $78.50 and $83 and this quarter saw an additional 2.66% increase at prices between $77 and $85. The stock currently trades at $88.64.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as his share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions (News Corp and Twenty First Century Fox) had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Q1 2014 saw a 6% trimming in FOXA at prices between $30.73 and $35.63. This quarter saw a 2.48% increase. Yacktman’s average cost-basis on this position is very low and it accounts for just over 9% of the US long portfolio.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $77.26. This quarter saw a minor stake increase and the position now accounts for 1% of the US long portfolio.Patterson Companies (PDCO) & Viacom Inc. (VIAB): PDCO is a very small 0.53% position while VIAB is a medium-sized 3% stake. They were both increased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Stake Decreases:Avon Products (AVP): AVP is a 1.42% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. Q1 2014 saw further buying as the position size was increased by about one-third at prices between $14.28 and $17.22 and last quarter saw an 8% increase at prices between $13.30 and $15.30. This quarter saw marginal selling. The stock currently trades below his purchase ranges at $10.20. For investors attempting to follow Yacktman, AVP is a very good option to consider.C.R. Bard Inc. (BCR): BCR is a 3.84% of the US long portfolio position that was reduced by ~12% in Q1 2014 at prices between $125 and $148. This quarter saw a ~4% reduction at prices between $142 and $153. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen some selling.Becton Dickinson (BDX): BDX is a small 0.62% of the US long portfolio position first purchased in 2010 at prices between $67 and $85. The stake was doubled in 2011 at prices between $71 and $89 but has since been reduced. In Q1 2014, the position was reduced by around one-fourth at prices between $105 and $117. This quarter saw a marginal decrease. The stock currently trades at around $126.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) purchased in 2012. During Q1 & Q2 2013, ~5.4M additional shares were purchased at prices between $54 and $67. The stock currently trades at $70.12. The last four quarters saw minor activity with the net effect of a small stake increase. The position currently stands at 1.78% of the US long portfolio.Clorox Company (CLX): CLX is a very long-term position that has been in the portfolio since Yacktman’s first 13F filing in Q1 1999. The bulk of the current position was purchased in 2012 when almost 4M shares were acquired at prices between $67 and $76. This quarter saw a ~17% stake reduction at prices between $86 and $97. The stock currently trades at around $101. The significant selling indicates a bearish bias.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $41.82 and the position stands at 7.64% of the US long portfolio. The even larger 11.35% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe: over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $96.73. Both positions saw selling this quarter: KO was reduced by 3.32% and PEP by 7.33%.Comcast Corporation (CMCSA): CMCSA is a 1.39% of the US long portfolio position first purchased in 2008. The bulk of the current position was purchased in 2009 in the $15 price-range. This quarter saw a ~27% stake reduction at prices between $53 and $57. The stock currently trades at $54.63. Yacktman is harvesting long-term gains from this position.Johnson & Johnson (JNJ): JNJ is a medium-sized 3.85% of the US long portfolio position that has been in the portfolio since their first 13F filing in Q1 1999. The bulk of the current position was purchased in 2011 at around the low $60s price-range. The stock currently trades at around $109. The position was reduced by 4.36% this quarter at prices between $100 and $109.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.46% of the US long portfolio stake was established in 2011 when ~20M shares were purchased at prices between $24 and $28.50. Q1 2014 saw the stake increased by 3.6% at prices between $35 and $41. This quarter saw an about-turn as the position was reduced by 14.29% at prices between $41.50 and $45.50. The stock currently trades at $47.57. Yacktman is starting to harvest long-term gains from this position.Sigma-Aldrich Corporation (SIAL): The 1% SIAL stake was first purchased in Q1 2013 when around 1.25M shares were purchased and the position was doubled the following quarter. The stake establishment happened at prices between $75 and $85. Since then, the position remained relatively steady although minor adjustments were made every quarter. This quarter saw a ~25% reduction at prices between $100 and $136. The stock currently trades at $135.Note: The stock had a ~30% price-spike on September 22, 2014 when it was announced that Merck Inc. (MRK) had agreed to acquire SIAL for $140 per share in cash.Stryker Corporation (SYK): SYK is a 3.24% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position had since been kept relatively steady. This quarter saw some selling: 5.72% reduction. The stock currently trades at $87.65.Wellpoint Inc. (WLP): WLP is a 1.47% of the US long portfolio position purchased in 2012 at prices between $55 and $74. Since then, the position saw minor trimming every quarter. This quarter saw a ~7% reduction at prices between $107 and $124. The stock currently trades at around $127. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Sigma-Aldrich, and Wellpoint. This quarter saw stake reductions in all of them and that indicates a shift in bias.Wells Fargo (WFC): WFC is a small 0.61% of the US long portfolio position first purchased in Q1 2013. The bulk of the current position was purchased in Q2 2013 when ~4.8M shares were acquired at prices between $36.50 and $44.50. The position was kept relatively steady until Q1 2014. The last two quarters saw significant selling as the stake was reduced to 2.8M shares at prices between $48 and $54. The stock currently trades at $53.27. The activity indicates a bearish bias.Exxon Mobil (XOM), ConocoPhillips (COP), The Bank of New York Mellon Corporation (BK), Cisco Systems (CSCO), eBay Inc. (EBAY), Sysco Corporation (SYY), & US Bancorp (USB): These are significant positions (more than ~0.5% of the US long portfolio) that were decreased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:State Street Corporation (STT): STT is a minute 0.68% of the US long portfolio position that was left untouched this quarter.Yacktman is known to shy away from investing in banks but has held significant stakes in three banks since the financial crisis. This quarter saw selling in all of them: The Bank of New York Mellon (1.25%), US Bancorp (2.21%), and Wells Fargo (0.61%).The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q3 2014:"
"Tracking Yacktman Asset Management Portfolio – Q2 2014 Update"	"Yacktman's US long equity portfolio increased from $24B to $24.59B this quarter.Yacktman Asset Management substantially increased Avon Products and PepsiCo while reducing Corning Inc., Hewlett-Packard, Stryker Corporation, and Wells Fargo.Yacktman’s largest five positions are at around 43% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 08/04/2014. Please visit our to get an idea of his investment philosophy and the fund’s moves during Q1 2014.This quarter, Yacktman’s US long portfolio increased from $24B to $24.59B. The number of holdings remained steady at 47. The largest holding is PepsiCo Inc. at 11.45% of the US long portfolio. Largest five individual stock positions are PepsiCo Inc., Procter & Gamble, Twenty First Century Fox, Coca-Cola Company, and Cisco Systems and they together account for just over 43% of the US long portfolio. The firm has over $30B in Assets Under Management (AUM) and currently has over 20% in cash - a far cry compared to zero cash immediately following the financial crisis. The portfolio is concentrated with recent 13F reports showing around 50 individual positions.New Stakes:None.Stake Disposals:Covidien plc (COV): COV was a very small position that was first purchased in 2007. The stake has fluctuated over the years and as of last quarter the position was still very small at 0.55% of the US long portfolio. This quarter, the stake was eliminated at prices between $69 and $92. The stock currently trades at around $88. In mid-June 2014, Medtronic (MDT) agreed to buy Covidien in a cash-and-stock transaction: the deal was valued at $93.22 per Covidien share at the time.Stake Increases:Avon Products (AVP): AVP is a 1.61% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. Last quarter saw further buying as the position size was increased by about one-third at prices between $14.28 and $17.22 and this quarter saw an 8% increase at prices between $13.30 and $15.30. The stock currently trades below his purchase ranges at $13.24. The aggressive stake build-up indicates a clear bullish bias. For investors attempting to follow Yacktman, AVP is a very good option to consider.Becton Dickinson (BDX): BDX is a small 0.63% of the US long portfolio position first purchased in 2010 at prices between $67 and $85. The stake was doubled in 2011 at prices between $71 and $89 but has since been reduced. Last quarter, the position was reduced by around one-fourth at prices between $105 and $117. This quarter saw a marginal increase. The stock currently trades at around $117.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.58% of the US long portfolio stake was established in 2011 when ~20M shares were purchased at prices between $24 and $28.50. Last quarter saw the stake increased by 3.6% at prices between $35 and $41 and this quarter the pattern continued with a marginal increase. The stock currently trades at $43.37. Yacktman continues to stay bullish on MSFT.Procter & Gamble (PG): PG is another very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The position had remained relatively steady since although this quarter saw a 6% increase at prices between $78.50 and $83. The stock currently trades at $79.22.Twenty First Century Fox (FOX) (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as the share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions had seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake was reduced by around 28%. Last quarter saw a 6% trimming at prices between $30.73 and $35.63. This quarter saw a marginal stake increase. Yacktman’s average cost-basis on this position is very low and it accounts for close to 9% of the US long portfolio.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $73.54. This quarter saw a minor stake increase and the position now accounts for 1% of the US long portfolio.The Bank of New York Mellon Corporation (BK), Comcast Corporation (CMCSA), eBay Inc. (EBAY), Patterson Companies (PDCO), Sigma-Aldrich Corporation (SIAL), & US Bancorp (USB): These are significant positions (more than ~0.5% of the US long portfolio) that were increased marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Stake Decreases:Apollo Group (APOL): APOL is a small 0.48% of the US long portfolio position that was reduced by ~50% last quarter at prices between $26.90 and $35.24. This quarter saw a marginal reduction. The stock currently trades at $27.86. The original position consisted of ~2.9M shares purchased in 2010 at prices between $34 and $65. The position was built up to ~7.5M shares by 2012 and since then had been kept steady. The activity indicates a clear bearish bias. Yacktman realized long-term losses from this position.C.R. Bard Inc. (BCR): BCR is a 3.90% of the US long portfolio position that was reduced by ~12% last quarter at prices between $125 and $148. This quarter saw further marginal trimming. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen some selling.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) first purchased in 2012. During Q1 & Q2 2013, ~5.4M shares were purchased at prices between $54 and $67. The stock currently trades at $68.46. The last three quarters saw minor buying but this quarter saw a marginal stake reduction. The position currently stands at 1.70% of the US long portfolio.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. The stock currently trades at $39.40 and the position stands at 7.64% of the US long portfolio. The even larger 11.45% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe - over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $89.69. The two positions were kept relatively steady so far this year although minor adjustments were made in both quarters.Corning Inc. (GLW): GLW is a small 0.63% of the US long portfolio position that was reduced by almost half last quarter at prices between $17 and $20.82 and another one-third this quarter at prices between $20.38 and $22. The stock currently trades at $20. GLW has been in the portfolio since 2010 and the bulk of the current position was purchased in 2011 at prices between $12 and $23. The significant selling indicates a bearish bias.Hewlett Packard (HPQ): HPQ is a small 0.46% of the US long portfolio position that was reduced by around 30% (~1.8M shares) last quarter at prices between $27.45 and $32.56. It was reduced by another 17% this quarter at prices between $31.58 and $35.16. Another large chunk (~3.3M shares) was also sold in Q3 2013 as well at prices between $21 and $27. Most of the current position was acquired in 2011 at prices between $22 and $49. The stock currently trades at $35.33. The large stake reductions over multiple quarters indicate a clear bearish bias.Stryker Corporation (SYK): SYK is a 3.49% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position had since been trimmed slightly over the last four quarters. This quarter saw a marginal increase. The stock currently trades at $80.58. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Covidien, Sigma-Aldrich, and Wellpoint.Cisco Systems (CSCO), Clorox Company (CLX), ConocoPhillips (COP), Exxon Mobil (XOM), Johnson & Johnson (JNJ), Oracle Corporation (ORCL), State Street Corporation (STT), Sysco Corporation (SYY), Viacom Inc. (VIAB), Wellpoint Inc. (WLP), and Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were reduced marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Kept Steady:None.Yacktman is known to shy away from investing in banks but it is interesting that he has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.18%), US Bancorp (2.23%), and Wells Fargo (0.91%).The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q2 2014:"
"Tracking Donald Yacktman’s Yacktman Asset Management Portfolio – Q1 2014 Update"	"This article is the first in a series that provides an ongoing analysis of the changes made to Donald Yacktman’s US stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory filed on 05/06/2014. Donald Yacktman founded Yacktman Asset Management in 1992. His management style focuses on buying great companies when they are down and holding them until the stock price recovers (which such company stocks always do). The typical business he chooses to invest has low fixed assets and low cyclicality - those two factors combine to ensure high returns over the long-term.Donald Yacktman is a bottom-up value investor. He views every stock as though it is a long-term bond - industry behemoths such as Coke, Wal-Mart, etc. would parallel the risk-assessment of a triple-A bond and smaller growth companies would get viewed in the context of junk bonds. The firm has over $30B in Assets Under Management (AUM) and is holding over 20% cash at the moment. His cash position is known to increase as market goes up and vice-versa: during the financial crisis in 2008, the cash position dropped to 0% and since then has been going back up as the market rallied. The portfolio is concentrated with recent 13F reports showing around 50 individual positions.This quarter, Yacktman’s US long portfolio remained almost steady at $24B. The number of holdings decreased from 51 to 47. The largest holding is PepsiCo Inc. at 11.49% of the US long portfolio. Largest five individual stock positions are PepsiCo Inc., Procter & Gamble, Twenty First Century Fox, Coca-Cola Company, and Cisco Systems and they together account for just over 40% of the US long portfolio.New Stakes:None.Stake Disposals:None.Stake Increases:Avon Products (AVP): AVP is a 1.52% of the US long portfolio position. The original stake was a 15M share position established in 2011 at prices between $16 and $29. The stake was increased to 18.9M shares by the end of 2012 at prices between $14 and $23. This quarter saw further buying as the position size was increased by about one-third at prices between $14.28 and $17.22. The stock currently trades well below his purchase ranges at $13.60. The aggressive stake build-up indicates a clear bullish bias. For investors attempting to follow Yacktman, AVP is a very good option to consider.C.H. Robinson Worldwide Inc. (CHRW): CHRW was an insignificantly small position (~700K shares) first purchased in 2012. During Q1 & Q2 2013, ~5.4M shares were purchased at prices between $54 and $67. The stock currently trades at $58.30. The last three quarters saw minor buying and the stake currently stands at 1.44% of the US long portfolio. The activity indicates a mild bearish bias.Coca-Cola Company (KO) & PepsiCo Inc. (PEP): KO & PEP are very long-term positions that have been in the portfolio for over fifteen years. During Yacktman’s first 13F filing in Q1 1999, the positions consisted of just a few thousand shares each. The KO stake was built up to almost 2.4M shares by Q4 2006. The position size dropped below 1.5M shares in Q4 2008 but since then the stake was consistently increased - the position doubled in both 2009 & 2010 and increased by ~150% each in 2012 & 2013. The huge stake build-up happened at prices between $21 & $30 and $33.50 & $43 in the 2009-10 & 2012-13 periods respectively. This quarter saw some minor additional buying. The stock currently trades at $40.87 and the position stands at 7.16% of the US long portfolio. The activity indicates a clear bullish bias. The even larger 11.49% PEP stake was similarly built-up over multiple years with the bulk of the buying happening in the 2011-13 timeframe - over 22M shares were purchased during that time at prices between $60 and $86. The stock currently trades at $87. This quarter saw a 3.33% stake increase at prices between $77 and $83.50.Procter & Gamble (PG): PG is another very long-term position that has been in the portfolio since Yacktman’s first 13F filing in 1999. The position size remained insignificantly small until 2007 when about 520K shares were purchased at prices between $61 and $74. The position was cut in half in 2008 but the following four-years saw a 100-fold stake increase at prices between $47 and $70. The position has remained relatively steady in the last five quarters although adjustments were made every quarter. The stock currently trades at $82.39.Wal-Mart Stores (WMT): WMT is a long-term position that was first purchased in 2004. The bulk of the current position was purchased in 2011 when around 2M shares were acquired at prices between $50 and $60. The stock currently trades at $79.20. This quarter saw a minor stake increase and the position now accounts for 1.04% of the US long portfolio.Stake Decreases:Apollo Group (APOL): APOL is a small 0.54% of the US long portfolio position that was reduced by ~50% this quarter at prices between $26.90 and $35.24. The stock currently trades at $28.61. The original position consisted of ~2.9M shares purchased in 2010 at prices between $34 and $65. The position was built up to ~7.5M shares by 2012 and since then had been kept steady. The activity this quarter indicates a clear bearish bias. Yacktman realized long-term losses from this position.C.R. Bard Inc. (BCR): BCR is a 4.21% of the US long portfolio position that was reduced by ~12% this quarter at prices between $125 and $148. The original position consisted of ~2.14M shares purchased in 2010 at prices between $76 and $96. The stake was built up to just over 7.4M shares by 2012 and since then has seen some trimming.Becton Dickinson (BDX): BDX is a small 0.63% of the US long portfolio position first purchased in 2010 at prices between $67 and $85. The position was doubled in 2011 at prices between $71 and $89 but has since been reduced. This quarter, the stake was reduced by around one-fourth at prices between $105 and $117. The stock currently trades at around $117. Yacktman is harvesting long-term gains from this position.Corning Inc. (GLW): GLW is a small 0.63% of the US long portfolio position that was reduced by almost half this quarter at prices between $17 and $20.82. The stock currently trades at $20.74. The stock has been in the portfolio since 2010 and the bulk of the current position was purchased in 2011 at prices between $12 and $23. The significant selling this quarter indicates a bearish bias.Hewlett Packard (HPQ): HPQ is a small 0.55% of the US long portfolio position that was reduced by around 30% (~1.8M shares) this quarter at prices between $27.45 and $32.56. Another large chunk (~3.3M shares) was also sold in Q3 2013 at prices between $21 and $27. Most of the current position was acquired in 2011 at prices between $22 and $49. The stock currently trades at $32.36. The large stake reductions over multiple quarters indicate a clear bearish bias.Microsoft Corporation (MSFT): MSFT has been in the portfolio since 2003 and it became a significantly large position in 2006 when around 2.2M shares were purchased at prices between $22 and $29.50. The bulk of the current 5.63% of the US long portfolio position was established in 2011 when ~20M shares were purchased at prices between $24 and $28.50. This quarter saw the stake increased by 3.6% at prices between $35 and $41. The stock currently trades at $39.54.Stryker Corporation (SYK): SYK is a 3.93% of the US long portfolio position first purchased in 2009. The majority of the current stake was established in 2012 at prices between $50 and $57. The position has since been trimmed slightly over the last four quarters. The stock currently trades at $80.62. Yacktman has a large exposure to the healthcare industry, a group that also includes Johnson & Johnson, C.R. Bard, Covidien, Sigma-Aldrich, and Wellpoint.Twenty First Century Fox (FOXA): Yacktman had a very small position in News Corporation (NWS) in 2008. The 2009 to 2012 timeframe saw a huge stake build up as the share count increased 32-times (2.5M shares to over 80M shares). Since the spinoff and renaming of News Corporation, both positions have seen selling - the NWS stake was eliminated in Q4 2013 and the FOXA stake has so far been reduced by around 28%. This quarter saw a 6% trimming at prices between $30.73 and $35.63. Yacktman’s average cost-basis on this position is very low. He is continuing to harvest large gains.The Bank of New York Mellon Corporation (BK), Cisco Systems (CSCO), Clorox Company (CLX), Comcast Corporation (CMCSA), ConocoPhillips (COP), Covidien plc (COV), eBay Inc. (EBAY), Exxon Mobil (XOM), Johnson & Johnson (JNJ), Oracle Corporation (ORCL), Patterson Companies (PDCO), Sigma-Aldrich Corporation (SIAL), State Street Corporation (STT), Sysco Corporation (SYY), US Bancorp (USB), Viacom Inc. (VIAB), Wellpoint Inc. (WLP), and Wells Fargo (WFC): These are significant positions (more than 0.5% of the US long portfolio) that were reduced marginally (less than ~2% change in position size) this quarter. As the activities were very minor, they do not indicate a clear change in bias.Yacktman is known to shy away from investing in banks but it is interesting that he has held significant stakes in three banks since the financial crisis: The Bank of New York Mellon (1.14%), US Bancorp (2.24%), and Wells Fargo (0.99%).Kept Steady:None.The spreadsheet below highlights changes to Yacktman’s US stock holdings in Q1 2014:"
"Tracking George Soros’s Portfolio – Q2 2023 Update"	"Soros' 13F portfolio value decreased from $6.49B to $6.41B this quarter. The number of positions decreased from 185 to 172.Soros increased Okta Inc. and PDD Holdings while decreasing Rivian and Splunk.Horizon Therapeutics at 5.28% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 8/11/2023. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2023.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value decreased marginally from $6.49B to $6.41B. The number of positions decreased from 185 to 172. Very small stock positions and large debt holdings together account for ~57% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Horizon Therapeutics, Alphabet, and Liberty Broadband. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:PDC Energy (PDCE), IVERIC Bio (ISEE), ARK Innovation ETF (ARKK) Calls, Alibaba Group Holdings (BABA) & Calls, Five9 (FIVN) Puts, RenassanceRE Holdings (RNR), and MicroStrategy (MSTR) Puts: These are the new positions this quarter. PDC Energy and IVERIC Bio are merger-arbitrage stakes – Chevron (CVX) acquired PDC Energy in a ~$72 per share all-stock deal that closed last week and IVERIC Bio got acquired by Astellas Pharma (ALPMF) in a $40 per share cash deal that closed in July. The leveraged long bet using Calls on ARKK was purchased as the underlying traded between ~$35 and ~$45. ARKK is now at $42.75. BABA is a 0.68% of the portfolio position purchased at prices between ~$79 and ~$103 and the stock is now at $95.72. The leveraged short position in FIVN through Puts was established as the underlying traded between ~$52 and ~$83. There is an offsetting position through Calls in the portfolio. The stock is now at $70.49. RNR is a 0.54% of the portfolio stake established at prices between ~$180 and ~$220 and the stock is now at ~$185. The leveraged short stake in MSTR through Puts was purchased as the underlying traded between ~$271 and ~$342 and it currently trades at ~$384.Stake Disposals:American Water Works (AWK) and Academy Sports and Outdoor (ASO): The 0.71% AWK stake was established last quarter at prices between ~$134 and ~$161 and the stock currently trades at ~$140. The disposal this quarter was at prices between ~$140 and ~$152. ASO was a 0.68% of the portfolio position purchased last quarter at prices between ~$51 and ~$66 and it is now at $55.19. The elimination this quarter was at prices between ~$48 and ~$68.Estee Lauder (EL): EL was a 0.60% of the portfolio position that saw a ~40% increase last quarter at prices between ~$235 and ~$281. The stake was sold this quarter at prices between ~$177 and ~$259. The stock currently trades at ~$168.First Horizon (FHN): FHN was a ~2% merger-arbitrage stake was established during Q4 2022. TD Bank (TD) offered to buy First Horizon in a $25 cash deal announced last February. The deal was called off in April. The stake saw a ~14% trimming last quarter and was dropped this quarter. The stock now trades at $13.59.Bowlero Corp (BOWL) & wts: BOWL was a 0.78% of the portfolio position purchased in Q4 2021 at prices between ~$8.80 and ~$10.15 and the stock currently trades at $11.74. H2 2022 saw a ~15% reduction at prices between ~$10.60 and ~$15. That was followed with a ~63% reduction last quarter at prices between ~$13 and ~$17. The elimination this quarter was at prices between ~$11 and ~$17.Salesforce.com (CRM): The 0.52% of the portfolio CRM stake was built over the five quarters through Q3 2022 at prices between ~$144 and ~$310 and the stock currently trades at ~$209. The last quarter saw a ~75% selling at prices between ~$135 and ~$200. The disposal this quarter was at prices between ~$189 and ~$223.Stake Increases:iShares iBOXX Investment Grade Corporate Bond ETF (LQD): The LQD stake was increased by ~140% to a ~4% of the portfolio stake last quarter at prices between ~$105 and ~$112. This quarter saw a ~30% further increase at prices between ~$106 and ~$110. LQD currently trades at ~$105 and the stake is at 5.35% of the portfolio.Invesco QQQ Trust (QQQ) Puts: The 4.90% short stake through Puts was established during Q4 2022 as QQQ traded between ~$260 and ~$294. The last quarter saw a one-third reduction as the underlying traded between ~$262 and ~$321. This quarter saw a ~160% stake increase as QQQ traded at prices between ~$310 and ~$370. QQQ currently trades at ~$366.SPDR S&P 500 ETF (SPY) Puts: The 3.66% of the portfolio short position through SPY Puts was established over the two quarters through Q1 2022 as the underlying traded between ~$416 and ~$478. The position was sold down by ~70% over the next two quarters as the underlying traded between ~$357 and ~$457. Q4 2022 saw the stake rebuilt as the underlying traded between ~$357 and ~$408 while the last quarter saw a ~45% reduction as SPY traded between ~$379 and ~$417. There was a ~165% stake increase this quarter as SPY traded at prices between ~$404 and ~$443. SPY is now at ~$446.Amazon.com (AMZN) & Calls: AMZN is a 1.56% of the portfolio position primarily built in H1 2021 at prices between ~$148 and ~$176. H2 2021 had seen a roughly one-third selling at prices between ~$159 and ~$187. There was a ~40% stake increase in Q2 2022 at prices between ~$102 and ~$168. The last two quarters saw a two-thirds reduction at prices between ~$82 and ~$121. The stock currently trades at ~$138. There was a ~9% stake increase this quarter.AerCap Holdings (AER), Aptiv plc (APTV), B. Riley Financial (RILY) Puts, Confluent Inc. (NET) Calls, Intuit (INTU), OKTA Inc. (OKTA) and PDD Holdings (PDD): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Horizon Therapeutics (HZNP): The large merger-arbitrage stake in HZNP was established during Q4 2022. Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 cash deal announced last December. FTC sued to block this deal in May. The position increased by ~60% last quarter while this quarter saw a ~28% reduction. It is currently the largest individual stock position at 5.28% of the portfolio.Alphabet Inc. (GOOG): GOOG is a 2.66% of the portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 saw another similar selling at prices between ~$71 and ~$86. There was a ~250% stake increase in the next quarter at prices between ~$86 and ~$107. H2 2021 had seen a ~50% reduction at prices between ~$133 and ~$151. Next quarter saw a one-third increase at prices between ~$127 and ~$148. That was followed with a ~80% stake increase during Q4 2022 at prices between ~$83.50 and ~$105. The last quarter saw a ~19% selling and that was followed with a ~3% trimming this quarter. The stock is now at ~$130.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Rivian Automotive (RIVN) & Calls: RIVN had an IPO in November 2021. Shares started trading at ~$100 and currently go for $21.57. Soros established the stake at prices between ~$85 and ~$130. Q1 2022 saw a ~30% stake increase while the next quarter saw a similar reduction. The last four quarters saw a ~80% reduction at prices between ~$12 and ~$40.Splunk (SPLK) Calls and Five9 (FIVN) Calls: The ~1% leveraged long stake in SPLK through Calls was increased by ~115% last quarter as the underlying traded between ~$83 and ~$110. The stock is now at $98.43. There was a ~10% trimming this quarter. FIVN Calls is a leveraged long 0.51% stake that saw a ~40% increase last quarter as the stock traded between ~$60 and ~$86. This quarter saw a ~43% reduction as FIVN traded between ~$51.50 and ~$82.50. There is an offsetting long Puts stake also established this quarter. FIVN is now at $70.49.iShares iBOXX High Yield Corporate Bond ETF (HYG) Puts: The 0.88% short position through Puts in HYG was increased by ~25% last quarter as the underlying traded between ~$73 and ~$77. The position was reduced by ~70% this quarter as HYG traded between ~$73.50 and ~$75.50. HYG is now at ~$75.Indie Semiconductor (INDI): The 0.44% INDI stake was built over the three quarters through Q2 2022 at prices between ~$5.35 and ~$16 and the stock currently trade at $7.49. The last quarter saw a ~63% reduction at prices between ~$5.80 and ~$11. There was a ~8% trimming this quarter.Booking Holdings (BKNG) and LPL Financial (LPLA): These two small positions were reduced this quarter.Kept Steady:Liberty Broadband (LBRDK): LBRDK is now at 1.74% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. The four quarters through Q3 2022 saw another roughly two-thirds reduction at prices between ~$74 and ~$191. The stock currently trades at ~$93.SPDR Index Euro Stocks ETF (FEZ): FEZ is a small ~1% of the portfolio stake established during Q4 2022 at prices between ~$30.50 and ~$41 and the stock currently trades at $45.33.Aramark Inc. (ARMK): The 0.82% ARMK stake saw a ~200% increase in 2021 at prices between ~$31.50 and ~$42.25. Q1 2022 saw a one-third reduction at prices between ~$33 and ~$38. The last quarter saw a two-thirds reduction at prices between ~$33 and ~$45. The stock is now at $39.19.CBOE Global Markets (CBOE): The small 0.57% stake in CBOE stake was kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2023:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/24/2023 to 5/16/2023: None."
"Tracking George Soros’s Portfolio – Q1 2023 Update"	"Soros' 13F portfolio value decreased from $7.26B to $6.49B this quarter. The number of positions decreased from 208 to 185.Soros increased Horizon Therapeutics and Splunk while decreasing Rivian, Amazon, Alphabet, and First Horizon.Horizon Therapeutics at 7.68% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 5/12/2023. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2022.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased ~11% this quarter from $7.26B to $6.49B. The number of positions decreased from 208 to 185. Very small stock positions and large debt holdings together account for ~64% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Horizon Therapeutics, Alphabet, and First Horizon. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:American Water Works (AWK) and Academy Sports and Outdoor (ASO): The 0.71% AWK stake was established this quarter at prices between ~$134 and ~$161 and the stock currently trades at ~$145. ASO is a 0.68% of the portfolio position purchased at prices between ~$51 and ~$66 and it is now at $55.83.Stake Disposals:Altra Industrial Motion and Signify Health: These two merger-arbitrage stakes were established last quarter. Regal Rexnord (RRX) acquired Altra Industrial Motion in a $62 cash deal announced last October. CVS Health (CVS) acquired Signify Health in a $30.50 cash deal announced last September. Both transactions closed in March.Capital One Financial (COF) Puts: The short position through Puts in COF was established last quarter as the underlying traded between ~$88 and ~$116. The position was closed this quarter as COF traded between ~$90 and ~$122. It is now at ~$91.Tesla (TSLA) and Calls: TSLA was a 0.56% of the portfolio position that saw a ~270% stake increase last quarter at prices between ~$109 and ~$265. The stake was sold this quarter at prices between ~$108 and ~$214. The stock currently trades at ~$167.D R Horton (DHI): The 0.85% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. There was a one-third selling over the two quarters through Q1 2022 at prices between ~$75 and ~$110. That was followed with a ~75% reduction last quarter at prices between ~$67 and ~$90. The disposal this quarter was at prices between ~$90 and ~$103. The stock currently trades at $112.Invesco QQQ Trust (QQQ) & Calls: The original large position in QQQ was built during the two quarters through Q3 2022 as it traded at prices between ~$267 and ~$369. Last quarter saw the position reduced by ~75% at prices between ~$260 and ~$294. The disposal this quarter was at prices between~ $262 and ~$321. It is now at ~$327.iShares Barclays 1-5yr Bond Fund (IGSB): The small 0.69% stake in IGSB was dropped this quarter.Stake Increases:Horizon Therapeutics (HZNP): The large merger-arbitrage stake in HZNP was established last quarter. Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 cash deal announced last December. Earlier this week, FTC sued to block this deal. The position was increased by ~60% this quarter and it is currently the largest 13F stake at 7.68% of the portfolio.iShares iBOXX Investment Grade Corporate Bond ETF (LQD) and iShares iBOXX High Yield Corporate Bond ETF (HYG) Puts: The LQD stake was increased by ~140% to a ~4% of the portfolio stake this quarter at prices between ~$105 and ~$112. LQD currently trades at ~$107. The 2.91% short position through Puts in HYG was increased by ~25% this quarter as the underlying traded between ~$73 and ~$77. HYG is now at ~$74. Soros increased exposure to high quality corporate bonds while shorting high yield corporate bonds.Splunk (SPLK) Calls and Five9 (FIVN) Calls: The ~1% leverage long stake in SPLK through Calls was increased by ~115% this quarter as the underlying traded between ~$83 and ~$110. It is now at $88.47. FIVN Calls is a leveraged long 0.78% stake that saw a ~40% increase this quarter as the stock traded between ~$60 and ~$86. FIVN is now at $54.50.Estee Lauder (EL): EL is a 0.60% of the portfolio position that saw a ~40% increase this quarter at prices between ~$235 and ~$281. The stock currently trades at ~$195.Booking Holdings (BKNG) and LPL Financial (LPLA): These two small positions saw minor increases this quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is a 2.34% of the portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 saw another similar selling at prices between ~$71 and ~$86. There was a ~250% stake increase next quarter at prices between ~$86 and ~$107. H2 2021 had seen a ~50% reduction at prices between ~$133 and ~$151. Next quarter saw a one-third increase at prices between ~$127 and ~$148. That was followed with a ~80% stake increase last quarter at prices between ~$83.50 and ~$105. This quarter saw a ~19% selling. The stock is now at ~$120.Note: Alphabet is a frequently traded stock in Soros’ portfolio.First Horizon (FHN): This ~2% merger-arbitrage stake was established last quarter. TD Bank (TD) offered to buy First Horizon in a $25 cash deal announced last February. The deal was called off earlier this month. The stake saw a ~14% trimming this quarter. The stock now trades at $10.25.Invesco QQQ Trust (QQQ) Puts: The 1.63% short stake through Puts was established last quarter as QQQ traded between ~$260 and ~$294. This quarter saw a one-third reduction as the underlying traded between ~$262 and ~$321. QQQ currently trades at $327.SPDR S&P 500 ETF (SPY) Puts: The 1.26% of the portfolio short position through SPY Puts was established over the two quarters through Q1 2022 as the underlying traded between ~$416 and ~$478. The position was sold down by ~70% over the next two quarters as the underlying traded between ~$357 and ~$457. The last quarter saw the stake rebuilt as the underlying traded between ~$357 and ~$408 while this quarter saw a ~45% reduction as SPY traded between ~$379 and ~$417. SPY is now at ~$410.Rivian Automotive (RIVN) & Calls: RIVN had an IPO in November 2021. Shares started trading at ~$100 and currently goes for $13.08. Soros established the stake at prices between ~$85 and ~$130. Q1 2022 saw a ~30% stake increase while next quarter saw a similar reduction. The last three quarters saw a ~75% reduction at prices between ~$13 and ~$40.Amazon.com (AMZN) & Calls: AMZN is a 1.13% of the portfolio position primarily built in H1 2021 at prices between ~$148 and ~$176. H2 2021 had seen a roughly one-third selling at prices between ~$159 and ~$187. There was a ~40% stake increase in Q2 2022 at prices between ~$102 and ~$168. The last two quarters saw a two-thirds reduction at prices between ~$82 and ~$121. The stock currently trades at ~$113.Bowlero Corp (BOWL) & wts: BOWL is a 0.78% of the portfolio position purchased in Q4 2021 at prices between ~$8.80 and ~$10.15 and the stock currently trades well above that range at $13.77. The last two quarters saw a ~15% reduction at prices between ~$10.60 and ~$15. That was followed with a ~63% reduction this quarter at prices between ~$13 and ~$17.Aramark Inc. (ARMK): The 0.68% ARMK stake saw a ~200% increase in 2021 at prices between ~$31.50 and ~$42.25. Q1 2022 saw a one-third reduction at prices between ~$33 and ~$38. This quarter saw a two-thirds reduction at prices between ~$33 and ~$45. The stock is now at $37.84.Indie Semiconductor (INDI): The 0.53% INDI stake was built over the three quarters through Q2 2022 at prices between ~$5.35 and ~$16 and the stock currently trades at $8.55. This quarter saw a ~63% reduction at prices between ~$5.80 and ~$11.Salesforce.com (CRM): The 0.52% of the portfolio CRM stake was built over the five quarters through Q3 2022 at prices between ~$144 and ~$310 and the stock currently trades at ~$205. This quarter saw a ~75% selling at prices between ~$135 and ~$200.SPDR S&P 500 (SPY) & Calls: A long position through SPY Calls was established in Q4 2021 as the underlying traded between ~$429 and ~$478. There was a ~50% stake increase in Q2 2022 as SPY traded between ~$366 and ~$457. The last quarter saw a ~25% selling as SPY traded between ~$357 and ~$408. The position was almost sold out this quarter as SPY traded between ~$379 and ~$417. It is now at ~$410.Intuit (INTU) and Kraneshares China Internet ETF (KWEB): These two small positions were reduced during the quarter.Kept Steady:Liberty Broadband (LBRDK): LBRDK is now at 1.75% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. The four quarters through Q3 2022 saw another roughly two-thirds reduction at prices between ~$74 and ~$191. The stock currently trades at $76.45.SPDR Index Euro Stocks ETF (FEZ): FEZ is a small 0.95% of the portfolio stake established last quarter at prices between ~$30.50 and ~$41 and the stock currently trade at $45.44.OKTA Inc. (OKTA) and CBOE Global Markets (CBOE): These two small stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2023:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/18/2022 to 2/24/2023: 13G/As – 2/13 – INDI – 8.75M shares – 7% of business, BOWL – 8.15M shares – 7.42% of business, TPBA - zero."
"Tracking George Soros’s Portfolio – Q4 2022 Update"	"Soros' 13F portfolio value increased from $5.86B to $7.26B this quarter. The number of positions decreased from 270 to 208.Soros increased Alphabet and Tesla while decreasing Rivian, Amazon, Nike, T-Mobile, and Biohaven.Horizon Therapeutics at 4.48% of the portfolio is the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 2/13/2023. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2022.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased ~24% this quarter from $5.86B to $7.26B. The number of positions decreased from 270 to 208. Very small stock positions and large debt holdings together account for ~64% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Horizon Therapeutics, Rivian Automotive, and First Horizon. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Altra Industrial Motion (AIMC), Horizon Therapeutics (HZNP), First Horizon (FHN), and Signify Health (SGFY): These merger-arbitrage stakes were established this quarter. Regal Rexnord (RRX) is buying Altra Industrial Motion in a $62 cash deal announced last October. It is now at $61.70. Amgen (AMGN) is acquiring Horizon Therapeutics in a $116.50 cash deal announced last December. The stock currently trades at ~$110. TD Bank (TD) is acquiring First Horizon in a $25 cash deal announced last February. CVS Health (CVS) is acquiring Signify Health in a $30.50 cash deal announced last September.Invesco QQQ Trust (QQQ) Puts and Capital One Financial (COF) Puts: These two short stakes through Puts were established this quarter. QQQ traded between ~$260 and ~$294 during the quarter and currently goes for ~$294. COF traded between ~$88 and ~$116 and it is now at ~$108.SPDR Index Euro Stocks ETF (FEZ): FEZ is a small 0.73% of the portfolio stake established at prices between ~$30.50 and ~$41 and the stock currently trade at $43.29.Stake Disposals:Select Sector Energy (XLE) Puts,: The 1.54% short position in XLE through Puts was established last quarter as it traded between $67.50 and $84. The disposal this quarter happened as the underlying traded between ~$72 and ~$94. It currently trades at ~$86.Alleghany Corp, ChemoCentryx Inc., Duke Realty, and Sierra Wireless: These merger-arbitrage stakes got disposed as those merger transactions closed. Berkshire Hathaway (BRK.B) acquired Alleghany in $848.02 per share all-cash deal that closed in October. ChemoCentryx got acquired by Amgen and the transaction closed last October. Prologis (PLD) acquired Duke Realty in an all-stock deal that closed in October. Sierra Wireless got acquired by Semtech Corporation (SMTC) in a $31 per share all-cash deal that closed in January.SPDR Portfolio Short-Term Corporate Bond ETF (SPSB) and Sea Limited (SE) Puts: These two small (less than ~0.70% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Alphabet Inc. (GOOG): GOOG is a 2.19% of the portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 saw another similar selling at prices between ~$71 and ~$86. There was a ~250% stake increase next quarter at prices between ~$86 and ~$107. H2 2021 had seen a ~50% reduction at prices between ~$133 and ~$151. Next quarter saw a one-third increase at prices between ~$127 and ~$148. That was followed with a ~80% stake increase this quarter at prices between ~$83.50 and ~$105. The stock is now at $92.31.Note: Alphabet is a frequently traded stock in Soros’ portfolio.SPDR S&P 500 ETF (SPY) Puts: The ~2 % of the portfolio short position through SPY Puts was established over the two quarters through Q1 2022 as the underlying traded between ~$416 and ~$478. The position was sold down by ~70% over the last two quarters as the underlying traded between ~$357 and ~$457.This quarter saw the stake rebuilt as the underlying traded between ~$357 and ~$408. SPY is now at ~$398.Tesla (TSLA) and Calls: TSLA is a 0.56% of the portfolio position that saw a ~270% stake increase this quarter at prices between ~$109 and ~$265. The stock currently trades at ~$191.Stake Decreases:Rivian Automotive (RIVN) & Calls: RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $15.72. Soros established the stake at prices between ~$85 and ~$130. Q1 2022 saw a ~30% stake increase while next quarter saw a similar reduction. It is their second-largest position at 3.64% of the portfolio. Last two quarters saw a ~20% reduction at prices between ~$17.75 and ~$40.Note: Rivian’s last funding round before the IPO was in early 2021 at a valuation of ~$28B. This is compared to current Enterprise Value of ~$5B. Rivian’s Enterprise Value is somewhat skewed as they have a huge net cash position of ~$12B and a lot of that would be consumed in Capex in the coming quarters.Aramark Inc. (ARMK): The ~2% ARMK stake saw a ~200% increase in 2021 at prices between ~$31.50 and ~$42.25. Q1 2022 saw a one-third reduction at prices between ~$33 and ~$38. The stock is now at $37.18. There was a ~7% trimming this quarter.Bowlero Corp (BOWL) & wts: BOWL is a 1.51% of the portfolio position purchased in Q4 2021 at prices between ~$8.80 and ~$10.15 and the stock currently trades well above that range at $15.90. Last two quarters saw a ~15% reduction at prices between ~$10.60 and ~$15.Note: Soros has a 7.42% ownership stake in the business.Salesforce.com (CRM): The 1.18% of the portfolio CRM stake was built over the last five quarters at prices between ~$144 and ~$310 and the stock currently trades at ~$187. This quarter saw a ~5% trimming.SPDR S&P 500 (SPY) Calls: The 1.16% of the portfolio long position through SPY Calls was established in Q4 2021 as the underlying traded between ~$429 and ~$478. There was a ~50% stake increase in Q2 2022 as SPY traded between ~$366 and ~$457. This quarter saw a ~25% selling as SPY traded between ~$357 and ~$408. It is now at ~$398.Amazon.com (AMZN): AMZN is a ~1% of the portfolio position primarily built in H1 2021 at prices between ~$148 and ~$176. H2 2021 had seen a roughly one-third selling at prices between ~$159 and ~$187. There was a ~40% stake increase in Q2 2022 at prices between ~$102 and ~$168. This quarter saw a ~55% reduction at prices between ~$82 and ~$121. The stock currently trades at ~$92.D R Horton (DHI): The 0.85% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Recent activity follows. There was a roughly one-third selling over the two quarters through Q1 2022 at prices between ~$75 and ~$110. That was a followed with a ~75% reduction this quarter at prices between ~$67 and ~$90. The stock currently trades at $90.79.Indie Semiconductor (INDI): The ~1% INDI stake was built over the three quarters through Q2 2022 at prices between ~$5.35 and ~$16 and the stock currently trades at $10.45. There was minor trimming in the last two quarters.Note: They have a ~7% ownership stake in Indie Semiconductor.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. The three quarters through Q2 2021 had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$256 and the stake is now very small at 0.51% of the portfolio. There was a ~12% trimming in the last two quarters.Invesco QQQ Trust (QQQ) & Calls: QQQ & Calls is now a small 0.47% stake. The original large position was built during the last two quarters as QQQ traded at prices between ~$267 and ~$369. This quarter saw the position reduced by ~75% as QQQ traded between ~$260 and ~$294. It is now at ~$294.FIGS Inc. (FIGS): FIGS had an IPO in June 2021. Shares started trading at ~$30 and currently goes for $6.98. Soros’ stake is at 0.29% of the portfolio. There was a ~42% selling in Q4 2021 at prices between ~$23 and ~$43 while next quarter there was a ~60% stake increase at prices between ~$13.50 and ~$27. That was followed with a ~45% increase over the last two quarters at prices between ~$7 and ~$23. This quarter saw the position reduced by ~25% at prices between ~$5.85 and ~$9.85.Biohaven Limited (BHVN): The original Biohaven stake was a merger-arbitrage position built over the last two quarters. Pfizer (PFE) acquired Biohaven in a $148.50 per share all-cash deal that closed last October. New Biohaven (BHVN) was spun-off simultaneously to shareholders of Biohaven in the ratio 2:1. The resultant position was almost sold out during the quarter.Accenture plc (ACN), Intuit (INTU), Nike Inc. (NKE), iShares Barclays 1-5yr Bond Fund (IGSB), and T-Mobile US (TMUS): These small (less than ~0.75% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Liberty Broadband (LBRDK): LBRDK is now at 1.46% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. Last four quarters saw another roughly two-thirds reduction at prices between ~$74 and ~$191. The stock currently trades at $85.44.Dish Network (DISH) Puts and Freshworks (FRSH): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2022:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/14/2022 to 11/18/2022: None."
"Tracking George Soros’s Portfolio – Q3 2022 Update"	"Soros' 13F portfolio value increased from $5.62B to $5.86B this quarter. The number of positions decreased from 271 to 270.Soros decreased D R Horton and Liberty Broadband during the quarter.Rivian Automotive at 9.19% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2022. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2022.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased ~4% this quarter from $5.62B to $5.86B. The number of positions decreased from 271 to 270. Very small stock positions and large debt holdings together account for ~44% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Rivian Automotive, Biohaven, and Duke Realty. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Select Sector Energy (XLE) Puts, ChemoCntryx Inc., and Sierra Wireless (SWIR): The short position in XLE through Puts was established this quarter as it traded between $67.50 and $84. It currently trades at $92.21. ChemoCentryx was a merger-arbitrage stake. It got acquired by Amgen and the transaction closed in October. SWIR is a small 0.73% merger-arbitrage stake. It is getting acquired by Semtech Corporation (SMTC) in a $31 per share all-cash deal announced in August.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Stake Disposals:American Campus Communities, GCP Applied Technology, Meritor Inc., Turning Point Therapeutics, and Welbilt Inc.: These were merger-arbitrage stakes. They were eliminated as their respective deals closed.Stake Increases:Biohaven Limited and Duke Realty: The large (top three) Biohaven stake was a merger-arbitrage stake built over the last two quarters. Pfizer (PFE) acquired Biohaven in a $148.50 per share all-cash deal that closed in October. New Biohaven (BHVN) was spun-off simultaneously to shareholders of Biohaven in the ratio 2:1. New Biohaven stock currently trades at $15.41. Duke Realty was a merger-arbitrage stake. Prologis (PLD) acquired Duke Realty in an all-stock deal that closed in October.Invesco QQQ Trust (QQQ) & Calls: QQQ & Calls is a 2.48% stake primarily built during the last two quarters at prices between ~$267 and ~$369. It is now at ~$289.Aramark Inc. (ARMK): The ~2% ARMK stake saw a ~200% increase last year at prices between ~$31.50 and ~$42.25. Q1 2022 saw a one-third reduction at prices between ~$33 and ~$38. The stock is now at $40.71. There was a marginal increase this quarter.Salesforce.com (CRM): The 1.66% of the portfolio CRM stake was built over the last five quarters at prices between ~$144 and ~$310 and the stock currently trades near the low end of that range at ~$152.FIGS Inc. (FIGS): FIGS had an IPO last June. Shares started trading at ~$30 and currently goes for $6.24. Soros’ stake is at 0.57% of the portfolio. There was a ~42% selling in Q4 2021 at prices between ~$23 and ~$43 while next quarter there was a ~60% stake increase at prices between ~$13.50 and ~$27. That was followed with a ~45% increase over the last two quarters at prices between ~$7 and ~$23.Accenture plc (ACN), Dish Network (DISH) Puts, Freshworks (FRSH), Intuit (INTU), Nike Inc. (NKE), and Sea Limited (SE) Puts: These small (less than ~0.70% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Rivian Automotive (RIVN) & Calls: RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for ~$30. Soros established the stake at prices between ~$85 and ~$130. Q1 2022 saw a ~30% stake increase while last quarter saw a similar reduction. It is by far their largest position at 9.19% of the portfolio. There was a ~8% trimming this quarter.Note: Rivian’s last funding round before the IPO was in early 2021 at a valuation of ~$28B. This is compared to current Enterprise Value of ~$16B. Rivian’s Enterprise Value is somewhat skewed as they have a huge net cash position of ~$13B and a lot of that would be consumed in Capex in the coming quarters.Amazon.com (AMZN): AMZN is a 3.82% of the portfolio position primarily built in H1 2021 at prices between ~$148 and ~$176. H2 2021 had seen a roughly one-third selling at prices between ~$159 and ~$187. There was a ~40% stake increase last quarter at prices between ~$102 and ~$168. The stock currently trades at ~$94. There was marginal trimming this quarter.D R Horton (DHI): The large ~3% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. The position has wavered. Recent activity follows. There was a roughly one-third selling over the two quarters through Q1 2022 at prices between ~$75 and ~$110. The stock currently trades at $84.50. This quarter also saw a ~12% trimming.Bowlero Corp (BOWL) & wts: BOWL is a 1.85% of the portfolio position purchased in Q4 2021 at prices between ~$8.80 and ~$10.15 and the stock currently trades at $12.85. There was a ~9% trimming this quarter.Note: Soros has a ~5% ownership stake in the business.Liberty Broadband (LBRDK): LBRDK is the third-largest individual stock position at 3.60% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. Last four quarters saw a roughly two-thirds reduction at prices between ~$74 and ~$191. The stock currently trades at ~$90.Alphabet Inc. (GOOG): GOOG is a 1.66% of the portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 saw another similar selling at prices between ~$71 and ~$86. There was a ~250% stake increase next quarter at prices between ~$86 and ~$107. H2 2021 had seen a ~50% reduction at prices between ~$133 and ~$151. Next quarter saw a one-third increase at prices between ~$127 and ~$148. The stock is now at ~$99. Last two quarters have seen only minor adjustments.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Indie Semiconductor (INDI): The ~1% INDI stake was built over the last three quarters at prices between ~$5.35 and ~$16 and the stock currently trades at $8.20. There was a minor ~4% trimming this quarter.Note: They have a ~7.7% ownership stake in Indie Semiconductor.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. The three quarters through Q2 2021 had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$226 and the stake is now very small at 0.69% of the portfolio. There was a minor ~5% trimming this quarter.SPDR S&P 500 ETF (SPY) Puts: The 0.61% of the portfolio short position through SPY Puts was established over the two quarters through Q1 2022 as the underlying traded between ~$416 and ~$478. The position was sold down by ~70% over the last two quarters as the underlying traded between ~$357 and ~$457. SPY is now at ~$402.Lucid Group (LCID) Puts, MicroStrategy (MSTR) Puts, Qualcomm (QCOM), and T-Mobile US (TMUS): These small (less than ~0.75% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Alleghany Corp: Alleghany was a merger -arbitrage stake. Berkshire Hathaway (BRK.B) acquired Alleghany in $848.02 per share all-cash deal that closed in October. The deal was announced in March.SPDR S&P 500 (SPY) Calls: The ~1.83% of the portfolio long position through SPY Calls was established in Q4 2021 as the underlying traded between ~$429 and ~$478. There was a ~50% stake increase last quarter as SPY traded between ~$366 and ~$457. It is now at ~$402.iShares Barclays 1-5yr Bond Fund (IGSB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q3 2022:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/16/2022 to 8/14/2022: 13G – 6/10 – Acorda Therapeutics – ACOR - zero. 13G – 5/27 – INDI - 9.4M shares – 8.1% of business."
"Tracking George Soros’s Portfolio – Q2 2022 Update"	"Soros' 13F portfolio value decreased from $6.57B to $5.62B this quarter. The number of positions decreased from 273 to 271.Soros increased Alphabet, Amazon.com, and Salesforce.com while reducing Rivian and Liberty Broadband.They also increased the leveraged long positions on the Nasdaq 100 Index and the S& P 500 Index.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 8/12/2022. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2022.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value decreased ~15% this quarter from $6.57B to $5.62B. The number of positions decreased from 273 to 271. Very small stock positions and large debt holdings together account for ~44% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Rivian Automotive, Amazon.com, and Liberty Broadband. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:American Campus Communities, Alleghany Corp (Y), Biohaven Pharma (BHVN), GCP Applied Technology (GCP), Meritor Inc., Turning Point Therapeutics (TPTX), and Welbilt Inc. : These are merger-arbitrage stakes established during the quarter. Combined they are at ~12% of the 13F portfolio.Lucid Group (LCID) Puts, MicroStrategy (MSTR) Puts, and Sea Limited (SE) Puts: These are small (less than ~0.70% of the portfolio each) short positions through Puts established this quarter.Stake Disposals:Invesco QQQ Trust (QQQ) Puts: The 5.52% short position through QQQ Puts was established in Q4 2021 as the underlying traded between ~$353 and ~$404. Last quarter saw a ~40% stake increase as QQQ traded between ~$318 and ~$402. The disposal this quarter happened as the underlying traded between ~$271 and ~$369. It currently trades at ~$323.Note 1: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Note 2: A significant ~2% of the portfolio long stake in QQQ was built during the quarter.Cerner Corporation, MGM Growth Properties, and Zynga: These merger-arbitrage stakes got eliminated as their corresponding merger deals closed during the quarter.SPDR Energy (XLE) Puts: The 0.58% short position though SPDR Energy ETF Puts was established last quarter as the underlying traded between ~$57 and ~$79. It was eliminated this quarter as the underlying traded between ~$71 and ~$92. It currently trades at $79.46.iShares Trust iBoxx ETF (LQD): The 0.75% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. Q2 2021 saw a roughly two-thirds reduction at prices between ~$130 and ~$134. There was a ~30% selling last quarter at prices between ~$118 and ~$131. The disposal this quarter was at prices between ~$107 and ~$122. The stock currently trades at ~$112.Stake Increases:Amazon.com (AMZN): AMZN is a 3.79% of the portfolio position primarily built in H1 2021 at prices between ~$148 and ~$176. H2 2021 had seen a roughly one-third selling at prices between ~$159 and ~$187. There was a ~40% stake increase this quarter at prices between ~$102 and ~$168. The stock currently trades at ~$138.SPDR S&P 500 (SPY) Calls and Invesco QQQ Trust (QQQ) & Calls: The ~2% of the portfolio long position through SPY Calls was established in Q4 2021 as the underlying traded between ~$429 and ~$478. There was a ~50% stake increase this quarter as SPY traded between ~$366 and ~$457. It is now at ~$422. QQQ & Calls is a 2.11% stake primarily built this quarter at prices between ~$271 and ~$369. It is now at ~$323.Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 saw another similar selling at prices between ~$71 and ~$86. There was a ~250% stake increase next quarter at prices between ~$86 and ~$107. H2 2021 had seen a ~50% reduction at prices between ~$133 and ~$151. Last quarter saw a one-third increase at prices between ~$127 and ~$148. The stock is now at ~$118. This quarter also saw a ~10% increase.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Salesforce.com (CRM): The 1.84% of the portfolio CRM stake was built over the last four quarters at prices between ~$156 and ~$310 and the stock currently trades at ~$184.Bowlero Corp (BOWL) & wts: BOWL is a 1.82% of the portfolio position purchased in Q4 2021 at prices between ~$8.80 and ~$10.15 and the stock currently trades at ~$12. There was a minor ~2% increase this quarter.Note: Soros has a 5.4% ownership stake in the business.Indie Semiconductor (INDI): The ~1% INDI stake was built over the last three quarters at prices between ~$5.35 and ~$16 and the stock currently trades at $7.58.Note: They have a ~8% ownership stake in Indie Semiconductor.FIGS Inc. (FIGS): FIGS had an IPO last June. Shares started trading at ~$30 and currently goes for $10.80. Soros’ stake is at 0.57% of the portfolio. There was a ~42% selling in Q4 2021 at prices between ~$23 and ~$43 while last quarter there was a ~60% stake increase at prices between ~$13.50 and ~$27. That was followed with a ~20% increase this quarter at prices between ~$7 and ~$23.Accenture plc (ACN), Freshworks (FRSH), Intuit (INTU), Nike Inc. (NKE), Qualcomm (QCOM), and T-Mobile US (TMUS): These small (less than ~0.75% of the portfolio each) positions were increased during the quarter.Stake Decreases:Rivian Automotive (RIVN) & Calls: RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $34.45. Soros established the stake at prices between ~$85 and ~$130. Last quarter saw a ~30% stake increase while this quarter saw a similar reduction. It is by far their largest position at ~8% of the portfolio.Note: Rivian’s last funding round before the IPO was in early 2021 at a valuation of ~$28B. This is compared to current Enterprise Value of ~$18B. Rivian’s Enterprise Value is somewhat skewed as they have a huge net cash position of ~$15B and a lot of that would be consumed in Capex in the coming quarters.Liberty Broadband (LBRDK): LBRDK is the third-largest individual stock position at 3.60% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. Last three quarters saw a ~55% selling at prices between ~$103 and ~$177. The stock currently trades at ~$114.D R Horton (DHI): The large (top five) 3.51% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. The position has wavered. Recent activity follows. There was a roughly one-third selling over the last two quarters at prices between ~$75 and ~$110. The stock currently trades at $74.28. This quarter also saw marginal trimming.SPDR S&P 500 ETF (SPY) Puts: The 1.34% of the portfolio short position through SPY Puts was established over the last two quarters as the underlying traded between ~$416 and ~$478. The position was sold down by ~45% this quarter as the underlying traded between ~$366 and ~$457. SPY is now at ~$422.Kept Steady:Aramark Inc. (ARMK): The ~2% ARMK stake saw a ~200% increase last year at prices between ~$31.50 and ~$42.25. Last quarter saw a one-third reduction at prices between ~$33 and ~$38. The stock is now at $37.57.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. The three quarters through Q2 2021 had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$224 and the stake is now very small at 0.64% of the portfolio.iShares Barclays 1-5yr Bond Fund (IGSB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2022:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/14/2022 to 5/16/2022: None."
"Tracking George Soros’s Portfolio – Q1 2022 Update"	"Soros' 13F portfolio value decreased ~12% from $7.31B to $6.57B this quarter. The number of positions decreased from 279 to 273.Soros increased Rivian and Alphabet while decreasing Liberty Broadband, D R Horton, and Aramark.They also increased short positions on the Nasdaq 100 Index and the S& P 500 Index.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 5/13/2022. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2021.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value decreased ~12% this quarter from $7.31B to $6.57B. The number of positions decreased from 279 to 273. Very small stock positions and large debt holdings together account for ~36% of the 13F holdings. The investments are diversified with a large number of very small equity positions including several SPACs, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Rivian Automotive, Liberty Broadband, and Cerner Corporation. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Zynga (ZNGA), SPDR Energy (XLE) Puts, and Freshworks (FRSH): ZNGA is a 1.86% of the portfolio merger-arbitrage stake established this quarter. Take-Two Interactive (TTWO) is acquiring Zynga in a cash-and-stock deal ($3.50 per share cash and 0.0406 shares of TTWO per ZNGA, assuming VWAP of TTWO stays below the $156.50 threshold on the collar). ZNGA traded between ~$6 and ~$9.25 during the quarter and currently goes for $7.92. The 0.58% short position though SPDR Energy ETF Puts was established as the underlying traded between ~$57 and ~$79. It currently trades at $82.91. FRSH is a 0.53% of the portfolio stake purchased at prices between ~$16 and ~$26 and it is now just below that range at $15.32.Stake Disposals:IHS Markit: IHS Markit was a fairly large 5.36% of the portfolio merger-arbitrage position purchased last year at prices between ~$97 and ~$135. S&P Global (SPGI) acquired IHS Markit in an all-stock (0.2838 shares of SPGI for each share of IHS Markit held) deal that closed in February.Nuance Communications: Nuance was a 2.16% of the portfolio merger-arbitrage stake. Microsoft (MSFT) acquired Nuance in a $56 all-cash deal that closed in February.General Motors (GM): The ~1% of the portfolio GM stake saw a ~300% stake increase in Q3 2021 at prices between ~$48 and ~$59. Last quarter saw a ~45% selling at prices between ~$53 and ~$65. The disposal this quarter at prices between ~$40 and ~$66. The stock currently trades at $37.10.Activision Blizzard (ATVI): ATVI is a 0.92% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The two quarters through Q1 2021 had seen a one-third stake increase at prices between ~$75 and ~$104. Last quarter saw a ~28% selling at prices between ~$57 and ~$81. The remainder was sold this quarter at prices between ~$63 and ~$82. The stock currently trades at ~$78.Note: Microsoft (MSFT) is buying Activision Blizzard in a $95 all-cash deal announced in January.Stake Increases:Rivian Automotive (RIVN) & Calls: RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $24.86. Soros established the stake at prices between ~$85 and ~$130. This quarter saw a ~30% stake increase at prices between ~$36 and ~$103. It is by far their largest position at ~20% of the portfolio.Note: Rivian’s last funding round before the IPO was in early 2021 at a valuation of ~$28B. This is compared to current Enterprise Value of ~$10B. Rivian’s Enterprise Value is somewhat skewed as they have a huge net cash position of ~$15B and a lot of that would be consumed in Capex in the coming quarters.Invesco QQQ Trust (QQQ) Puts and SPDR S&P 500 ETF (SPY) Puts: The 5.52% short position through QQQ Puts was established last quarter as the underlying traded between ~$353 and ~$404. This quarter saw a ~40% stake increase as QQQ traded between ~$318 and ~$402. It currently trades at ~$298. The 2.40% of the portfolio short position through SPY Puts was established over the last two quarters as the underlying traded between ~$416 and ~$478 and it is now at ~$400.Note 1: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Note 2: These two stakes are partially offset by smaller stakes in QQQ Calls and SPY Calls.Cerner Corporation (CERN): CERN is a 3.89% of the portfolio merger-arbitrage stake established last quarter. Oracle (ORCL) is acquiring Cerner in a $95 cash tender offer made in December. This quarter saw a ~135% stake increase at prices between ~$91 and ~$94. The stock is currently at $94.11.Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Q4 2020 saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase next quarter at prices between ~$1728 and ~$2138. Last two quarters had seen a ~50% reduction at prices between ~$2665 and ~$3014. This quarter saw a one-third increase at prices between ~$2529 and ~$2961. The stock is now at ~$2296.Note: Alphabet is a frequently traded stock in Soros’ portfolio.MGM Growth Properties: MGM Growth Properties was a ~2% of the portfolio merger arbitrage stake. Vici Properties (VICI) acquired MGM Growth Properties in an all-stock deal (1.366 shares of VICI for each MGP held) that closed last month.FIGS Inc. (FIGS): FIGS had an IPO last June. Shares started trading at ~$30 and currently goes for $9.67. Soros’ stake is at 0.95% of the portfolio. There was a ~42% selling last quarter at prices between ~$23 and ~$43 while this quarter there was a ~60% stake increase at prices between ~$13.50 and ~$27.Salesforce.com (CRM): The 0.85% of the portfolio CRM stake was built over the last three quarters at prices between ~$190 and ~$310 and the stock currently trades well below that range at ~$164.Accenture plc (ACN), Indie Semiconductor (INDI), and Nike Inc. (NKE): These three small (less than ~0.65% of the portfolio each) positions were increased substantially during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the second-largest individual stock position at 5.49% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. Last two quarters saw a ~30% selling at prices between ~$135 and ~$177. The stock currently trades at ~$116.Amazon.com (AMZN): AMZN is a 3.51% of the portfolio position primarily built in H1 2021 at prices between ~$2952 and ~$3511. The stock currently trades well below that range at ~$2216. Last two quarters had seen a roughly one-third selling at prices between ~$3188 and ~$3731. This quarter also saw a ~5% trimming.D R Horton (DHI): The large (top five) 3.42% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase next quarter at prices between ~$54 and ~$78. The two quarters through Q1 2021 had also seen a ~45% increase at prices between ~$65 and ~$90. There was a roughly one-third selling over the last two quarters at prices between ~$75 and ~$110. The stock currently trades at $68.37.Aramark Inc. (ARMK): The ~2% ARMK stake saw a ~200% increase over the last four quarters at prices between ~$31.50 and ~$42.25. This quarter saw a one-third reduction at prices between ~$33 and ~$38. The stock is now at $33.63.iShares Trust iBoxx ETF (LQD): The 0.75% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. Q2 2021 saw a roughly two-thirds reduction at prices between ~$130 and ~$134. There was a ~30% selling this quarter at prices between ~$118 and ~$131. The stock currently trades at ~$112.T-Mobile US (TMUS): The 0.56% TMUS position was primarily built in Q2 2020 at prices between $82 and $110. There was a ~60% selling next quarter at prices between ~$104 and ~$119. That was followed with a ~18% selling in Q2 2021 at prices between ~$128 and ~$147. Q3 2021 saw a ~20% stake increase at prices between ~$125 and ~$149 while last quarter there was a ~45% selling at prices between ~$107 and ~$127. The stock is now at ~$127. This quarter saw a minor ~2% trimming.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. The three quarters through Q2 2021 had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$171 and the stake is now very small at 0.54% of the portfolio. This quarter also saw a ~6% trimming.Elanco Animal Health (ELAN), Opendoor Technologies (OPEN), and Proterra Inc. (PTRA): These three very small (less than ~0.50% of the portfolio each) stakes were reduced substantially this quarter.Kept Steady:Bowlero Corp (BOWL) & wts: BOWL is a 1.53% of the portfolio position purchased last quarter at prices between ~$8.80 and ~$10.15 and the stock currently trades at $10.60. Bowlero came to market through a SPAC transaction with Isos Acquisition that closed in December.Note: Soros has a 5.4% ownership stake in the business.SPDR S&P 500 (SPY) Calls: The 1.37% of the portfolio long position through SPY Calls was established last quarter as the underlying traded between ~$429 and ~$478 and it is now at ~$400.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 0.88% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Next quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $51.06.SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): The very small 0.51% stake in SPSB was kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2022:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/18/2021 to 2/14/2022: 13G/A – 2/11 – TPBA – 1.31M shares – 7.28% of business, 13G & Form 3 – 12/16 – BOWL – 9.47M shares – 5.4% of business, Form 3 - 2.9M shares ."
"Tracking George Soros’s Portfolio – Q4 2021 Update"	"Soros' 13F portfolio value increased from $5.42B to $7.31B this quarter. The number of positions increased from 250 to 279.Soros added Rivian Automotive during the quarter.They also added a fairly large short position on the Nasdaq 100 thru Puts on Invesco QQQ ETF. Simultaneously, they almost eliminated Calls on the same ETF.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 2/11/2022. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2021.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased ~35% this quarter from $5.42B to $7.31B. The number of positions increased from 250 to 279. Very small stock positions and large debt holdings together account for ~22% of the 13F holdings. The investments are diversified with a large number of very small equity positions including several SPACs, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Rivian Automotive, Liberty Broadband, and D R Horton. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Rivian Automotive (RIVN): RIVN had an IPO in November. Shares started trading at ~$100 and currently goes for $64.74. Soros acquired the shares at prices between ~$85 and ~$130.Note: Rivian’s last funding round before the IPO was done in early 2021 at a valuation of ~$28B. This is compared to the current valuation of ~$60B.Invesco QQQ Trust (QQQ) Puts and SPDR S&P 500 (SPY) Calls: A ~4% of the portfolio short position through QQQ Puts was established this quarter as the underlying traded between ~$353 and ~$404. It currently trades at ~$346. The 1.30% of the portfolio long position through SPY Calls was established as the underlying traded between ~$429 and ~$478 and it is now at ~$437.Note 1: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Note 2: These two stakes are partially offset by much smaller stakes in QQQ Calls and SPY Puts.Cerner Corporation (CERN): CERN is a 1.49% of the portfolio merger-arbitrage stake established this quarter. Oracle (ORCL) is acquiring Cerner in a $95 cash tender offer made in December. The stock is currently at $91.71.Bowlero Corp (BOWL) & wts: BOWL is a 1.16% of the portfolio position purchased at prices between ~$8.80 and ~$10.15 and the stock currently trades at $9.16. Bowlero came to market in December through a SPAC transaction with Isos Acquisition that closed in December.Note: Soros has a 5.4% ownership stake in the business.Stake Disposals:SPDR Energy ETF (XLE) & Calls: The 1.59% position was established last quarter as XLE traded between ~$46 and ~$55. The disposal this quarter happened as XLE traded between ~$52 and ~$59. The stock currently trades at $68.47.Hill-Rom Holdings, PPD Inc. and Vereit Inc.: These two were merger-arbitrage stakes. Baxter International (BAX) bought Hill-Rom Holdings for a $156 per share all-cash deal that closed in December. Realty Income (O) acquired Vereit in an all-stock (0.705 shares of Realty Income for each Vereit held) deal that closed in November.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 1.74% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50. That was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Q2 2020 saw a ~25% stake increase at prices between $13.75 and $23 while in Q4 2020 there was a 45% reduction at prices between $22.50 and $26.60. Q2 2021 saw another ~70% selling at prices between ~$28 and ~$33 while last quarter there was a ~30% stake increase at prices between ~$28.50 and ~$32. The disposal this quarter was at prices between ~$26.75 and ~$30.25. The stock currently goes for $27.91.Quantumscape (QS): QS was a 0.45% of the portfolio stake established in Q4 2020 as the shares traded between ~$12 and ~$132. The position was reduced by ~50% in Q2 2021 at prices between ~$24 and ~$49. That was followed with a ~40% selling last quarter at prices between ~$19.30 and ~$27.70. The elimination this quarter was at prices between ~$20.50 and ~$40.60. The stock currently trades at $16.16.Stake Increases:IHS Markit Ltd. (INFO): INFO is a fairly large 5.36% of the portfolio position purchased over the last three quarters at prices between ~$97 and ~$135 and the stock currently trades at ~$108. There was a ~15% stake increase this quarter.Note: S&P Global (SPGI) is acquiring IHS Markit in an all-stock (0.2838 shares of SPGI for each INFO held) deal announced in November 2020.Aramark Inc. (ARMK): The 2.72% ARMK stake saw a ~200% increase over the last four quarters at prices between ~$31.50 and ~$42.25. The stock is now at $37.60.Nuance Communications (NUAN): NUAN is a 2.16% of the portfolio merger-arbitrage stake. Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced last April. It currently trades at $55.18. There was a marginal increase this quarter.Proterra Inc. (PTRA): PTRA is a ~1% of the portfolio position established in Q2 2021 at prices between ~$13.30 and ~$19 and the stock currently trades at $8.73.Note: ArcLight Clean Transition, a SPAC merged with Proterra in a transaction that closed last June. Soros had a very small position in ArcLight units.MGM Growth Properties (MGP): MGP is a ~1% of the portfolio merger arbitrage stake. Vici Properties (VICI) is acquiring MGM Growth Properties in an all-stock deal (1.366 shares of VICI for each MGP held) announced last August. It currently trades at $37.98.Ally Financial (ALLY), Elanco Animal Health (ELAN), Indie Semiconductor (INDI), Opendoor Technologies (OPEN), and Salesforce.com (CRM): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the second-largest individual stock position by far at 7.16% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has almost tripled and is currently trading at ~$149. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. That was followed with minor trimming in the last two quarters. This quarter saw a ~17% selling at prices between ~$149 and ~$177.D R Horton (DHI): The large (top three) 5.39% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase next quarter at prices between ~$54 and ~$78. The two quarters through Q1 2021 had also seen a ~45% increase at prices between ~$65 and ~$90. There was a ~16% selling this quarter at prices between ~$83 and ~$110. The stock currently trades at ~$82.75.Amazon.com (AMZN): AMZN is a 3.39% of the portfolio position primarily built in H1 2021 at prices between ~$2952 and ~$3511. The stock currently trades at ~$3093. Last two quarters have seen a roughly one-third selling at prices between ~$3188 and ~$3731.Alphabet Inc. (GOOG): GOOG is a 1.46% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Q4 2020 saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase next quarter at prices between ~$1728 and ~$2138. Last two quarters have seen a ~50% reduction at prices between ~$2665 and ~$3014. The stock is now at ~$2646.Note: Alphabet is a frequently traded stock in Soros’ portfolio.General Motors (GM): The ~1% of the portfolio GM stake saw a ~300% stake increase last quarter at prices between ~$48 and ~$59. This quarter saw a ~45% selling at prices between ~$53 and ~$65. The stock currently trades at $48.82.Activision Blizzard (ATVI): ATVI is a 0.92% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The two quarters through Q1 2021 had seen a one-third stake increase at prices between ~$75 and ~$104. This quarter saw a ~28% selling at prices between ~$57 and ~$81. The stock currently trades at ~$81.Note: Microsoft (MSFT) is buying ATVI in a $95 all-cash deal announced in January.FIGS Inc. (FIGS): FIGS had an IPO last June. Shares started trading at ~$30 and currently goes for $17.29. Soros’ stake is at 0.68% of the portfolio. There was a ~42% selling this quarter at prices between ~$23 and ~$43.T-Mobile US (TMUS): The 0.46% TMUS position was primarily built in Q2 2020 at prices between $82 and $110. There was a ~60% selling next quarter at prices between ~$104 and ~$119. That was followed with a ~18% selling in Q2 2021 at prices between ~$128 and ~$147. Last quarter saw a ~20% stake increase at prices between ~$125 and ~$149 while this quarter there was a ~45% selling at prices between ~$107 and ~$127. The stock is now at ~$125.Marqeta Inc. (MQ): MQ had an IPO last June. Shares started trading at ~$30.50 and it is now at $10.43. Soros’ 1.63% of the portfolio stake was reduced by ~75% to a very small 0.24% of the portfolio stake this quarter at prices between ~$16 and ~$33.Analog Devices (ADI), Focus Financial Partners (FOCS), Hain Celestial Group (HAIN), Invesco QQQ Trust (QQQ) & Calls, Synchrony Financial (SYF), SPDR S&P 500 ETF (SPY) Puts, and Walt Disney (DIS) ): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:iShares Trust iBoxx ETF (LQD): The ~1% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. Q2 2021 saw a roughly two-thirds reduction at prices between ~$130 and ~$134. The stock currently trades at ~$123.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 0.82% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Next quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $52.72.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. The three quarters through Q2 2021 had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$183 and the stake is now very small at 0.45% of the portfolio.iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These two very small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/17/2021 to 11/18/2021: 13G/A – 8/20/2021 – TPBA – TPB Acquisition – 1.31M shares – 7.28% of business."
"Tracking George Soros’s Portfolio – Q3 2021 Update"	"Soros' 13F portfolio value decreased from $5.93B to $5.42B this quarter. The number of positions decreased from 257 to 250.Soros increased General Motors and Aramark while reducing Amazon.com, Alphabet, and Invesco QQQ Trust ETF.Liberty Broadband at ~12% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/12/2021. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2021.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value decreased ~9% this quarter from $5.93B to $5.42B. The number of positions decreased from 257 to 250. Very small stock positions and large debt holdings together account for ~21% of the 13F holdings. The investments are diversified with a large number of very small equity positions including several SPACs, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, D R Horton, and Invesco QQQ Trust ETF. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:SPDR Energy ETF (XLE) & Calls: The 1.59% position was established during the quarter as XLE traded between ~$46 and ~$55. The stock currently trades at $56.89.Note 1: XLE is back in the portfolio after a quarter’s gap. A 2.12% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. Q1 2021 saw a ~7% stake increase while last quarter saw the position sold out at prices between ~$47 and ~$56.Note 2: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Hill-Rom Holdings (HRC) and MGM Growth Properties (MGP): These are merger-arbitrage stakes established this quarter. Baxter International (BAX) is buying Hill-Rom Holdings for $156 per share all-cash deal announced in early September. Vici Properties (VICI) is acquiring MGM Growth Properties in an all-stock deal (1.366 shares of VICI for each MGP held) announced in August. HRC and MGP currently trade at $155.50 and $39.43 respectively.Stake Disposals:Maxim Integrated: Maxim was a 1.93% merger-arbitrage stake primarily built last quarter at prices between ~$90 and ~$105. Analog Devices (ADI) acquired Maxim Integrated in an all-stock (0.63 shares of ADI for each Maxim held) deal that closed in August.Otis Worldwide (OTIS): The 0.83% OTIS sake was purchased in Q2 2020 at prices between $44 and $61. Next quarter saw a one-third selling at prices between ~$56 and ~$65. Q1 2021 also saw a ~20% reduction at prices between ~$62 and ~$70. The disposal this quarter was at prices between ~$82 and ~$92. The stock is now at $86.23.Alexion Pharmaceuticals (ALXN) & Puts: The ~0.75% net-long merger-arbitrage stake in Alexion was eliminated as the merger with AstraZeneca closed in July.Clarivate plc (CLVT), International Flavors & Fragrances (IFF), SPDR S&P Oil & Gas ETF (XOP) Puts, and Upstart Holdings (UPST): These very small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:D R Horton (DHI): The large (top three) 6.70% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase next quarter at prices between ~$54 and ~$78. The two quarters through Q1 2021 had also seen a ~45% increase at prices between ~$65 and ~$90. The stock currently trades at ~$102. Last two quarters have seen only minor adjustments.IHS Markit Ltd. (INFO): INFO is a fairly large 5.26% of the portfolio position purchased over the last two quarters at prices between ~$97 and ~$125 and the stock currently trades at ~$130.Note: S&P Global (SPGI) is acquiring IHS Markit in an all-stock (0.2838 shares of SPGI for each INFO held) deal announced last November.Nuance Communications (NUAN), PPD Inc. (PPD), and Vereit Inc.: These merger-arbitrage stakes were increased during the quarter. Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced in April. PPD is being acquired by Thermo Fisher Scientific (TMO) in a $47.50 all-cash deal announced in April. Realty Income (O) acquired Vereit in an all-stock (0.705 shares of Realty Income for each Vereit held) deal that closed earlier this month. Nuance and PPD currently trade at $55.44 and $47.33 respectively.General Motors (GM): The 2.27% of the portfolio GM stake saw a ~300% stake increase this quarter at prices between ~$48 and ~$59. The stock currently trades at $62.33.Aramark Inc. (ARMK): The 1.86% ARMK stake saw a ~75% increase over the last three quarters at prices between ~$31.50 and ~$42.25. The stock is now at $36.89.T-Mobile US (TMUS): The 1.27% TMUS position was primarily built in Q2 2020 at prices between $82 and $110. There was a ~60% selling next quarter at prices between ~$104 and ~$119. That was followed with a ~18% selling last quarter at prices between ~$128 and ~$147. This quarter saw a ~20% stake increase at prices between ~$125 and ~$149. The stock is now at ~$117.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 1.74% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50. That was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Q2 2020 saw a ~25% stake increase at prices between $13.75 and $23 while in Q4 2020 there was a 45% reduction at prices between $22.50 and $26.60. Last quarter saw another ~70% selling at prices between ~$28 and ~$33 while this quarter there was a ~30% stake increase at prices between ~$28.50 and ~$32. The stock currently goes for ~$29.25.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. Last three quarters had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$167 and the stake is now very small at 0.59% of the portfolio. There was a marginal increase this quarter.Ally Financial (ALLY), Analog Devices (ADI), Focus Financial Partners (FOCS), Salesforce.com (CRM), and Synchrony Financial (SYF): These very small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at 12.44% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has tripled and is currently trading at ~$166. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. That was followed with minor trimming in the last two quarters.Invesco QQQ Trust (QQQ): QQQ is a large 6.58% of the portfolio stake established in Q3 2020 at prices between $250 and $303 and it currently trades at ~$402. There was a one-third increase in Q1 2021 at prices between ~$300 and ~$337. Last two quarters have seen a one-third reduction as QQQ traded between $317 and $382.Amazon.com (AMZN): AMZN is a large 5.58% of the portfolio position primarily built over the last two quarters at prices between ~$2952 and ~$3511. The stock currently trades at ~$3696. There was a ~15% trimming this quarter.Alphabet Inc. (GOOG): GOOG is a 2.94% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Q4 2020 saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase next quarter at prices between ~$1728 and ~$2138. The stock is now at ~$3014. This quarter saw a ~15% trimming.Note: Alphabet is a frequently traded stock in Soros’ portfolio.FIGS Inc. (FIGS): FIGS had an IPO in June. Shares started trading at ~$30 and currently goes for $30.72. Soros’ stake is at 2.14% of the portfolio. This quarter saw marginal trimming.SPDR S&P 500 ETF (SPY) Puts: The bulk of the 2.58% of the portfolio short position through SPY Puts were purchased in H1 2021 as the underlying traded between ~$396 and ~$430. SPY currently trades at ~$470. There was a ~25% selling this quarter as SPY traded between ~$425 and ~$453.Activision Blizzard (ATVI): ATVI is a ~2% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The stock currently trades at $62.67. The two quarters through Q1 2021 had seen a one-third stake increase at prices between ~$75 and ~$104. Last two quarters have seen only minor adjustments.Hain Celestial Group (HAIN): The ~1% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades well above that range at ~$42. Q4 2020 saw a ~50% selling at prices between $30.75 and $40.50. That was followed with a similar reduction next quarter at prices between ~$40 and ~$45. There was a ~25% stake increase last quarter at around the same price range. This quarter saw a ~10% trimming.Quantumscape (QS): QS is a 0.45% of the portfolio stake established in Q4 2020 as the shares traded between ~$12 and ~$132. The position was reduced by ~50% last quarter at prices between ~$24 and ~$49. That was followed with a ~40% selling this quarter at prices between ~$19.30 and ~$27.70. The stock currently trades at $33.86.Elanco Animal Health (ELAN), Magellan Health (MGLN), Opendoor Technologies (OPEN), and Walt Disney (DIS): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Marqeta Inc. (MQ): MQ is a 1.63% of the portfolio position. They had an IPO in June. Shares started trading at ~$30.50 and it is now at $23.95.Proterra Inc. (PTRA): PTRA is a 1.45% of the portfolio position established last quarter at prices between ~$13.30 and ~$19 and the stock currently trades just below that range at $12.14.Note: ArcLight Clean Transition, a SPAC merged with Proterra in a transaction that closed in June. Soros had a very small position in ArcLight units.iShares Trust iBoxx ETF (LQD): The 1.43% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. Last quarter saw a roughly two-thirds reduction at prices between ~$130 and ~$134. The stock currently trades at ~$133.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a ~1% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Next quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $54.15.Didi Global (DIDI), iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q3 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/23/2021 thru 8/17/2021: None."
"Tracking George Soros’s Portfolio – Q2 2021 Update"	"Soros' 13F portfolio value increased from $5.33B to $5.93B this quarter. The number of positions increased from 229 to 257.Soros increased Amazon.com while reducing Quantumscape and dropping Baidu, Tencent Music Group, ViacomCBS, and Vipshop Holdings.Liberty Broadband at ~12% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 8/13/2021. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2021.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased ~11% this quarter from $5.33B to $5.93B. The number of positions increased from 229 to 257. Very small stock positions and large debt holdings together account for ~23% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, D R Horton, and Amazon.com. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:FIGS Inc. (FIGS): FIGS had an IPO in June. Shares started trading at ~$30 and currently goes for $36.75. Soros’ stake is fairly large at 2.68% of the portfolio.IHS Markit Ltd. (INFO): INFO is a fairly large 2.56% of the portfolio position purchased at prices between ~$97 and ~$113 and the stock currently trades at ~$118.Note: S&P Global (SPGI) is acquiring IHS Markit in an all-stock (0.2838 shares of SPGI for each INFO held) deal announced last November.Proterra Inc. (PTRA): PTRA is a 2.24% of the portfolio position established this quarter at prices between ~$13.30 and ~$19 and the stock currently trades at $9.07.Note: ArcLight Clean Transition, a SPAC merged with Proterra in a transaction that closed in June. Soros had a very small position in ArcLight units last quarter.Marqeta Inc. (MQ): MQ is a 1.89% of the portfolio position. They had an IPO in June. Shares started trading at ~$30.50 and it is now at $24.71.PPD Inc. (PPD), Vereit Inc. (VER), Alexion Pharmaceuticals (ALXN) & Puts, Nuance Communications (NUAN), and Magellan Health (MGLN): These are merger-arbitrage stakes established this quarter.SPDR S&P Oil & Gas ETF (XOP) Puts and Didi Global (DIDI): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Stake Disposals:ViacomCBS (VIAC), Baidu Inc. (BIDU), Vipshop Holdings (VIPS), and Tencent Music Group (TME): These four individual stock positions established last quarter were disposed this quarter. The large 3.64% of the portfolio stake in VIAC was purchased at prices between ~$36.60 and ~$100 and the stock currently trades at $39.71. The elimination this quarter was at prices between ~$38 and ~$45. BIDU was a 1.44% of the portfolio position established at prices between ~$204 and ~$340 and it is now at ~$138. The disposal this quarter was at prices between ~$179 and ~$227. The small 0.87% VIPS stake was purchased at prices between $27.50 and $45.50 and it now goes for $13.22. The disposal this quarter was at prices between $17.50 and $31.50. TME was a 0.63% of the portfolio position established at prices between ~$19.40 and ~$32 and it currently trades at $7.46. The position was eliminated this quarter at prices between ~$14.50 and ~$21.50.iShares Russell 2000 ETF (IWM) Puts: The ~1% of the portfolio short position through Puts were purchased as the underlying traded between ~$194 and ~$235. The position was disposed this quarter as the ETF traded between ~$212 and ~$233. IWM currently trades at ~$215.SPDR Energy ETF (XLE) & Calls: The 2.12% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60 and it is now at $45.89. Last quarter saw a ~7% stake increase while this quarter saw the position sold out at prices between ~$47 and ~$56.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Stake Increases:Amazon.com (AMZN): AMZN is a large ~4% of the portfolio position primarily built over the last two quarters at prices between ~$2952 and ~$3511. The stock currently trades at ~$3200.Alphabet Inc. (GOOG): GOOG is a 2.67% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Q4 2020 saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase last quarter at prices between ~$1728 and ~$2138. The stock is now at ~$2769. There was a minor ~2% stake increase this quarter.Note: Alphabet is a frequently traded stock in Soros’ portfolio.SPDR S&P 500 ETF (SPY) Puts: The bulk of the 2.58% of the portfolio short position through SPY Puts were purchased as the underlying traded between ~$396 and ~$430. SPY currently trades at ~$443.Activision Blizzard (ATVI): ATVI is a 2.42% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The stock currently trades well above those ranges at $82.63. Last two quarters had seen a one-third stake increase at prices between ~$75 and ~$104. This quarter also saw a minor ~2% stake increase.Maxim Integrated (MXIM): MXIM is a 1.93% merger-arbitrage stake primarily built this quarter at prices between ~$90 and ~$105. The stock currently trades at ~$102. Analog Devices (ADI) is buying Maxim Integrated in an all-stock (0.63 shares of ADI for each MXIM held) deal announced last July.Hain Celestial Group (HAIN): The 0.91% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades well above that range at $40.31. Q4 2020 saw a ~50% selling at prices between $30.75 and $40.50. That was followed with a similar reduction last quarter at prices between ~$40 and ~$45. There was a ~25% stake increase this quarter at around the same price range.Aramark Inc. (ARMK), Clarivate plc (CLVT), Elanco Animal Health (ELAN), Focus Financial Partners (FOCS), International Flavors & Fragrances (IFF), Opendoor Technologies (OPEN), Synchrony Financial (SYF), and Walt Disney (DIS): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~12% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has tripled and is currently trading at ~$187. Q4 2019 saw a ~20% selling at prices between $103 and $125. Last quarter saw a similar reduction at prices between ~$142 and ~$157. That was followed with a ~5% trimming this quarter.Invesco QQQ Trust (QQQ): QQQ is a large ~8% of the portfolio stake established in Q3 2020 at prices between $250 and $303 and it currently trades at ~$368. There was a one-third increase last quarter at prices between ~$300 and ~$337. This quarter saw a ~13% trimming.D R Horton (DHI): The large (top three) 6.49% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase next quarter at prices between ~$54 and ~$78. Last two quarters had also seen a ~45% increase at prices between ~$65 and ~$90. The stock currently trades at ~$95. There was a ~3% trimming this quarter.iShares Trust iBoxx ETF (LQD): The 1.32% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. The stock currently trades at ~$135. This quarter saw a roughly two-thirds reduction at prices between ~$130 and ~$134.T-Mobile US (TMUS): The 1.10% TMUS position was primarily built in Q2 2020 at prices between $82 and $110. There was a ~60% selling next quarter at prices between ~$104 and ~$119. That was followed with a ~18% selling this quarter at prices between ~$128 and ~$147. The stock is now at ~$142.Quantumscape (QS): QS is a 0.79% of the portfolio stake established in Q4 2020 as the shares traded between ~$12 and ~$132. The position was reduced by ~50% this quarter at prices between ~$24 and ~$49. The stock currently trades at $19.61.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 1.74% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50. That was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Q2 2020 saw a ~25% stake increase at prices between $13.75 and $23 while in Q4 2020 there was a 45% reduction at prices between $22.50 and $26.60. This quarter saw another ~70% selling at prices between ~$28 and ~$33. The stock currently goes for ~$29.30.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. Last three quarters have seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$143 and the stake is now very small at 0.47% of the portfolio.Ally Financial (ALLY), Analog Devices (ADI), Denbury Inc. (DEN), General Motors (GM), Texas Instruments (TXN), and Upstart Holdings (UPST): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a ~1% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Next quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $54.75.Otis Worldwide (OTIS): The 0.83% OTIS sake was purchased in Q2 2020 at prices between $44 and $61. Next quarter saw a one-third selling at prices between ~$56 and ~$65. Last quarter also saw a ~20% reduction at prices between ~$62 and ~$70. The stock is now at ~$90.iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These two very small (less than ~0.6% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q1 2021 and Q2 2021.11/17/2020: Statement regarding Palantir stake: SFM disclosed some details of their stake in Palantir yesterday - it was acquired in 2012 when PLTR was private. They are in the process of disposing it as they do not approve Palantir's business practices. Please see statement atRegulatory filings from 2/29/2021 thru 5/23/2021: None."
"Tracking George Soros’s Portfolio – Q1 2021 Update"	"Soros' 13F portfolio value increased marginally from $5.30B to $5.33B this quarter. The number of positions increased from 146 to 229.Soros added ViamcomCBS, Baidu, Vipshop Holdings, and Tencent Music Group while dropping Palantir Technologies and SelectQuote.Liberty Broadband at ~12% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 5/14/2021. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2020.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased marginally this quarter from $5.30B to $5.33B. The number of positions increased from 146 to 229. Very small stock positions and large debt holdings together account for ~28% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, D R Horton, and Amazon.com. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.Note: It was reported that Soros was short Trainline plc (TNLIF) as its shares dropped one-third last week following UK’s railroad infrastructure plan outline that unveiled a potential competitor.New stakes:ViacomCBS (VIAC), Baidu Inc. (BIDU), Vipshop Holdings (VIPS), and Tencent Music Group (TME): These four individual stock positions were established this quarter. The large 3.64% of the portfolio stake in VIAC was purchased at prices between ~$36.60 and ~$100 and the stock currently trades at $42.15. BIDU is a 1.44% of the portfolio position established at prices between ~$204 and ~$340 and it is now below that range at ~$190. The small 0.87% VIPS stake was purchased at prices between $27.50 and $45.50 and it now goes for $22.68. TME is a 0.63% of the portfolio position established at prices between ~$19.40 and ~$32 and it currently trades well below that range at $15.13.iShares Russell 2000 ETF (IWM) Puts: The ~1% of the portfolio short position through Puts were purchased as the underlying traded between ~$194 and ~$235. IWM currently trades at ~$220.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Stake Disposals:Palantir Technologies (PLTR): PLTR had a direct listing last September. Trading started at ~$10 and it currently goes for $20.75. The stake was Soros’ 2rd largest individual stock position at 8.21% of the portfolio as of last quarter. Soros’ position was from a private equity investment made in 2012. The disposal this quarter was at prices between $21.75 and $39.SelectQuote (SLQT): SelectQuote had an IPO last May and it was a ~2% of the portfolio stake. Shares started trading at ~$27.50 and currently goes for $20.60. The disposal this quarter was at prices between ~$21 and ~$32.iShares MSCI Emerging Market ETF (EEM) & Calls: EEM was a large 4.40% of the portfolio position established last quarter at prices between ~$44 and ~$52. The disposal this quarter was at prices between ~$52 and ~$58. EEM currently trades at ~$53NortonLifeLock (NLOK) previously Symantec: NLOK was a 1.33% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Q4 2019 saw a ~70% stake increase at prices between $22.50 and $26.50. There was a ~18% selling in Q1 2020 at prices between $16.50 and $28.50. Next quarter saw a ~80% stake increase at prices between $18 and $23 while in Q3 2020 there was a ~50% selling at prices between $20 and $24. There was a ~45% stake increase last quarter at prices between ~$18 and ~$22. This quarter saw the elimination at prices between $19.50 and $22. The stock currently trades at $26.72.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.Darden Restaurants (DRI): DRI was a 1.14% portfolio stake established in Q2 2020 at prices between $44 and $86. Next quarter saw a ~15% stake increase at prices between ~$71 and ~$105 while last quarter there was a ~50% selling at prices between ~$90 and ~$121. The remaining position was sold this quarter at prices between ~$112 and ~$149. It currently trades at ~$141AGNC Investment Corp (AGNC), PennyMac Financial (PFSI), and Sea Ltd. (SE): These small (less than ~0.5% of the portfolio each) stakes were dropped this quarter.Stake Increases:Invesco QQQ Trust (QQQ): QQQ is a large ~9% of the portfolio stake established in Q3 2020 at prices between $250 and $303 and it currently trades at ~$327. There was a one-third increase this quarter at prices between ~$300 and ~$337.D R Horton (DHI): The large (top three) 7.36% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase next quarter at prices between ~$54 and ~$78. Last two quarters have also seen a ~45% increase at prices between ~$65 and ~$90. The stock currently trades at $90.53.Amazon.com (AMZN): AMZN is a large ~4% of the portfolio position primarily built this quarter at prices between ~$2952 and ~$3380. The stock currently trades at ~$3203.iShares Trust iBoxx ETF (LQD): The 3.87% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. The stock currently trades at ~$131. There was a ~18% stake increase this quarter.Alphabet Inc. (GOOG): GOOG is a 2.67% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Last quarter saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase this quarter at prices between ~$1728 and ~$2138. The stock is now at ~$2345.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Activision Blizzard (ATVI): ATVI is a 2.53% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The stock currently trades well above those ranges at $95.37. Last two quarters have seen a one-third stake increase at prices between ~$75 and ~$104.SPDR Energy ETF (XLE) & Calls: The 2.12% XLE stake was purchased last quarter at prices between $27.70 and $41.60 and it is now at ~$52. This quarter saw a ~7% stake increase.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 1.74% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for ~$31. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50 and that was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Q2 2020 saw a ~25% stake increase at prices between $13.75 and $23 while last quarter there was a 45% reduction at prices between $22.50 and $26.60. There was a minor ~7% increase this quarter.T-Mobile US (TMUS): The 1.29% TMUS position was primarily built in Q2 2020 at prices between $82 and $110. There was a ~60% selling next quarter at prices between ~$104 and ~$119. Since then, the activity has been minor. The stock is now at ~$136Ally Financial (ALLY), Analog Devices (ADI), Aramark Inc. (ARMK), Denbury Inc. (DEN), Focus Financial Partners (FOCS), General Motors (GM), Elanco Animal Health (ELAN), and Texas Instruments (TXN): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~12% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has almost tripled and is currently trading at ~$164. Q4 2019 saw a ~20% selling at prices between $103 and $125. This quarter saw a similar reduction at prices between ~$142 and ~$157.Hain Celestial Group (HAIN): The 0.89% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades well above that range at ~$40.50. Last quarter saw a ~50% selling at prices between $30.75 and $40.50. That was followed with a similar reduction this quarter at prices between ~$40 and ~$45.Otis Worldwide (OTIS): The 0.77% OTIS sake was purchased in Q2 2020 at prices between $44 and $61. Next quarter saw a one-third selling at prices between ~$56 and ~$65. This quarter also saw a ~20% reduction at prices between ~$62 and ~$70. The stock is now at $77.57Alcon Inc. (ALC): ALC is now a minutely small 0.05% position. It was purchased in Q3 2019 at prices between $56 and $62.50. There was a ~20% selling in Q4 2019 at prices between $55 and $59 while next quarter saw a roughly two-thirds increase at prices between $40 and $64. This quarter saw the stake almost sold out at prices between ~$65 and ~$76. It is now at $68.71.LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. Last two quarters have seen another ~25% selling at prices between ~$76 and ~$146. The stock currently trades at ~$149 and the stake is now very small at 0.64% of the portfolio.SPDR Utils (XLU) Calls: XLU Calls were established in Q1 2020 as the underlying traded between $45 and $71. The position was increased by ~340% next quarter as it traded between $52 and $63. Q3 2020 saw the large 4.41% of the portfolio stake reduced by ~85% as XLU traded between ~$56 and ~$62. Last quarter saw a 140% stake increase as XLU traded between ~$60 and ~$67. This quarter saw the position sold down by ~77% at prices between ~$58 and ~$64. It is now at ~$66 and the stake is at 0.32% of the portfolio.Clarivate plc (CLVT) and Walt Disney (DIS): These two small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Quantumscape (QS): QS is a 2.78% of the portfolio stake established last quarter as the shares traded between ~$12 and ~$132. The stock currently trades at $26.85.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 1.14% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Next quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at ~$55.iShares National Muni ETF (MUB), SPDR Portfolio Short-Term Corporate Bond ETF (SPSB), Upstart Holdings (UPST), and Varian Medical Systems (VAR): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter. Varian Medical was a merger arbitrage stake. It got acquired by Siemens Healthineers AG (SEMHF) for $177.50 per share cash in a transaction that closed last month.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/28/2021: 13G/A – 2/16 – Senseonics – SENS - – 12.26M shares – 4.75% of business, 13G/A – 2/11 – Xeris Pharma – XERS – zero, 13G/A – 2/11 – PTON – zero."
"Tracking George Soros’s Portfolio – Q4 2020 Update"	"Soros' 13F portfolio value increased from $4.08B to $5.30B this quarter. The number of positions increased from 132 to 146.Soros added Clarivate plc and Elanco Animal Health while dropping DraftKings and ETRADE Financial.Liberty Broadband at ~16% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 2/16/2021. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2020.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~20% of the overall portfolio. The 13F portfolio value increased ~30% this quarter from $4.08B to $5.30B. The number of positions increased from 132 to 146. Very small stock positions and large debt holdings together account for ~25% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Palantir Technologies, and Quantumscape. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Quantumscape (QS), Clarivate plc (CLVT), and Elanco Animal Health (ELAN): These three stakes were purchased this quarter. QS is a large (top five) 5.29% of the portfolio stake established as the shares traded between ~$12 and ~$132 and the stock currently trades at $57.69. The 1.18% CLVT position was purchased at prices between $26.50 and $33.50 and it is now below that range at $23.53. ELAN is a 0.87% of the portfolio stake established at prices between $27.50 and $33.80 and it currently goes for $33.65.iShares MSCI Emerging Market ETF (EEM) & Calls and SPDR Energy ETF (XLE) & Calls: EEM is a large 4.40% of the portfolio position established this quarter at prices between ~$44 and ~$52 and it currently trades at $55.17. The 1.54% XLE stake was purchased at prices between $27.70 and $41.60 and it is now at $49.40.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Stake Disposals:Immunomedics (IMMU), Microchip Technology (MCHP), and Unity Software (U): These small (less than ~1% of the portfolio each) positions were established last quarter. Gilead (GILD) acquired Immunomedics for $88 per share cash in a deal that closed last October. Unity Software had an IPO in September. Shares started trading at ~$90 and currently goes for ~$109. The stake was disposed this quarter at prices between ~$83 and ~$172. MCHP was a 0.67% of the portfolio stake established last quarter and eliminated this quarter.SPDR Industrials (XLI), and SPDR S&P 500 ETF (SPY) Puts: The small 0.78% XLI position was purchased last quarter at prices between $67 and $80 and disposed this quarter at prices between ~$75 and ~$90. It is now at $92.93. SPY is a 1.23% of the portfolio short stake thru Puts purchased as the underlying traded between ~$310 and ~$358. It is now at ~$390. The disposal this quarter happened when the underlying traded between ~$327 and ~$374.DraftKings Inc. (DKNG): DKNG was a large 3.40% position established in Q2 2020 at prices between $11.75 and $43.70. This quarter saw the stake sold at prices between $35.40 and $63.80. The stock is now at $68.72.Note: DKNG was a favorite among Robinhood traders in Q2 2020 and it is likely that Soros took advantage of the resultant up-trend.Peloton Interactive (PTON): PTON had an IPO in October 2019. Shares started trading at ~$25 and currently goes for ~$124. Q4 2019 saw a ~80% selling at prices between $21 and $37 while next quarter there was a ~10x stake increase to a top-five ~4% portfolio stake at prices between ~$20 and ~$35. Q2 2020 saw selling: ~85% reduction to a small 0.66% portfolio stake at prices between $26.50 and $60. Last quarter saw the remainder stake almost eliminated at prices between ~$58 and ~$101. The resultant minute position was disposed this quarter.TD Ameritrade (AMTD) and ETRADE Financial (ETFC): These two were very small merger-arbitrage stakes that got eliminated as their respective transactions closed.Stake Increases:D R Horton (DHI): The 4.82% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase last quarter at prices between ~$54 and ~$78. That was followed with a ~20% increase this quarter. The stock currently trades at $77.64.Activision Blizzard (ATVI): ATVI is a 2.28% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The stock currently trades well above those ranges at $98.72. There was a ~18% stake increase this quarter at prices between ~$75 and ~$93.SPDR Utils (XLU) Calls: XLU Calls were established in Q1 2020 as the underlying traded between $45 and $71. The position was increased by ~340% next quarter as it traded between $52 and $63. Last quarter saw the large 4.41% of the portfolio stake reduced by ~85% as XLU traded between ~$56 and ~$62. This quarter saw a 140% stake increase as XLU traded between ~$60 and ~$67. It is now at $59.65 and the stake is at 1.42% of the portfolio.NortonLifeLock (NLOK) previously Symantec: NLOK is a 1.33% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Q4 2019 saw a ~70% stake increase at prices between $22.50 and $26.50. There was a ~18% selling in Q1 2020 at prices between $16.50 and $28.50. Next quarter saw a ~80% stake increase at prices between $18 and $23 while last quarter there was a ~50% selling at prices between $20 and $24. There was a ~45% stake increase this quarter at prices between ~$18 and ~$22. The stock currently trades at $19.66.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.Alphabet Inc. (GOOG): GOOG is a small 0.65% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Last quarter saw another similar selling at prices between $1415 and $1728. The stock is now at ~$2082. This quarter saw a ~11% increase.Note: Alphabet is a frequently traded stock in Soros’ portfolio.PennyMac Financial (PFSI) and Walt Disney (DIS): These two small (less than ~1% of the portfolio each) stakes saw increases this quarter.Stake Decreases:Hain Celestial Group (HAIN): The 1.59% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades above that range at $42.32. This quarter saw a ~50% selling at prices between $30.75 and $40.50.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 3.14% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $28.87. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50 and that was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Q2 2020 saw a ~25% stake increase at prices between $13.75 and $23 while this quarter there was a 45% reduction at prices between $22.50 and $26.60.T-Mobile US (TMUS): The 1.59% TMUS position was primarily built in Q2 2020 at prices between $82 and $110 and it is now at ~$124. There was a ~60% selling last quarter at prices between ~$104 and ~$119. That was followed with a ~6% trimming this quarter.Darden Restaurants (DRI): DRI is a 1.14% portfolio stake established in Q2 2020 at prices between $44 and $86 and it currently goes for ~$139. Last quarter saw a ~15% stake increase at prices between ~$71 and ~$105 while this quarter there was a ~50% selling at prices between ~$90 and ~$121.Otis Worldwide (OTIS): The ~1% OTIS sake was purchased in Q2 2020 at prices between $44 and $61 and it is now at $64.93. Last quarter saw a one-third selling at prices between ~$56 and ~$65. This quarter also saw a ~7% trimming.Alcon Inc. (ALC): The 0.85% ALC position was purchased in Q3 2019 at prices between $56 and $62.50. There was a ~20% selling in Q4 2019 at prices between $55 and $59 while next quarter saw a roughly two-thirds increase at prices between $40 and $64. It is now at $70.44. This quarter saw minor trimming.LPL Financial (LPLA): The bulk of the 0.52% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades at ~$135. There had only been minor adjustments since. Last quarter saw a one-third selling at prices between ~$74 and ~$85. That was followed with a ~18% reduction this quarter.AGNC Investment Corp (AGNC), Aramark Inc. (ARMK), Sea Ltd. (SE), and Varian Medical Systems (VAR): These small stakes were reduced this quarter. Varian Medical is a merger arbitrage stake. It is getting acquired by Siemens Healthineers AG (SEMHF) for $177.50 per share cash.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~16% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has doubled and is currently trading at ~$152. Q4 2019 saw a ~20% reduction at prices between $103 and $125. That was followed with a ~7% trimming in Q1 2020.Palantir Technologies (PLTR): PLTR had a direct listing last September. Trading started at ~$10 and it currently goes for $24.81. The stake is Soros’ 2rd largest individual stock position at 8.21% of the portfolio. Soros’ position goes back to a private equity investment made in 2012.Invesco QQQ Trust (QQQ): QQQ is a large 6.68% of the portfolio stake established last quarter at prices between $250 and $303 and it currently trades at ~$324.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.iShares Trust iBoxx ETF (LQD): The 4.42% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. The stock currently trades at ~$132. Last quarter saw marginal trimming.SelectQuote (SLQT): SelectQuote had an IPO last May. Shares started trading at ~$27.50 and currently goes for $32.22. Soros’ stake is at 2.18% of the portfolio.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 1.16% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Last quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $54.82.iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These small stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2020:Regulatory filings thru 11/15/2020: None."
"Tracking George Soros’s Portfolio – Q3 2020 Update"	"Soros' 13F portfolio value decreased from $4.48B to $4.08B this quarter. The number of positions decreased from 141 to 132.Soros added Palantir Technologies and Unity Software while reducing T-Mobile US. Also, most of their recent additions in Financials were either reduced or eliminated during the quarter.Liberty Broadband at ~19% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/13/2020. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2020.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~20% of the overall portfolio. The 13F portfolio value decreased ~10% this quarter from $4.48B to $4.08B. The number of positions decreased from 141 to 132. Very small stock positions and large debt holdings together account for ~20% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, D R Horton, and Palantir Technologies. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.Note: in an interview in August, Soros tersely explained his trading philosophy and market edge as taking advantage of the following: a) fallibility – in situations that have thinking participants, the participants’ view of the world is always incomplete and distorted, and b) reflexivity – the distorted views can influence the situation to which they relate, and it leads to inappropriate actions. He also believes the edge is now gone as the information was made public in his book.New stakes:Invesco QQQ Trust (QQQ), SPDR Industrials (XLI), and SPDR S&P 500 ETF (SPY) Puts: QQQ is a large 7.67% of the portfolio stake established this quarter at prices between $250 and $303 and it currently trades at ~$290. The small 0.78% XLI position was purchased at prices between $67 and $80 and it is now at ~$86. SPY is a 1.23% of the portfolio short stake thru Puts purchased as the underlying traded between ~$310 and ~$358. It is now at ~$358.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Palantir Technologies (PLTR): PLTR had a direct listing on September 30th. Trading started at ~$10 and it currently goes for $15.80. The stake is Soros’ 3rd largest individual stock position at 4.29% of the portfolio.Immunomedics (IMMU), Microchip Technology (MCHP), PG&E Corp (PCG) Puts, Unity Software (U), and Varian Medical Systems (VAR): These are small (less than ~1% of the portfolio each) positions established this quarter. Gilead (GILD) is acquiring Immunomedics for $88 per share cash. Unity Software had an IPO in September. Shares started trading at ~$90 and currently goes for ~$115. Varian Medical is getting acquired by Siemens Healthineers AG (SEMHF) for $177.50 per share cash.Stake Disposals:iShares Russell 2000 ETF (IWM) Puts: The huge ~11% short position thru puts established last quarter was disposed this quarter. IWM traded between ~$105 and ~$153 last quarter and between ~$139 and ~$159 this quarter.TransDigm Group (TDG): TDG was a 1.71% stake purchased in Q1 2020 at prices between $246 and $658 and the stock currently trades at ~$567. The disposal this quarter was at prices between ~$411 and ~$519.Grifols S A (GRFS): The 1.10% portfolio stake in GRFS was acquired in Q1 2019 at prices between $17.50 and $21 and the stock currently trades at $19.04. Last two quarters had seen a ~30% stake increase at prices between $16.25 and $25.75. The disposal this quarter was at prices between $15.40 and $20.25.Legg Mason (LM): LM was a 0.57% merger-arbitrage stake. It got acquired by Franklin Resources (BEN) for $50 per share (all-cash) in a deal that closed in July.Bank of New York Mellon (BK), Bank of America (BAC), Goldman Sachs (GS), JPMorgan Chase (JPM), PNC Financial (PNC), and US Bancorp (USB): These small (less than ~0.75% of the portfolio each) positions in the financial sector were eliminated this quarter.Stake Increases:D R Horton (DHI): The 5.66% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Last quarter saw a ~25% selling at prices between $32 and $59. The stock currently trades at ~$73. There was a ~70% stake increase this quarter at prices between ~$54 and ~$78.Darden Restaurants (DRI): DRI is a 2.51% portfolio stake established last quarter at prices between $44 and $86 and it currently goes for $108. This quarter saw a ~15% stake increase at prices between ~$71 and ~$105.Activision Blizzard (ATVI): ATVI is a 2.18% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The stock currently trades well above those ranges at $77.55. Last two quarters have seen only minor adjustments.Aramark Inc. (ARMK), ETRADE Financial (ETFC), PennyMac Financial (PFSI), and Tiffany & Co (TIF) Puts: These small stakes were increased this quarter. ETRADE was a merger-arbitrage stake.Stake Decreases:iShares Trust iBoxx ETF (LQD), SPDR Utils (XLU) Calls, and T-Mobile US (TMUS): These three positions were decreased this quarter. The 4.42% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% last quarter at prices between $121 and $135. The stock currently trades at ~$136. This quarter saw marginal trimming. XLU Calls were established in Q1 2020 as the underlying traded between $45 and $71 and increased by ~340% last quarter as it traded between $52 and $63. This quarter saw the large 4.41% of the portfolio stake reduced by ~85% as XLU traded between ~$56 and ~$62. It is now at $66.09. The 1.59% TMUS position was primarily built last quarter at prices between $82 and $110 and it is now at ~$128. There was a ~60% selling this quarter at prices between ~$104 and ~$119.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 3.14% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $25.81. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50 and that was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Last quarter saw a ~25% stake increase at prices between $13.75 and $23 while this quarter there was a ~11% trimming.DraftKings Inc. (DKNG), Otis Worldwide (OTIS), and PG&E Corp (PCG): These three positions were established last quarter. DKNG is a 3.40% position established at prices between $11.75 and $43.70 and it is now at $42.84. DKNG was a favorite among Robinhood traders last quarter and it is likely that Soros took advantage of the resultant up-trend. This quarter saw a ~5% trimming. The 1.23% OTIS sake was purchased last quarter at prices between $44 and $61 and it is now at $65.57. This quarter saw a one-third selling at prices between ~$56 and ~$65. A 2.33% PCG stake was purchased last quarter at prices between $7.90 and $12.60 and almost sold out this quarter at prices between $8.60 and $10. A small offsetting short position thru Puts was also established during the quarter. The stock currently trades at $11.40.NortonLifeLock (NLOK) previously Symantec: NLOK is a 1.18% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Next quarter saw a ~5% stake increase and that was followed with a ~70% stake increase in Q4 2019 at prices between $22.50 and $26.50. The stock currently trades at $19.80. There was a ~18% selling in Q1 2020 at prices between $16.50 and $28.50. Last quarter saw a ~80% stake increase at prices between $18 and $23 while this quarter there was a ~50% selling at prices between $20 and $24.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Q1 to Q3 2019 had seen the position sold down by ~60% at prices between $6.75 and $12.25. Next quarter saw the stake almost sold out at prices between $11.50 and $13.75. In June, Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn. The combined company took the Caesars Entertainment name and ticker after the deal closed in July. Soros’ position saw a ~220% stake increase during the quarter. The position was almost sold out this quarter at prices between ~$30 and ~$59.Alphabet Inc. (GOOG): GOOG is a small 0.63% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. This quarter saw another similar selling at prices between $1415 and $1728. The stock is now at ~$1777.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Peloton Interactive (PTON): PTON had an IPO last October. Shares started trading at ~$25 and currently goes for ~$101. Q4 2019 saw a ~80% selling at prices between $21 and $37 while next quarter there was a ~10x stake increase to a top-five ~4% portfolio stake at prices between ~$20 and ~$35. Last quarter saw selling: ~85% reduction to a small 0.66% portfolio stake at prices between $26.50 and $60. This quarter saw the remainder stake almost eliminated at prices between ~$58 and ~$101.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 1.50% of the portfolio stake. It was purchased last quarter at prices between $52 and $55. This quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $54.93LPL Financial (LPLA): The bulk of the 0.60% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades at $89.54. There had only been minor adjustments since. This quarter saw a one-third selling at prices between ~$74 and ~$85.Citigroup Inc. (C ), Morgan Stanley (MS), and Sea Ltd. (SE): These very small (less than ~0.75% of the portfolio each) positions established last quarter were substantially reduced this quarter.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~19% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has doubled and is currently trading at ~$153. Q4 2019 saw a ~20% reduction at prices between $103 and $125. That was followed with a ~7% trimming in Q1 2020.SelectQuote (SLQT) and Hain Celestial Group (HAIN): These are fairly large new positions established last quarter. SelectQuote had an IPO in May. Shares started trading at ~$27.50 and currently goes for $19.70. Soros’ stake is at 2.75% of the portfolio. The 3.69% HAIN position was purchased at prices between $25 and $32 and the stock currently trades above that range at $36.47.Alcon Inc. (ALC): The ~1% ALC position was purchased in Q3 2019 at prices between $56 and $62.50. There was a ~20% selling in Q4 2019 at prices between $55 and $59 while next quarter saw a roughly two-thirds increase at prices between $40 and $64. It is now at $65.41.iShares National Muni ETF (MUB): The 0.69% MUB position was established in Q1 2020 at prices between $102 and $118 and it now goes for ~$116.SPDR Portfolio Short-Term Corporate Bond ETF (SPSB), AGNC Investment Corp (AGNC), and TD Ameritrade (AMTD): These small stakes were kept steady this quarter. TD Ameritrade was a merger-arbitrage stake.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q3 2020:Marketwatch Interview 8/13/2020 excerpt – “He explained that “two simple propositions” make up the framework that has historically given him an advantage, but since he shared it in his book, “Alchemy of Finance,” the advantage is gone. “One is that in situations that have thinking participants the participants’ view of the world is always incomplete and distorted. That is fallibility,” said Soros, who made a killing shorting the British pound decades ago. “The other is that these distorted views can influence the situation to which they relate and distorted views lead to inappropriate actions. That is reflexivity.” He went on to say the market, which he no longer participates in, is sustained by the expectation of more fiscal stimulus along with hopes Trump will announce a vaccine before November.”Regulatory filings thru 8/21/2020: 13G – 7/10 – XERS – 2.49M shares beneficial from holding 5% convertible notes – 5.26% of business."
"Tracking George Soros’s Portfolio – Q2 2020 Update"	"Soros' 13F portfolio value increased from $1.98B to $4.48B this quarter. The number of positions increased from 118 to 141.Soros added SelectQuote and Hain Celestial while reducing Peloton Interactive. A large short position in iShares Russell 2000 ETF thru Puts was also established during the quarter.Liberty Broadband at ~15% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2020. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2020.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~20% of the overall portfolio. The 13F portfolio value increased ~125% this quarter from $1.98B to $4.48B. The number of positions increased from 118 to 141. Very small stock positions and large debt holdings together account for ~19% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, T-Mobile US, and SelectQuote. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.Note: in an interview earlier this month, Soros tersely explained his trading philosophy and market edge as taking advantage of the following: a) fallibility – in situations that have thinking participants, the participants’ view of the world is always incomplete and distorted, and b) reflexivity – the distorted views can influence the situation to which they relate, and it leads to inappropriate actions. He also believes the edge is now gone as the information was made public in his book.New stakes:iShares Russell 2000 ETF (IWM) Puts and iShares Barclays 1-3yr Bond Fund (IGSB): These are large new positions established this quarter. The ~11% short position in IWM thru Puts was established as the underlying traded between $105 and $153. IWM currently trades at ~$156. IGSB is a 4.41% stake purchased at prices between $52 and $55 and it is now at ~$55.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.SelectQuote (SLQT) and Hain Celestial Group (HAIN): These are fairly large new positions established this quarter. SelectQuote had an IPO in May. Shares started trading at ~$27.50 and currently goes for $20.10. Soros’ stake is at 3.14% of the portfolio. The ~3% HAIN position was purchased at prices between $25 and $32 and the stock currently trades just above that range at $33.89.PG&E Corp (PCG), DraftKings Inc. (DKNG), Otis Worldwide (OTIS), and Darden Restaurants (DRI): These medium-sized positions were established during the quarter. The 2.33% PCG stake was purchased at prices between $7.90 and $12.60 and the stock currently trades at $8.93. DKNG is a 1.84% position established at prices between $11.75 and $43.70 and it is now at $36.32. DKNG was a favorite among Robinhood traders during the quarter and it is likely that Soros took advantage of the resultant up-trend. The 1.54% OTIS sake was purchased at prices between $44 and $61 and it is now at ~$63. DRI is a 1.49% portfolio stake established at prices between $44 and $86 and it currently goes for $80.91.SPDR Portfolio Short-Term Corporate Bond ETF (SPSB), Bank of America (BAC), Morgan Stanley (MS), Citigroup Inc. (C ), Sea Ltd. (SE), JPMorgan Chase (JPM), PNC Financial (PNC), US Bancorp (USB), and Tiffany & Company (TIF) Puts: These are very small (less than ~0.75% of the portfolio each) new positions established during the quarter.Note: Bank of America and JPMorgan Chase are back in the portfolio after a quarter’s gap. In addition, Soros either started or increased several positions in large-cap financials during the quarter.Stake Disposals:Cypress Semiconductor (CY): The ~2% CY position was a merger-arbitrage stake. It got acquired by Infineon in a transaction that closed in April.UnitedHealth Group (UNH): UNH was a very small 0.51% stake as of last quarter. The original small stake was doubled in Q4 2018 at prices between $233 and $286. It was sold down by ~60% in Q1 2019 at prices between $236 and $271. Next quarter saw a ~230% stake increase at prices between $217 and $250. Last quarter saw a two-thirds selling at prices between $195 and $305. The remainder position was disposed this quarter. The stock is now at ~$313.Wright Medical (WMGI): The very small 0.86% of the portfolio stake in WMGI was eliminated during the quarter.Stake Increases:SPDR Utils (XLU), iShares Trust iBoxx ETF (LQD), T-Mobile US (TMUS), and TransDigm Group (TDG): These positions saw substantial increases this quarter. XLU is a 4.41% of the portfolio position established last quarter at prices between $45 and $71 and increased by ~340% this quarter at prices between $52 and $63. It is now at $59.32. The 4.15% LQD stake was purchased at prices between $105 and $134 and increased by ~600% this quarter at prices between $121 and $135. The stock currently trades at ~$136. The 3.38% TMUS position primarily built this quarter at prices between $82 and $110 and it is now at ~$115. TDG is a 1.71% stake purchased last quarter at prices between $246 and $658 and the stock currently trades at ~$483. This quarter saw a ~15% stake increase.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 2.77% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $23.11. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50 and that was followed with a ~30% further reduction last quarter at prices between $11.20 and $28.15. This quarter saw a ~25% stake increase at prices between $13.75 and $23.NortonLifeLock (NLOK) previously Symantec: NLOK is a 2.13% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Next quarter saw a ~5% stake increase and that was followed with a ~70% stake increase in Q4 2019 at prices between $22.50 and $26.50. The stock currently trades at $22.65. There was a ~18% selling last quarter at prices between $16.50 and $28.50. This quarter saw a ~80% stake increase at prices between $18 and $23.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.Grifols S A (GRFS): The 1.10% portfolio stake in GRFS was acquired in Q1 2019 at prices between $17.50 and $21 and the stock currently trades at $17.10. Last two quarters have seen a ~30% stake increase at prices between $16.25 and $25.75.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Q1 to Q3 2019 had seen the position sold down by ~60% at prices between $6.75 and $12.25. Next quarter saw the stake almost sold out at prices between $11.50 and $13.75. In June, Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn. The deal closed last month. The quarter had seen a ~220% stake increase.Note: The combined company took the Caesars Entertainment name and ticker after the deal closure.AGNC Investment Corp (AGNC), Aramark Inc. (ARMK), Bank of New York Mellon (BK), ETRADE Financial (ETFC), Goldman Sachs (GS), and TD Ameritrade (AMTD): These small stakes were increased this quarter. ETRADE and TD Ameritrade are merger-arbitrage stakes.Stake Decreases:D R Horton (DHI): The 2.22% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while last quarter there was a ~75% stake increase at prices between $29 and $62. This quarter saw a ~25% selling at prices between $32 and $59. The stock currently trades at ~$74.60.Activision Blizzard (ATVI): ATVI is a 1.81% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% last quarter at prices between $52 and $64. The stock currently trades well above those ranges at ~$84. This quarter saw minor trimming.Peloton Interactive (PTON): PTON had an IPO last October. Shares started trading at ~$25 and currently goes for $68.72. Q4 2019 saw a ~80% selling at prices between $21 and $37 while last quarter there was a ~10x stake increase to a top-five ~4% portfolio stake at prices between ~$20 and ~$35. This quarter saw selling: ~85% reduction to a small 0.66% portfolio stake at prices between $26.50 and $60.Legg Mason (LM): LM was a 0.57% merger-arbitrage stake. It got acquired by Franklin Resources (BEN) for $50 per share (all-cash) in a deal that closed last month. The quarter had seen minor selling.Tiffany & Company (TIF) and Vistra Energy (VST): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Last November, LVMH Moët Hennessy (LVMUY) agreed to acquire Tiffany for $135 per share cash.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~15% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has doubled and is currently trading at ~$140. Q4 2019 saw a ~20% reduction at prices between $103 and $125. That was followed with a ~7% trimming last quarter.Alphabet Inc. (GOOG): GOOG is a ~1% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% last quarter at prices between $1057 and $1527. The stock is now at ~$1576.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Alcon Inc. (ALC): The ~1% ALC position was purchased in Q3 2019 at prices between $56 and $62.50. There was a ~20% selling in Q4 2019 at prices between $55 and $59 while last quarter saw a roughly two-thirds increase at prices between $40 and $64. It is now at ~$58.50.LPL Financial (LPLA): The bulk of the 0.84% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades at ~$80. There had only been minor adjustments since.iShares National Muni ETF (MUB): The 0.62% MUB position was established last quarter at prices between $102 and $118 and it now goes for ~$116.Note: Regulatory filings since the quarter ended show them holding a ~5% beneficial ownership position in Xeris Pharma (XERS) thru 5% convertible notes.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2020:Regulatory filings thru 5/20/2020: 3/6 – 13G – PTON – 2.73M shares – 5.74% of business, 2/21 – 13G – SENS – 10.9M shares - ~5% of business."
"Tracking George Soros’s Portfolio – Q1 2020 Update"	"Soros' 13F portfolio value decreased from $3.09B to $1.98B this quarter. The number of positions decreased from 173 to 118.Soros increased D R Horton, Peloton Interactive, and Activision Blizzard while reducing Alphabet and Vistra Energy.Liberty Broadband at ~30% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2020. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2019.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~10% of the overall portfolio. The 13F portfolio value decreased ~35% this quarter from $3.09B to $1.98B. The number of positions decreased from 173 to 118. Very small stock positions and large debt holdings together account for ~27% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and D R Horton. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Transdigm Group (TDG), SPDR Utils (XLU), and Cypress Semiconductor (CY): These are medium-sized new positions established this quarter. The 2.42% TDG stake was purchased at prices between $246 and $658 and the stock currently trades at $361. XLU is a 2.24% of the portfolio position established at prices between $45 and $71 and it is now at $56.12. The ~2% CY was a merger-arbitrage stake. It got acquired by Infineon in a transaction that closed last month.Legg Mason (LM) and T-Mobile US (TMUS): LM is a 1.37% merger-arbitrage stake. It is getting acquired by Franklin Resources (BEN) for $50 per share (all-cash). The very small 0.50% TMUS position was established at prices between $74 and $101 and it is now at $98.60.iShares Trust iBoxx ETF (LQD) and iShares National Muni ETF (MUB): The 1.25% LQD stake was purchased at prices between $105 and $134 and the stock currently trades at ~$129. The 1.38% MUB position was established at prices between $102 and $118 and it now goes for ~$114.Stake Disposals:Archer Daniels Midland (ADM): The ADM position was established in Q3 2018 at prices between $45 and $51 and reduced by ~45% next quarter at prices between $39.50 and $52. There was an about turn in Q1 2019: stake more than doubled at prices between $40.50 and $45. That was followed with a ~20% stake increase next quarter at prices between $38.25 and $44.60. Q3 2019 saw a ~60% selling at prices between $36.75 and $42. There was a ~185% stake increase last quarter at prices between $38.50 and $46.50. This quarter saw the position disposed at prices between $29.30 and $46.35. The stock currently trades at $34.82.SPDR Energy (XLE) & Calls: The 1.14% XLE stake was increased by ~575% last quarter at prices between $55.90 and $62. The stake was disposed this quarter at prices between $23.50 and $61. The stock is now at $37.84.Mondelez Intl. (MDLZ): The 1.81% MDLZ stake had seen a ~140% increase in Q4 2018 at prices between $39.50 and $45. Last quarter saw a ~15% selling at prices between $51.50 and $56. That was followed with the disposal this quarter at prices between $42 and $60. The stock currently trades at ~$50.JPMorgan Chase (JPM): The ~1% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Q3 2018 saw the position reduced by ~60% at prices between $104 and $119. The stake was eliminated this quarter at prices between $79 and $141. It currently trades at $88.67.Ally Financial (ALLY), Annaly Capital Management (NLY), Bank of America (BAC), Citigroup (C), Edgewell Personal Care (EPC), iShares MSCI Emerging (EEM) Calls, Keurig Dr. Pepper (KDP), NRG Energy (NRG), Synchrony Financial (SYF), SPDR S&P 500 (SPY) Puts, SPDR Oil & Gas Exploration (XOP) & Calls, SPDR S&P 500 (SPY) & Calls, and Zayo Group Holdings (ZAYO): These very small (less than ~1% of the portfolio each) positions were disposed during the quarter.Stake Increases:D R Horton (DHI): The large (top three) ~4% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while this quarter there was a ~75% stake increase at prices between $29 and $62. The stock currently trades at ~$52.Peloton Interactive (PTON) and Alcon Inc. (ALC): These two positions established in Q3 2019 were increased this quarter. PTON had an IPO last October. Shares started trading at ~$25 and currently goes for ~$44.80. Last quarter saw a ~80% selling at prices between $21 and $37 while this quarter there was a ~10x stake increase to a top-five ~4% portfolio stake at prices between ~$20 and ~$35. The ~2% ALC position was purchased at prices between $56 and $62.50. There was a ~20% selling last quarter at prices between $55 and $59 while this quarter saw a roughly two-thirds increase at prices between $40 and $64. It is now at ~$60.Activision Blizzard (ATVI): ATVI is a 3.31% of the portfolio stake established last quarter at prices between $52 and $59 and increased by ~45% this quarter at prices between $52 and $64. The stock currently trades at ~$73.Grifols S A (GRFS): The 1.57% portfolio stake in GRFS was acquired in Q1 2019 at prices between $17.50 and $21 and the stock currently trades at $20.34. There was ~11% stake increase this quarter.AGNC Investment Corp (AGNC), E*Trade Financial (ETFC), TD Ameritrade (AMTD), and Wright Medical (WMGI): These small merger-arbitrage stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~30% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has doubled and is currently trading at ~$127. Last quarter saw a ~20% reduction at prices between $103 and $125. That was followed with a ~7% trimming this quarter.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The ~4% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $17.24. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling last quarter at prices between $22.50 and $25.50 and that was followed with a ~30% further reduction this quarter at prices between $11.20 and $28.15.NortonLifeLock (NLOK) previously Symantec: NLOK is a 2.55% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Next quarter saw a ~5% stake increase and that was followed with a ~70% stake increase last quarter at prices between $22.50 and $26.50. The stock currently trades at $20.23. There was a ~18% selling this quarter at prices between $16.50 and $28.50.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% this quarter at prices between $1057 and $1527. The stock is now at $1374.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Energizer Holdings (ENR): ENR is now a minutely small 0.05% of the portfolio position. The stake was purchased in Q4 2018 at prices between $43 and $62 and increased by ~55% next quarter at prices between $44 and $49. There was a ~16% selling in Q3 2019 at prices between $33.50 and $46. The position was almost eliminated this quarter at prices between $28 and $53. It is now at $43.14.Vistra Energy (VST): The 1.32% VST position saw a ~175% increase last quarter at prices between $22.75 and $27.50. This quarter saw a ~62% selling at prices between $12.60 and $23.50. It currently trades at $19.53.UnitedHealth Group (UNH): UNH is now a very small 0.51% stake. The original position was doubled in Q4 2018 at prices between $233 and $286. It was sold down by ~60% in Q1 2019 at prices between $236 and $271. Next quarter saw a ~230% stake increase at prices between $217 and $250. This quarter saw a two-thirds selling at prices between $195 and $305. The stock is now at ~$289.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Q1 to Q3 2019 had seen the position sold down by ~60% at prices between $6.75 and $12.25. Last quarter saw the stake almost sold out at prices between $11.50 and $13.75. The stock currently trades at $10.51. This quarter saw another ~30% selling.Note: In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn.Owl Rock Capital (ORCC), Tiffany & Company (TIF), and BGC Partners (BGCP): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Last November, LVMH Moët Hennessy (LVMUY) agreed to acquire Tiffany for $135 per share cash.Kept Steady:LPL Financial (LPLA): The bulk of the 1.32% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades at ~$67. There had only been minor adjustments since.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2020:Regulatory Filings thru 2/19/2020:13G/A – 2/13 – VICI – 7.1M share – 1.53% of business."
"Tracking George Soros’s Portfolio – Q4 2019 Update"	"Soros' 13F portfolio value decreased from $3.61B to $3.09B this quarter. The number of positions decreased from 175 to 173.Soros increased NortonLifeLock, Archer Daniels Midland, and Vistra Energy while reducing VICI Properties.Liberty Broadband at ~23% of the portfolio is by far the largest position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/14/2020. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2019.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~14% this quarter from $3.61B to $3.09B. The number of positions decreased from 175 to 173. Very small stock positions and large debt holdings together account for ~36% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Alphabet. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Activision Blizzard (ATVI): ATVI is a ~1.5% of the portfolio stake established this quarter at prices between $52 and $59 and the stock currently trades above that range at $64.Tiffany & Company (TIF), iShares MSCI Emerging (EEM) Calls, SPDR S&P 500 (SPY) Puts, AGNC Investment Corp (AGNC), Bank of America (BAC), and BGC Partners (BGCP): These are small (less than ~1% of the portfolio each) new positions established this quarter.Note: Last November, LVMH Moët Hennessy (LVMUY) agreed to acquire Tiffany for $135 per share cash.Stake Disposals:Celgene Corp (CELG): CELG was a 3.24% merger-arbitrage stake. The original position was increased by ~45% last quarter at prices between $89.50 and $99. Bristol-Myers Squibb (BMY) bought Celgene in a cash-and-stock deal ($50 cash, one share of BMY, and a tradeable CVR with a one-time potential payment of $9 in 2021 for each share of CELG held) that closed in November.eBay Inc. (EBAY): The 1.29% EBAY position was purchased in Q2 2019 at prices between $35.50 and $40 and increased by ~12% last quarter at prices between $38 and $42. The disposal this quarter was at prices between $34.50 and $39. The stock currently trades at $37.69.Altaba: AABA was a fairly large (top five) ~4% portfolio position established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. Last September, shareholders received $51.50 per share in cash as a pre-dissolution distribution. The stock is no longer traded and the NAV remaining is upwards of $20 per share.SPDR Energy (XLE) Puts: A 1.64% of the portfolio short position in XLE was established last quarter as the underlying traded between $56 and $65. It was disposed this quarter as XLE traded between $55.90 and $62. XLE is now at $54.79.SPDR Financial (XLF): The very small 0.71% position was eliminated this quarter.Stake Increases:NortonLifeLock (NLOK) previously Symantec: NLOK is a 2.72% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Last quarter saw a ~5% stake increase and that was followed with a ~70% stake increase this quarter at prices between $22.50 and $26.50. The stock currently trades at $20.79.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.D R Horton (DHI): The ~2% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. The stock currently trades well above those ranges at $62.05. Last quarter saw a ~18% selling at prices between $43.50 and $53 while this quarter there was a marginal increase.Archer Daniels Midland (ADM): The ADM position was established in Q3 2018 at prices between $45 and $51 and reduced by ~45% next quarter at prices between $39.50 and $52. There was an about turn in Q1 2019: stake more than doubled at prices between $40.50 and $45. That was followed with a ~20% stake increase next quarter at prices between $38.25 and $44.60. Last quarter saw a ~60% selling at prices between $36.75 and $42. There was a ~185% stake increase this quarter at prices between $38.50 and $46.50. The stock currently trades at $44.23.Energizer Holdings (ENR): ENR is a 1,15 % stake purchased in Q4 2018 at prices between $43 and $62 and increased by ~55% next quarter at prices between $44 and $49. It is now at $51.37. There was a ~16% selling last quarter at prices between $33.50 and $46. This quarter saw a marginal increase.SPDR Energy (XLE) & Calls and Vistra Energy (VST): These two positions saw large increases during the quarter. The 1.14% XLE stake was increased by ~575% at prices between $55.90 and $62. The stock is now at $54.79. The 1.32% VST position saw a ~175% increase at prices between $22.75 and $27.50 and it currently trades at $22.91.Edgewell Personal Care (EPC), Keurig Dr. Pepper (KDP), and Zayo Group Holdings (ZAYO): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at 23.10% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has doubled and is currently trading at ~$138. Last few quarters had seen minor trimming while this quarter saw a ~20% reduction at prices between $103 and $125.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 5.84% of the portfolio position in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $28.13. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling this quarter at prices between $22.50 and $25.50.Mondelez Intl. (MDLZ): The 1.81% MDLZ stake had seen a ~140% increase in Q4 2018 at prices between $39.50 and $45. This quarter saw a ~15% selling at prices between $51.50 and $56. The stock currently trades at ~$59.LPL Financial (LPLA): The bulk of the 1.43% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades well above that range at ~$99. There had only been minor adjustments since. This quarter saw a ~7% trimming.UnitedHealth Group (UNH): UNH is a 1.14 % UNH stake which was doubled in Q4 2018 at prices between $233 and $286. It was sold down by ~60% in Q1 2019 at prices between $236 and $271. Next quarter saw a ~230% stake increase at prices between $217 and $250. The stock is now at ~$302. Last quarter saw a ~17% stake increase while this quarter there was a ~11% trimming.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Last three quarters had seen the position sold down by ~60% at prices between $6.75 and $12.25. This quarter saw the stake almost sold out at prices between $11.50 and $13.75. The stock currently trades at $14.62.Note: In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn.Peloton Interactive (PTON), Alcon Inc. (ALC), and Owl Rock Capital (ORCC): These three positions established last quarter were reduced this quarter. PTON had an IPO last October. Shares started trading at ~$25 and currently goes for ~$27. Soros’ had a 1.10% of the portfolio stake which was reduced by ~80% during the quarter at prices between $21 and $37. The 0.78% ALC position was purchased at prices between $56 and $62.50 and it currently goes for $63.46. There was a ~20% selling this quarter at prices between $55 and $59. The very small 0.70% ORCC position saw a ~12% trimming during the quarter.Annaly Capital Management (NLY), ETrade Financial (ETFC), SPDR Oil & Gas Exploration (XOP) & Calls, SPDR S&P 500 (SPY) & Calls and Synchrony Financial (SYF): These very small positions (less than ~1% of the portfolio each) were reduced during the quarter.Note: ETrade is being acquired by Morgan Stanley (MSN) in an all-stock (1.0432 shares of Morgan Stanley for each share of E*Trade held) deal announced today.Kept Steady:Alphabet Inc. (GOOG): GOOG is a 2.85% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and the stock is now at $1518.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Grifols S A (GRFS): The 1.57% portfolio stake in GRFS was acquired in Q1 2019 at prices between $17.50 and $21 and the stock currently trades at $25.41. There was marginal trimming last quarter.JPMorgan Chase (JPM): The 0.96% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Q3 2018 saw the position reduced by ~60% at prices between $104 and $119. It currently trades at ~$138. Q4 2018 also saw a ~20% selling.Ally Financial (ALLY), Citigroup (C) and NRG Energy (NRG): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2019:"
"Tracking George Soros’s Portfolio – Q3 2019 Update"	"Soros' 13F portfolio value decreased from $4.27B to $3.61B this quarter. The number of positions increased from 151 to 175.Soros added a short position in SPDR Energy ETF while reducing Caesars Entertainment.The large long position in QQQ and the large short position in SPY were both dropped during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2019. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2019.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~22% this quarter from $4.27B to $3.61B. The number of positions increased from 151 to 175. Very small stock positions and large debt holdings together account for ~34% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:SPDR Energy (XLE) Puts, Peloton Interactive (PTON), Alcon Inc. (ALC), Ally Financial (ALLY), and Owl Rock Capital (ORCC): These are the new positions this quarter. The 1.64% of the portfolio short position in XLE was established as the underlying traded between $56 and $65. It is now at $60.08. PTON had an IPO last month. Shares started trading at ~$25 and currently goes for $27.23. Soros’ stake is at 1.10% of the portfolio. The 0.86% ALC position was purchased at prices between $56 and $62.50 and it currently goes for $58.83. ALLY and ORCC are minutely small (less than ~0.60%) new positions established this quarter.Stake Disposals:Invesco QQQ Trust (QQQ): The large 5.1% of the portfolio QQQ stake was established last quarter at prices between $170 and $191 and disposed this quarter at prices between $181 and $195. It currently trades at $203.SPDR S&P 500 (SPY) Puts: The short position thru SPY Puts was a large ~8% of the portfolio stake as of last quarter. Most of it was established over the previous two quarters as SPY traded between $234 and $292. It is currently at ~$312. This quarter saw the position eliminated as the underlying traded between $284 and $302.Walt Disney (DIS): DIS was a ~1% position purchased in Q3 2018 at prices between $104 and $117 and reduced by ~40% next quarter at prices between $100 and $119. There was a ~75% stake increase last quarter at prices between $112 and $143. This quarter saw the position disposed at prices between $130 and $146. The stock currently trades at $145.Vulcan Materials (VMC): A 0.74% VMC position was purchased last quarter at prices between $119 and $137 and eliminated this quarter at prices between $135 and $152. It currently goes for ~$141.Red Hat Inc. (RHT): RHT was a merger-arbitrage stake: IBM (IBM) bought Red Hat for $190 per share cash and the transaction closed in July thus eliminating this position.iShares Russell 1000 ETF (IWB): IWB was a ~1% long position purchased in Q4 2018 at prices between $130 and $162 and increased by ~45% next quarter at prices between $135 and $159. Last quarter saw a ~35% selling at prices between $153 and $164. The disposal this quarter was at prices between $158 and $168. It is now at ~$173.Conagra Foods (CAG): The 0.71% CAG position was established as a result of the merger with Pinnacle Foods. Soros had a position in Pinnacle Foods for which he received CAG shares in the ration 1:0.6494. The stake was increased by two-thirds in Q1 2019 at prices between $21 and $28. Last quarter saw a ~38% reduction at prices between $25.50 and $31.30. The elimination this quarter was at prices between $26.50 and $31. The stock is currently at $28.81.McCormick (MKC): MKC position saw a ~250% increase in Q4 2018 at prices between $132 and $152. The stake was increased by another ~18% next quarter while last quarter there was a one-third selling at prices between $150 and $158. The position was eliminated this quarter at prices between $155 and $170. It currently trades at ~$162.First Data Corp (FDC): FDC was a small 0.52% of the portfolio merger-arbitrage stake established in Q1 2019. In January, Fiserv (FISV) agreed to acquire FDC in an all-stock merger (0.303 shares of FISV for each FDC held) that closed in July.Canadian Natural Resources (CNQ) Calls: The very small 0.58% of the portfolio stake in CNQ thru Calls were disposed during the quarter.Stake Increases:Celgene Corp (CELG): CELG is a 3.24% merger-arbitrage stake. Bristol-Myers Squibb (BMY) is buying Celgene in a cash-and-stock deal ($50 cash, one share of BMY, and a tradeable CVR with a one-time potential payment of $9 in 2021 for each share of CELG held) announced in January. The position was increased by ~45% this quarter at prices between $89.50 and $99. CELG is currently at $110 and BMY at $58.59.Mondelez Intl. (MDLZ): The 1.86% MDLZ stake had seen a ~140% increase in Q4 2018 at prices between $39.50 and $45. It saw a ~8% trimming next quarter while this quarter saw a minor increase. The stock currently trades at $52.82.eBay Inc. (EBAY) and Symantec Corp (SYMC): These two positions were established last quarter. The 1.29% EBAY position was purchased at prices between $35.50 and $40 and increased by ~12% this quarter at prices between $38 and $42. The stock currently trades at ~$35.27. SYMC is a 1.28% portfolio stake established at prices between $18 and $24.50. This quarter saw a ~5% stake increase. Broadcom (AVGO) agreed to acquire Symantec and that transaction closed earlier this month.UnitedHealth Group (UNH): UNH is a 0.66% UNH stake which was doubled in Q4 2018 at prices between $233 and $286. It was sold down by ~60% in Q1 2019 at prices between $236 and $271. Last quarter saw a ~230% stake increase at prices between $217 and $250. It is now at ~$269. This quarter also saw a ~17% stake increase.Annaly Capital Management (NLY), Citigroup (C), Edgewell Personal Care (EPC), and SPDR S&P 500 (SPY) & Calls: These very small (less than ~1% of the portfolio each) positions were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at 20.42% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has almost doubled and is currently trading at ~$118. Last few quarters have seen minor trimming.VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 9.84% of the portfolio position (~7% of the business) in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $24.64. Last quarter saw a ~5% stake increase while this quarter saw a ~10% reduction.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Last three quarters have seen the position sold down by ~60% at prices between $6.75 and $12.25. The stock currently trades at $12.96.Note: In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn.D R Horton (DHI): The ~2% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% last quarter at prices between $42 and $47. The stock currently trades above those ranges at $53.50. This quarter saw a ~18% selling at prices between $43.50 and $53.Altaba Inc. (AABA) previously Yahoo: AABA was a fairly large (top five) ~4% portfolio position established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. Last few quarters had seen only minor adjustments. In September, shareholders received $51.50 per share in cash as a pre-dissolution distribution. The numbers reported in the 13F seems to assume $19.50 per share in remaining value.LPL Financial (LPLA): The bulk of the 1.16% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades above that range at ~$91. There have only been minor adjustments since.Grifols S A (GRFS): The 1.16% portfolio stake in GRFS was acquired in Q1 2019 at prices between $17.50 and $21 and the stock currently trades at $21.69. There was marginal trimming this quarter.Energizer Holdings (ENR): ENR is a 0.85% stake purchased in Q4 2018 at prices between $43 and $62 and increased by ~55% next quarter at prices between $44 and $49. It is now at $48.81. There was a ~16% selling this quarter at prices between $33.50 and $46.Archer Daniels Midland (ADM): The ADM position was established in Q3 2018 at prices between $45 and $51 and reduced by ~45% next quarter at prices between $39.50 and $52. There was an about turn in Q1 2019: stake more than doubled at prices between $40.50 and $45. That was followed with a ~20% stake increase last quarter at prices between $38.25 and $44.60. This quarter saw a ~60% selling at prices between $36.75 and $42. The stock currently trades at $42.87.E*Trade Financial (ETFC), Keurig Dr. Pepper (KDP), Morgan Stanley (MSN), SPDR Oil & Gas Exploration (XOP) & Calls, and Viper Energy Partners LP (VNOM): These very small positions (less than ~0.70% of the portfolio each) were reduced during the quarter.Kept Steady:Alphabet Inc. (GOOG): GOOG is a 1.67% of the portfolio position purchased last quarter at prices between $1036 and $1288 and the stock is now at $1335.Note: Alphabet is a frequently traded stock in Soros’ portfolio.JPMorgan Chase (JPM): The 0.69% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Q3 2018 saw the position reduced by ~60% at prices between $104 and $119. It currently trades at ~$130. Q4 2018 also saw a ~20% selling.SPDR Financial (XLF) and Synchrony Financial (SYF): These very small positions (less than ~0.70% of the portfolio each) were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q3 2019:"
"Tracking George Soros’s Portfolio – Q2 2019 Update"	"Soros' 13F portfolio value decreased from $4.31B to $4.27B this quarter. The number of positions decreased from 169 to 151.Soros added Alphabet while dropping Ceridian HCM, Coupa Software, and Salesforce.com.Liberty Broadband at ~18% of the portfolio is the largest individual stock position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2019. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2019.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~3% this quarter from $4.31B to $4.27B. The number of positions decreased from 169 to 151. Very small stock positions and large debt holdings together account for ~24% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Invesco QQQ Trust (QQQ): The large 5.1% of the portfolio QQQ stake was established this quarter at prices between $170 and $191 and it currently trades at $185.Alphabet Inc. (GOOG): GOOG is a 1.67% of the portfolio position purchased this quarter at prices between $1036 and $1288 and the stock is now at $1171.Note: Alphabet is a frequently traded stock in Soros’ portfolio.eBay Inc. (EBAY), Symantec Corp (SYMC), and Vulcan Materials (VMC): These are small (less than ~1% of the portfolio each) new stakes established this quarter. The ~1% EBAY position was purchased at prices between $35.50 and $40 and the stock currently trades at the top end of that range at ~$40. SYMC is a 0.94% portfolio stake established at prices between $18 and $24.50 and it is now at $22.95. The 0.74% VMC position was purchased at prices between $119 and $137 and it currently goes for ~$140.Stake Disposals:Ceridian HCM Holding (CDAY): The 1.96% CDAY stake was purchased last quarter at prices between $33 and $51. It was disposed this quarter at prices between $47 and $53. The stock currently trades at $57.22.Coupa Software (COUP): The 1.26% COUP stake was established in Q2 2018 at prices between $44.50 and $64.50 and increased by ~14% next quarter at prices between $61 and $81. Q4 2018 also saw a ~7% stake increase. This quarter saw the position sold at prices between $90 and $131. It is now at ~$140. Soros realized gains.T-Mobile US (TMUS): The ~1% TMUS position was increased by ~800% in Q4 2018 at prices between $61 and $70. Last quarter also saw a ~12% further increase. The disposal this quarter was at prices between $69 and $78. The stock currently trades at ~$77.Adobe (ADBE), Altice USA (ATUS), Comcast Corp (CMCSA), Intuit Inc. (INTU), Lions Gate Entertainment (LGF.A), Marvell Technology (MRVL), RingCentral Inc. (RING), Salesforce.com (CRM), Sirius XM (SIRI), Valero Energy (VLO), Viacom (VIAB), and World Wrestling Entertainment (WWE): These small (less than ~1.5% of the portfolio each) stakes were eliminated this quarter.Stake Increases:VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 9.84% of the portfolio position (~7% of the business) in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $21.80. This quarter saw a ~5% stake increase.SPDR S&P 500 (SPY) Calls & Puts: The net short position thru SPY Calls & Puts is now at ~7% of the portfolio. Most of it was established over the last two quarters as SPY traded between $234 and $292 last quarter. It is currently at ~$289. This quarter saw the Puts increased and the Calls decreased with the overall position remaining about the same.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large (top five) ~4% portfolio position established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. The stock is now above those ranges at $69.51. Last four quarters had seen minor trimming while this quarter there was a ~5% increase.Red Hat Inc. (RHT) and Energizer Holdings (ENR): These two positions purchased in Q4 2018 saw significant buying over the last two quarters. RHT was a merger-arbitrage stake: IBM (IBM) bought Red Hat for $190 per share cash and the transaction closed last month. ENR is a 0.75% stake purchased at prices between $43 and $62 and increased by ~55% last quarter at prices between $44 and $49. It is now below those ranges at $36.49. This quarter also saw a ~3% stake increase.Walt Disney (DIS): DIS is a ~1% position purchased in Q3 2018 at prices between $104 and $117 and reduced by ~40% next quarter at prices between $100 and $119. It is now at ~$137. There was a ~75% stake increase this quarter at prices between $112 and $143.Archer Daniels Midland (ADM): The ADM position was established in Q3 2018 at prices between $45 and $51 and reduced by ~45% next quarter at prices between $39.50 and $52. There was an about turn last quarter: stake more than doubled at prices between $40.50 and $45. That was followed with a ~20% stake increase this quarter at prices between $38.25 and $44.60. It is currently just below those ranges at $37.57 and the position is at 0.81% of the portfolio.UnitedHealth Group (UNH): UNH is a 0.66% UNH stake which was doubled in Q4 2018 at prices between $233 and $286. It was sold down by ~60% last quarter at prices between $236 and $271. This quarter saw a ~230% stake increase at prices between $217 and $250. It is now at ~$227.D R Horton (DHI) and Celgene Corp (CELG): These two positions were built over the last two quarters. The 1.66% DHI stake was established last quarter at prices between $35 and $47 and increased by ~70% this quarter at prices between $42 and $47. The stock currently trades above those ranges at $49. CELG is a 1.77% merger-arbitrage stake. Bristol-Myers Squibb (BMY) is buying Celgene in a cash-and-stock deal ($50 cash, one share of BMY, and a tradeable CVR with a one-time potential payment of $9 in 2021 for each share of CELG held) announced in January. CELG is currently at $97.49 and BMY at $48.66.Canadian Natural Resources (CNQ) Calls, E*Trade Financial (ETFC), Keurig Dr. Pepper (KDP), Morgan Stanley (MSN), and Synchrony Financial (SYF): These very small (less than ~0.70% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at 17.69% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at ~$103.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Last two quarters have seen the position sold down by ~45% at prices between $6.75 and $12. The stock currently trades at $11.43.Note: In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn.LPL Financial (LPLA): The bulk of the ~1% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades above that range at ~$72. There have only been minor adjustments since.iShares Russell 1000 ETF (IWB): IWB is a ~1% long position purchased in Q4 2018 at prices between $130 and $162 and increased by ~45% last quarter at prices between $135 and $159. This quarter saw a ~35% selling at prices between $153 and $164. The stock is now at $160.Conagra Foods (CAG): The 0.71% CAG position was established as a result of the merger with Pinnacle Foods. Soros had a position in Pinnacle Foods for which he received CAG shares in the ration 1:0.6494. The stake was increased by two-thirds last quarter at prices between $21 and $28 and the stock is now just above that range at $28.45. This quarter saw a ~38% reduction at prices between $25.50 and $31.30.GCI Liberty (GLIBA) and McCormick (MKC): These two positions saw large increases over the last two quarters but were reduced this quarter. The GLIBA position was increased by ~45% in Q4 2018 and another ~25% last quarter at prices between $40 and $57. This quarter saw the position almost sold out at prices between $56 and $62. The stock currently trades at $61.03. MKC position saw a ~250% increase in Q4 2018 at prices between $132 and $152. The stake was increased by another ~18% last quarter while this quarter there was a one-third selling at prices between $150 and $158. It currently trades at ~$164.First Data Corp (FDC): FDC was a small 0.52% of the portfolio merger-arbitrage stake established last quarter. In January, Fiserv (FISV) agreed to acquire FDC in an all-stock merger (0.303 shares of FISV for each FDC held) that closed last month. FISV shares has been on a roll and has returned over 50% YTD.Kept Steady:Mondelez Intl. (MDLZ): The 1.47% MDLZ stake had seen a ~140% increase in Q4 2018 at prices between $39.50 and $45. It saw a ~8% trimming last quarter. The stock currently trades well above that range at $54.88.Grifols S A (GRFS): The ~1% portfolio stake in GRFS was acquired last quarter at prices between $17.50 and $21 and the stock currently trades at $21.35.JPMorgan Chase (JPM): The 0.55% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Q3 2018 saw the position reduced by ~60% at prices between $104 and $119. It currently trades at ~$107. Q4 2018 also saw a ~20% selling.SPDR Financial (XLF), SPDR Oil & Gas Exploration (XOP) & Calls, and Viper Energy Partners LP (VNOM): These very small positions (less than ~0.70% of the portfolio each) were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2019:Regulatory Filings thru 5/18/2019: None."
"Tracking George Soros’s Portfolio – Q1 2019 Update"	"Soros' 13F portfolio value increased from $3.30B to $4.31B this quarter. The number of positions increased from 165 to 169.Soros added Ceridian HCM Holding while dropping Verizon. The net short position in S&P 500 Index is now a large stake at ~7% of the portfolio.Liberty Broadband at ~16% of the portfolio is the largest individual stock position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2019. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2018.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value increased ~28% this quarter from $3.30B to $4.31B. The number of positions increased 165 to 169. Very small stock positions and large debt holdings together account for ~27% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Ceridian HCM Holding (CDAY): The 1.96% CDAY stake was purchased this quarter at prices between $33 and $51 and the stock currently trades at the top end of that range at $51.Comcast Corp (CMCSA), Grifols S A (GRFS), Valero Energy (VLO), D R Horton (DHI), Celgene Corp (CELG), Altice USA (ATUS), Adobe (ADBE), Intuit Inc. (INTU), and Viacom (VIAB): These are small (less than ~1% of the portfolio each) new positions established this quarter.Stake Disposals:Amazon.com (AMZN) & Calls: AMZN was a small ~0.73% of the portfolio position as of last quarter. It was purchased in Q1 2018 at prices between $1180 and $1600. The following quarter saw a ~42% selling at prices between $1372 and $1750 and that was followed with another ~25% selling in Q3 2018 at prices between $1694 and $2040. Last quarter saw a similar reduction at prices between $1344 and $2004 and the disposal this quarter was at prices between $1500 and $1820. The stock is now at $1869.AT&T Inc. (T): T was a fairly large ~3% of the portfolio stake established in Q2 2018. Soros had a position in Time Warner and AT&T’s deal ($107.50 per share, half cash) for Time Warner closed last June. The position saw a ~75% selling in Q3 2018 at prices between $30 and $34. There was another ~50% reduction last quarter at prices between $27 and $34 and the elimination this quarter was at prices between $28.50 and $32. The stock is now at $31.80.Pandora (P): The 0.52% Pandora stake as of last quarter was first purchased in Q2 2018 at prices between $4.50 and $8.50 and reduced by ~25% next quarter at prices between $6.75 and $10. Last quarter saw another ~60% selling at prices between $5.25 and $6.40. In September last year, Sirius XM (SIRI) agreed to acquire Pandora in a stock deal (1.44 shares of SIRI for each P held) and that transaction closed in February. SIRI currently trades at ~$5.66.Kraft Heinz (KHC): The KHC stake was established in Q3 2018 at prices between $55 and $65 and reduced by ~45% last quarter at prices between $42.50 and $58. The disposal this quarter was at prices between $31.50 and $48. It currently trades at $32.53.Alphabet (GOOG): The 0.70% GOOG stake had seen a ~80% increase last quarter at prices between $976 and $1203 but was disposed this quarter at prices between $1015 and $1232. It is now at $1162.Invesco QQQ (QQQ) Puts, Philip Morris International (PM) and Verizon Communications (VZ): The 1.60% short stake in QQQ was established last quarter as the underlying traded between $144 and $186. It was disposed this quarter as QQQ traded between $150 and $183. It currently trades at $183. PM was a 1.19% portfolio position established last quarter at prices between $66 and $91 and disposed this quarter at prices between $66.50 and $92. The stock currently trades at $86.81. The ~1% VZ stake was purchased last quarter at prices between $53 and $61 and eliminated this quarter at around the same price range. It is now at $58.09.Allot Communications (ALLT), Hershey Company (HSY), and Sprint (S): These very small (less than ~0.70% of the portfolio each) stakes were disposed this quarter.Stake Increases:SPDR S&P 500 (SPY) Calls & Puts: The net short position thru SPY Calls & Puts is now at ~7% of the portfolio. It was a small net long position as of Q3 2018. SPY traded between $234 and $292 last quarter. The trading range this quarter was between $244 and $286. It is currently at ~$286.iShares Russell 1000 ETF (IWB): IWB is a 1.51% long position purchased last quarter at prices between $130 and $162 and increased by ~45% this quarter at prices between $135 and $159. The stock is now at $159.GCI Liberty (GLIBA), T-Mobile US (TMUS) and McCormick (MKC): These three positions saw large increases over the last two quarters. The 1.46% GLIBA position was increased by ~45% last quarter and another ~25% this quarter at prices between $40 and $57. The stock currently trades at $60.55. The ~1% TMUS position was increased by ~800% last quarter at prices between $61 and $70. This quarter also saw a ~12% further increase. The stock currently trades at $75.37. MKC is a 0.88% portfolio position that saw a ~250% increase last quarter at prices between $132 and $152. The stake was increased by another ~18% this quarter. It currently trades at ~$156.Red Hat Inc. (RHT), Conagra Foods (CAG), and Energizer Holdings (ENR): These new positions purchased last quarter saw significant buying this quarter. RHT is a merger-arbitrage stake established last quarter – IBM is buying Red Hat for $190 per share cash. The stock currently trades at $186. The 1.17% CAG position was established as a result of the merger with Pinnacle Foods. Soros had a position in Pinnacle Foods for which he received CAG shares in the ration 1:0.6494. The stake was increased by two-thirds this quarter at prices between $21 and $28 and the stock is now just above that range at $29.08. ENR is a 0.83% stake purchased at prices between $43 and $62 and increased by ~55% this quarter at prices between $44 and $49. It is now at $46.96.Archer Daniels Midland (ADM): The ADM position was established in Q3 2018 at prices between $45 and $51 and reduced by ~45% last quarter at prices between $39.50 and $52. There was an about turn this quarter: stake more than doubled at prices between $40.50 and $45. It currently goes for $40.68 and the position is at 0.69% of the portfolio.Walt Disney (DIS): DIS is a 0.46% position purchased in Q3 2018 at prices between $104 and $117 and reduced by ~40% last quarter at prices between $100 and $119. It is now at ~$135. There was a marginal stake increase this quarter.E*Trade Financial (ETFC), Salesforce.com (CRM), Marvell Technology(MRVL), SPDR S&P 500 (SPY) & Calls, SPDR Oil & Gas Exploration (XOP) & Calls, Sirius XM (SIRI), Viper Energy Partners LP (VNOM), and World Wrestling Entertainment (WWE): These small positions (less than ~1% of the portfolio each) were increased this quarter.Stake Decreases:VICI Properties (VICI) and Caesars Entertainment (CZR): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 9.84% of the portfolio position (~7% of the business) in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $22.63. The CZR position is currently the third-largest stake at ~5% of the portfolio. The reorg terms also called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Q1 2018 saw the stake increased to 34.5M shares (4.9% of the business) as Soros’ debt holdings got converted in the reorg. The stock currently trades at $9.03. Both positions saw minor trimming in the last two quarters.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large (top five) 4.5% portfolio positon established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. The stock is now above those ranges at $68.07. Last four quarters have seen minor trimming.Mondelez Intl. (MDLZ), NRG Energy (NRG), and UnitedHealth Group (UNH): These three positions saw large increases last quarter but saw reductions this quarter. The 1.38% MDLZ stake had seen a ~140% increase last quarter at prices between $39.50 and $45. It saw a ~8% trimming this quarter. The stock currently trades at ~$52. NRG is now a minutely small 0.29% portfolio position. The stake had seen a ~135% increase last quarter at prices between $35 and $43 but saw a ~50% selling this quarter at prices between $37.75 and $43.50. It currently trades at $35.58. The minutely small 0.20% UNH stake was doubled last quarter at prices between $233 and $286 but was sold down by ~60% this quarter at prices between $236 and $271. It is now at ~$241.Coupa Software (COUP): The 1.26% COUP stake was established in Q2 2018 at prices between $44.50 and $64.50 and increased by ~14% next quarter at prices between $61 and $81. It is currently well above those ranges at ~$110. Last quarter also saw a ~7% stake increase. There was minor trimming this quarter.Comerica (CMA), Intelsat SA (I) & Calls, Lions Gate Entertainment (LGF.A), RingCentral Inc. (RING), and SPDR Financial (XLF): These very small (less than ~1% of the portfolio each) stakes saw reductions this quarter.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~15.52% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at ~ $102.JPMorgan Chase (JPM): The ~0.50% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Q3 2018 saw the position reduced by ~60% at prices between $104 and $119. It currently trades at ~$111. Last quarter also saw a ~20% selling.LPL Financial (LPLA): The very small 0.92% portfolio stake in LPLA was kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2019:Regulatory Filings thru 2/20/2019: 13G/A – 2/7 – ALLT – 1.36M shares – 4.03%, 13G/A – 2/7 – OSTK – 0, 13G/A – 2/7 – SREV – 0, 13G/A – 2/7 – VICI – 20.9M shares – 5.22%,"
"Tracking George Soros’s Portfolio – Q4 2018 Update"	"Soros' 13F portfolio value decreased from $4.56B to $3.30B this quarter. The number of positions decreased from 189 to 165.Soros added Philip Morris and Verizon while increasing Mondelez. The small net long position in S&P 500 Index & Nasdaq 100 Index was turned into a medium-sized net short position during the quarter.Liberty Broadband at ~16% of the portfolio is the largest individual stock position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/14/2019. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2018.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~28% this quarter from $4.56B to $3.30B. The number of positions decreased from 189 to 165. Very small stock positions and large debt holdings together account for ~30% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Philip Morris International (PM), Verizon Communications (VZ), Red Hat Inc. (RHT), Conagra Foods (CAG), and Energizer Holdings (ENR): These are the new individual stock positions this quarter. PM is a 1.19% portfolio position established at prices between $66 and $91 and the stock currently trades at $85.04. The ~1% VZ stake was purchased at prices between $53 and $61 and it is now at $55.76. RHT is a merger-arbitrage stake established this quarter – IBM is buying Red Hat for $190 per share cash. The stock currently trades at $182. The 0.73% CAG position was established as a result of the merger with Pinnacle Foods. Soros had a position in Pinnacle Foods for which he received CAG shares in the ration 1:0.6494. Soros also increased the stake during the quarter. ENR is a 0.70% stake purchased at prices between $43 and $62 and it is now at ~$46.Invesco QQQ (QQQ) Puts and iShares Russell 1000 ETF (IWB): The 1.60% short stake in QQQ was established as the underlying traded between $144 and $186 and it currently trades at $172. IWB is a 1.20% long position purchased this quarter at prices between $130 and $162 and it is now at $155.Note: Soros uses ETFs to hedge other parts of his portfolio and so the ETF trades do not indicate a clear bias.Stake Disposals:Devon Energy (DVN) & Calls, Microsoft Corp (MSFT), Pinnacle Foods, and iShares MSCI Emerging ETF (EEM): These four positions saw large increases last quarter but were disposed this quarter. The ~1.6% DVN stake was increased by ~160% at prices between $38.50 and $45.5. The position was disposed this quarter at prices between $21 and $41. The stock currently trades at $30.27. The 1.21% MSFT position saw a whopping ~800% increase last quarter at prices between $99 and $115 but was disposed this quarter at prices between $94 and $116. It currently trades at ~$107. Pinnacle Foods was a merger arbitrage stake that saw a ~500% increase last quarter. Conagra (CAG) agreed to acquire Pinnacle Foods in June and the transaction closed in October last year. The 1.2% EEM stake saw a ~550% increase last quarter at prices between $41 and $45. It was disposed this quarter at prices between $38 and $43. It currently goes for $42.66.Spotify Technology (SPOT): SPOT is a ~1% of the portfolio position. It had an IPO in April 2018 and started trading at ~$135 per share. The position was reduced by ~63% last quarter at prices between $169 and $196 and disposed this quarter at prices between $107 and $180. The stock is now at ~$148.Aetna Inc. (AET): The 1.51% AET stake was built over the two quarters thru Q1 2018 at prices between $151 and $194. There was a ~6% trimming in Q2 2018 and a one-third reduction last quarter at prices between $185 and $206. In December 2017, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held) and that transaction closed last November thus eliminating this position.EQT Corporation (EQT) & Calls: EQT was a 0.60% portfolio stake purchased in Q2 2017 at prices between $30 and $33.50 and increased by ~20% the following quarter at prices between $38.50 and $46.50. There was a ~22% selling in Q1 2018 at prices between $25 and $38.50 and that was followed with a ~42% reduction next quarter at prices between $25.50 and $36.50. The disposal this quarter was at prices between $16.50 and $26. The stock is now at $19.35.Note: The prices quoted above are adjusted for the Equitrans Midstream (ETRN) spinoff this month.Electronic Arts (EA), Express Scripts (ESRX), iShares JPM Emerging (EMB) Puts, and Netflix Inc. (NFLX): These very small (less than ~0.70% of the portfolio each) stakes were disposed this quarter.Stake Increases:Mondelez Intl. (MDLZ), T-Mobile US (TMUS), McCormick (MCK), Alphabet (GOOG), NRG Energy (NRG), and UnitedHealth Group (UNH): These six positions saw large increases this quarter. The 1.58% MDLZ stake saw a ~140% increase this quarter at prices between $39.50 and $45 and the stock currently trades at ~$48. TMUS position was increased by ~800% this quarter to a ~1% portfolio stake at prices between $61 and $70 and it is now at $72.75. MCK is a 0.91% portfolio position that saw a ~250% increase this quarter at prices between $108 and $137 and it currently trades at $134. The small 0.70% GOOG stake saw a ~80% increase this quarter at prices between $976 and $1203 and it is now at $1114. NRG is a 0.69% portfolio position that saw a ~135% increase this quarter at prices between $35 and $43 and it currently trades at $42.06. The small 0.64% UNH stake was doubled this quarter at prices between $233 and $286 and it is now at ~$270.SPDR S&P 500 (SPY) Calls & Puts: The net short position thru SPY Calls & Puts is now at 2.22% of the portfolio. It was a small net long position as of last quarter. SPY traded between $271 and $294 last quarter and between $234 and $292 this quarter. It is currently at ~$278.Coupa Software (COUP): The 1.16% COUP stake was established in Q2 2018 at prices between $44.50 and $64.50 and increased by ~14% last quarter at prices between $61 and $81. It is currently well above those ranges at $93.82. This quarter also saw a ~7% stake increase.GCI Liberty (GLIBA), Hershey Company (HSY), and E*Trade Financial (ETFC): These three small (less than ~1% of the portfolio each) stakes saw substantial increases this quarter. The GLIBA position was increased by ~45% while HSY & ETFC stakes saw ~30% increases each.Lions Gate Entertainment (LGF.A), and SVB Financial (SVB): These two very small (less than ~0.70% of the portfolio each) stakes were increased this quarter. Lions Gate position saw a ~15% stake increase and the SVB Financial position saw a ~4% increase.Stake Decreases:VICI Properties (VICI) and Caesars Entertainment (CZR): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 11.89% of the portfolio position (~7% of the business) in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $21.49. The CZR position is currently the third-largest stake at ~7% of the portfolio. The reorg terms also called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Q1 2018 saw the stake increased to 34.5M shares (4.9% of the business) as Soros’ debt holdings got converted in the reorg. The stock currently trades at $9.62. Both positions saw minor trimming this quarter.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large (top five) 4.5% portfolio positon established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. The stock is now above those ranges at $69.40. Last three quarters have seen minor trimming.Amazon.com (AMZN) & Calls: AMZN is now a small ~0.73% of the portfolio position. It was purchased in Q1 2018 at prices between $1180 and $1600. The following quarter saw a ~42% selling at prices between $1372 and $1750 and that was followed with another ~25% selling last quarter at prices between $1694 and $2040. This quarter saw a similar reduction at prices between $1344 and $2004. The stock is now at $1622.AT&T Inc. (T): T was a fairly large ~3% of the portfolio stake established in Q2 2018. Soros had a position in Time Warner and AT&T’s deal ($107.50 per share, half cash) for Time Warner closed in June. The position saw a ~75% selling last quarter at prices between $30 and $34. There was another ~50% reduction this quarter at prices between $27 and $34. The stock is now at $30.85.JPMorgan Chase (JPM): The ~0.63% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Last quarter saw the position reduced by ~60% at prices between $104 and $119. It currently trades at ~$106. This quarter also saw a ~20% selling.Walt Disney (DIS) and SPDR Oil & Gas Exploration (XOP) & Calls: DIS is a 0.59% position purchased last quarter at prices between $104 and $117 and reduced by ~40% this quarter at prices between $100 and $119. It is now at ~$114. The 0.55% XOP stake was established last quarter at prices between $39 and $45 and reduced by ~30% this quarter at prices between $24 and $45. It currently trades at $31.22.Pandora (P): The 0.52% Pandora stake was purchased in Q2 2018 at prices between $4.50 and $8.50 and reduced by ~25% next quarter at prices between $6.75 and $10. This quarter saw another ~60% selling at prices between $5.25 and $6.40.Note: In September last year, Sirius XM (SIRI) agreed to acquire Pandora in a stock deal (1.44 shares of SIRI for each P held) and that transaction closed earlier this month. SIRI currently trades at ~$6.Bank of America (BAC): The 0.48% BAC position saw a whopping ~815% increase in Q1 2018 at prices between $30 and $33. It saw a ~55% selling last quarter at prices between $27.75 and $31.80 and that was followed with a one-third reduction this quarter at prices between $22.75 and $30.50. The stock is now at $29.41.Tribune Media (TRCO), Archer Daniels Midland (ADM), and Kraft Heinz (KHC): These three positions established last quarter were reduced to minutely small (less than 0.5% of the portfolio each) stakes this quarter. TRCO was purchased at prices between $32 and $39 and reduced by ~90% this quarter at prices between $36.75 and $45. The stock currently trades at $46.43. The ADM position was established at prices between $45 and $51 and reduced by ~45% this quarter at prices between $39.50 and $52. It currently goes for ~$42. The KHC stake was established at prices between $55 and $65 and reduced by ~45% this quarter at prices between $42.50 and $58. It currently trades at $48.26.Note: Last December, Nexstar Media (NXST) agreed to acquire Tribune for $46.50 per share cash.Allot Communications (ALLT), Comerica (CMA), Intelsat SA (I) & Calls, Marvell Technology(MRVL), RingCentral Inc. (RING), Salesforce.com (CRM), SPDR S&P 500 (SPY) & Calls, SPDR Energy (XLE) Calls, and Sprint (S): These very small (less than ~1% of the portfolio each) stakes saw reductions this quarter.Note: Regulatory filings since the quarter ended show them owning 1.36M shares (~4% of the business) of Allot Communications. This is compared to 3.27M shares in the 13F report.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~13.5% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $89.37. There was marginal trimming in the last three quarters. For investors attempting to follow Soros, Liberty Broadband is a good option to consider for further research.LPL Financial (LPLA): The very small 0.81% portfolio stake in LPLA was kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2018:Regulatory Filings thru 11/18/2018: Form 4 – 8/16 – SIGM – minor filing – 5.12M shares remain."
"Tracking George Soros’s Portfolio – Q3 2018 Update"	"Soros' 13F portfolio value decreased from $6.25B to $4.56B this quarter. The number of positions decreased from 203 to 189.Soros added Tribune Media while reducing NXP Semiconductors. The large net short positions in S&P 500 Index & Nasdaq 100 Index was turned into a small net long position during the quarter.Liberty Broadband at ~14% of the portfolio is the largest individual stock position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2018. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2018.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~27% this quarter from $6.25B to $4.56B. The number of positions decreased from 203 to 189. Very small stock positions and large debt holdings together account for ~30% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Tribune Media (TRCO), Archer Daniels Midland (ADM), Walt Disney (DIS), and Kraft Heinz (KHC): These are new individual stock positions established during the quarter. TRCO is a 1.35% of the portfolio stake purchased at prices between $32 and $39 and the stock currently trades near the top end of that range at $38.57. The 0.79% of the portfolio position in ADM was established at prices between $45 and $51 and it currently goes for $46.38. DIS is a 0.77% position purchased at prices between $104 and $117 and it is now at ~$116. The 0.68% KHC stake was established at prices between $55 and $65 and it currently trades below that range at $52.08.SPDR Energy (XLE) Calls, SPDR Oil & Gas Exploration (XOP) & Calls: The 1.66% long position in XLE thru calls was purchased as the underlying traded between $72 and $77 and it is now below that range at $67.18. The 0.93% XOP stake was established at prices between $39 and $45 and it currently trades well below that range at $34.75.Stake Disposals:Rockwell Collins (COL): The COL stake was increased by ~165% in Q1 2018 at prices between $133 and $139. That was followed with a ~14% increase last quarter. The stock is now at ~$133. The 1.37% portfolio stake was disposed this quarter.Note: In September last year, United Technologies agreed to acquire Rockwell Collins in a cash-and-stock deal valued at $140 per share ($93.33 per share in cash and the rest in stock subject to a 7.5% collar).XL Group (XL): XL was another merger-arbitrage stake established in Q1 2018 and increased by ~80% last quarter. In March, AXA agreed to acquire XL Group for $57.60 per share cash. The transaction closed in September thus eliminating the position.Chevron (CVX) & Calls and Vaneck Vectors Semi ETF (SMH) Puts: These two small ~1% positions were established last quarter but disposed this quarter. CVX was purchased at prices between $112 and $130 and disposed at prices between $114 and $128. The stock is now at ~$119. SMH Puts stakes was established as the underlying traded between $97 and $112 and disposed as it traded between $101 and $110. It currently trades at $94.28.ServiceNow Inc. (NOW) and Canadian Natural Resources (CNQ) Calls: These two very small (less than ~0.60% of the portfolio each) stakes increased last quarter were eliminated this quarter.Invesco QQQ (QQQ), Sigma Designs (SIGM), and Validus Holdings (VR): These are small (less than ~1% of the portfolio each) stakes kept steady last quarter but disposed this quarter.Note 1: Validus Holdings was a merger-arbitrage stake: In January, AIG agreed to acquire Validus Holdings (VR) for $68 per share cash and that transaction closed in July.Note 2: Soros had a 13% ownership stake in Sigma Designs.Stake Increases:Intelsat SA (I) & Calls: The bulk of the ~2% of the portfolio position in Intelsat was purchased over the last two quarters at prices between $3.60 and $31 and the stock currently trades at $25.67.Note: Intelsat has returned a whopping ~500% since April.Devon Energy (DVN) & Calls, Microsoft Corp (MSFT), Pinnacle Foods, and iShares MSCI Emerging ETF (EEM): These four positions saw large increases this quarter. The ~1.6% DVN stake was increased by ~160% at prices between $38.50 and $45.50 and it is now well below that range at $29.56. The 1.21% MSFT position saw a whopping ~800% increase this quarter at prices between $99 and $115 and it currently trades at ~$108. Pinnacle Foods was a merger arbitrage stake that saw a ~500% increase this quarter. Conagra (CAG) agreed to acquire Pinnacle Foods in June and the transaction closed last month. The 1.2% EEM stake saw a ~550% increase this quarter at prices between $41 and $45 and it currently goes for $40.90.Coupa Software (COUP): The ~1% COUP stake was established last quarter at prices between $44.50 and $64.50 and increased by ~14% this quarter at prices between $61 and $81. It is currently at $63.94.EQT Corporation (EQT) & Calls: EQT is a 0.60% portfolio stake purchased in Q2 2017 at prices between $30 and $33.50 and increased by ~20% the following quarter at prices between $38.50 and $46.50. There was a ~22% selling in Q1 2018 at prices between $25 and $38.50 and that was followed with a ~42% reduction last quarter at prices between $25.50 and $36.50. The stock is now at $16.63. This quarter saw a marginal increase.Note: The prices quoted above are adjusted for the Equitrans Midstream (ETRN) spinoff this month.Express Scripts (ESRX), Lions Gate Entertainment (LGF.A), and SVB Financial (SVB): These are very small (less than ~0.70% of the portfolio each) stakes that saw substantial increases this quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~13.5% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $83.79. There was marginal trimming in the last three quarters. For investors attempting to follow Soros, Liberty Broadband is a good option to consider for further research.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large (top five) 4% portfolio positon established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. The stock is now well above that range at $63.59. There was a ~4% trimming last quarter and a marginal reduction this quarter.SPDR S&P 500 (SPY) Calls & Puts: The net long position thru SPY Calls & Puts is now a minutely small 0.37% portfolio stake. It was a large 7.31% net short position last quarter. SPY traded between $257 and $279 last quarter and between $271 and $294 this quarter. It is currently at ~$274.Aetna Inc. (AET): The 1.51% AET stake was built over the two quarters thru Q1 2018 at prices between $151 and $194. The stock currently trades at ~$209. There was a ~6% trimming last quarter and a one-third reduction this quarter at prices between $185 and $206.Note: Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held).AT&T Inc. (T): T was a fairly large ~3% of the portfolio stake established last quarter. Soros had a position in Time Warner and AT&T’s deal ($107.50 per share, half cash) for Time Warner closed in June. The position saw a ~75% selling to a small ~1% portfolio stake this quarter at prices between $30 and $34. The stock is now at $30.29.Spotify Technology (SPOT) and Pandora (P): SPOT is a ~1% of the portfolio position. It had an IPO in April and started trading at ~$135 per share. The stock is now at ~$134. The position was reduced by ~63% this quarter at prices between $169 and $196. The ~1% Pandora stake was purchased last quarter at prices between $4.50 and $8.50 and reduced by ~25% this quarter at prices between $6.75 and $10. It is currently at $8.91.JPMorgan Chase (JPM): The ~0.66% JPM stake was acquired in Q1 2018 at prices between $107 and $119 and reduced by ~60% this quarter at prices between $104 and $119. It currently trades at ~$110.Bank of America (BAC) and Netflix Inc. (NFLX): These small positions (less than 1% of the portfolio each) saw large increases in Q1 2018 but were reduced over the last two quarters. The 0.64% BAC position saw a whopping ~815% increase in Q1 2018 at prices between $30 and $33. It saw a ~55% selling this quarter at prices between $27.75 and $31.80 and the stock is now at $27.75. NFLX is now a minutely small 0.11% stake. It had seen a ~205% increase in Q1 2018 at prices between $201 and $331. There was a ~45% reduction last quarter at prices between $280 and $417 and the position was almost eliminated this quarter at prices between $317 and $419. The stock is now at $286.Amazon.com (AMZN) & Calls and Wells Fargo (WFC): These small positions (~1% of the portfolio each) established in Q1 2018 saw significant selling since. AMZN is a ~1% of the portfolio position purchased at prices between $1180 and $1600 and it is now at $1593. Last quarter saw a ~42% selling at prices between $1372 and $1750 and that was followed with another ~25% selling this quarter at prices between $1694 and $2040. The 0.42% WFC stake was established at prices between $51 and $66 and reduced by ~60% this quarter at prices between $52.50 and $59. It currently goes for $52.94.NXP Semiconductors (NXPI): The fairly large 3.36% NXPI position saw a ~80% increase in Q1 2017 at prices between $96 and $104 and that was followed with another ~45% increase in Q4 2017 at prices between $113 and $118. There was a ~45% increase in Q1 2018 at prices between $115 and $126 and that was followed with a ~150% increase last quarter at prices between $92 and $120. This quarter saw the position almost sold out at prices between $85 and $110. It is now at $84.97.Note: NXP Semiconductors was to merge with Qualcomm (QCOM) at $127.50 per share cash but that transaction fell through in July.Allot Communications (ALLT), Citigroup (C), Comerica (CMA), Electronic Arts (EA), GCI Liberty (GLIBA), Marvell Technology(MRVL), RingCentral Inc. (RING), and Salesforce.com (CRM): These very small (less than ~0.80% of the portfolio each) stakes saw reductions this quarter.Kept Steady:VICI Properties (VICI) and Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 10.20% of the portfolio position (~7% of the business) in VICI came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $21.30. The CZR position is currently the third-largest stake at ~8% of the portfolio. The reorg terms also called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Q1 2018 saw the stake increased to 34.5M shares (4.9% of the business) as Soros’ debt holdings got converted in the reorg. The stock currently trades at $8.51.LPL Financial (LPLA): The very small 0.81% portfolio stake in LPLA was kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q3 2018:Regulatory Filings thru 9/1/2018: Form 4 – 8/16 – SIGM – minor transaction."
"Tracking George Soros’s Portfolio – Q2 2018 Update"	"Soros' 13F portfolio value increased from $6.16B to $6.25B this quarter. The number of positions decreased from 219 to 203.The net short position in SPDR S&P 500 thru Puts was increased significantly during the quarter.Liberty Broadband at ~9% of the portfolio is the largest individual stock position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/16/2018. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2018.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value increased marginally this quarter from $6.16B to $6.25B. The number of positions decreased from 219 to 203. Very small stock positions and large debt holdings together account for ~32% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:AT&T Inc. (T): T is a fairly large ~3% of the portfolio stake established this quarter. Soros had a position in Time Warner and AT&T’s deal ($107.50 per share, half cash) for Time Warner closed in June. The stock is currently at $31.94 and it traded between $31.50 and $36 during the quarter.Spotify Technology (SPOT) and Pandora (P): SPOT is a ~2% of the portfolio position. It had an IPO in April and started trading at ~$135 per share. The stock is now well above that at $189. The 0.90% Pandora stake was purchased at prices between $4.50 and $8.50 and it is currently above that range at $9.24.Chevron (CVX) & Calls and Coupa Software (COUP): CVX is a 1.14% of the portfolio position purchased at prices between $112 and $130 and the stock is now at ~$119. The very small COUP stake was established at prices between $44.50 and $64.50 and it is currently well above that range at $71.71.Stake Disposals:Kennedy-Wilson Holdings (KW): KW was a 1.67% portfolio stake established in Q4 2017 as a result of the merger of Kennedy-Wilson with Kennedy-Wilson Europe. Soros had a ~12% ownership stake in Kennedy-Wilson Europe for which they received Kennedy-Wilson shares. The stock currently trades at $21.45. There was a ~4% trimming last quarter and the disposal this quarter was at prices between $17.50 and $21.50.Powershares QQQ (QQQ) Puts: The positioning thru Index ETF Puts & Calls varies widely almost every quarter. Soros is known to use these ETFs to hedge other parts of his portfolio. As such, the positions do not indicate a clear market bias. The net short position in QQQ as of last quarter was ~1.25% of the portfolio. It was disposed this quarter.Time Warner (TWX): A 1.39% TWX position was established in Q4 2016 at prices between $78.50 and $97 and increased by ~30% in Q2 2017 at prices between $97 and $100. There was another ~70% increase in Q3 2017 at prices between $99 and $103. Q4 2017 saw an about turn: ~60% sold at prices between $87 and $104. The pattern reversed again last quarter: ~130% increase at prices between $91.50 and $97. AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal worth ~$107.50 (half in cash) per share and transaction closed in June.Baxter International (BAX), Cigna Corp. (CI), Crown Castle Intl. (CCI), General Motors (GM), Interxion Holding NV (XON), Lam Research (LRCX), Laboratory Corp (LH), LivaNova plc (LIVN), SBA Communications (SBAC), Solaredge (SEDG), SPDR Regional Banking ETF (KRE), SPDR Oil & Gas ETF (XOP), Target Corp. (TGT), Thermo Fisher Scientific (TMO), and Zayo Group Holdings (ZAYO): These very small (less than ~1% of the portfolio each) positions were eliminated this quarter.Notes: SBA Communications did an REIT conversion transaction in January 2017 - the deal was structured as a merger with its REIT subsidiary. The stock has returned ~50% since.Stake Increases:SPDR S&P 500 (SPY) Puts: The short position thru SPY Puts is at ~10% currently. The net short after offsetting corresponding long stake is 7.31%. SPY traded between $257 and $279 during the quarter and is currently at $290.NXP Semiconductors (NXPI): The fairly large 3.36% NXPI position saw a ~80% increase in Q1 2017 at prices between $96 and $104 and that was followed with another ~45% increase in Q4 2017 at prices between $113 and $118. There was a ~45% increase last quarter at prices between $115 and $126 and that was followed with a ~150% increase this quarter at prices between $92 and $120. It is now at $93.14.Note: NXP Semiconductors was to merge with Qualcomm (QCOM) at $127.50 per share cash but that transaction fell through in July.Rockwell Collins (COL): The COL stake was increased by ~165% last quarter at prices between $133 and $139. That was followed with a ~14% increase this quarter. The stock is now at $136.Note: In September last year, United Technologies agreed to acquire Rockwell Collins in a cash-and-stock deal valued at $140 per share ($93.33 per share in cash and the rest in stock subject to a 7.5% collar).XL Group (XL): XL is another merger-arbitrage stake established last quarter and increased by ~80% this quarter. The stock currently trades at $57.39. In March, AXA agreed to acquire XL Group for $57.60 per share cash.ServiceNow Inc. (NOW), LPL Financial (LPLA), Canadian Natural Resources (CNQ) Calls, Intelsat SA (I) & Calls, Electronic Arts (EA), RingCentral Inc. (RING), Salesforce.com (CRM), E*Trade Financial (ETFC) & Calls, and Marvell Technology(MRVL): These very small (less than ~0.60% of the portfolio each) stakes saw substantial increases this quarter.Note: Intelsat has returned a whopping ~500% since April.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~9% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $81.09. There was marginal trimming in the last two quarters. For investors attempting to follow Soros, Liberty Broadband is a good option to consider for further research.Altaba Inc. (AABA) previously Yahoo: AABA is a large (top five) 3.16% portfolio positon established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. The stock is now well above that range at $69.55. Q4 2017 saw a ~8% trimming while last quarter there was a similar increase. There was a ~4% trimming this quarter.Aetna Inc. (AET): The 1.51% AET stake was built over the two quarters thru Q1 2018 at prices between $151 and $194. The stock currently trades at ~$200. There was a ~6% trimming this quarter.Note: Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held).JPMorgan Chase (JPM): The ~1.1% JPM stake was acquired last quarter at prices between $107 and $119 and it currently trades at $115. There was a ~9% trimming this quarter.Bank of America (BAC) and Netflix Inc. (NFLX): These small positions (less than 1% of the portfolio each) saw large increases last quarter but were reduced this quarter. The ~1.2% BAC position saw a whopping ~815% increase last quarter at prices between $30 and $33 and the stock is now at $30.93. This quarter saw a ~11% trimming. NFLX is a 1.06% stake that saw a ~205% increase last quarter at prices between $201 and $331. It currently trades at $368. There was a ~45% reduction this quarter at prices between $280 and $417.Amazon.com (AMZN) & Calls and Wells Fargo (WFC): These small positions (~1% of the portfolio each) established last quarter saw significant selling this quarter. AMZN is a 0.81% of the portfolio position purchased at prices between $1180 and $1600 and it is now at $2013. This quarter saw a ~42% selling at prices between $1372 and $1750. The 0.84% WFC stake was established at prices between $51 and $66 and it currently goes for $58.48. This quarter saw a ~16% trimming.EQT Corporation (EQT) & Calls: EQT is a 0.53% portfolio stake purchased in Q2 2017 at prices between $50.50 and $64 and increased by ~20% the following quarter at prices between $58.50 and $67. There was a ~22% selling last quarter at prices between $45.50 and $59 and that was followed with a ~42% reduction this quarter at prices between $46 and $57. The stock is now at $51.02.Citigroup (C), Discovery Communications (DISCA), FGL Holdings (FG) previously CF Industries, GCI Liberty (GLIBA), and Lions Gate Entertainment (LGF.A): These are very small (less than 0.60% of the portfolio each) stakes that saw reductions this quarter.Kept Steady:VICI Properties (VICI): In October last year, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 7.10% of the portfolio position (~7% of the business) came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $20.91.Caesars Entertainment (CZR): Currently, the CZR position is the third-largest stake at ~6% of the portfolio. In October last year, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Last quarter saw the stake increased to 34.5M shares (4.9% of the business) as Soros’ debt holdings got converted in the reorg. The stock currently trades at $10.20.Sigma Designs (SIGM), TiVo Corporation (TIVO) previously Rovi, and Validus Holdings (VR): These are very small (less than 0.75% of the portfolio each) stakes kept steady this quarter.Note 1: Validus Holdings is a merger-arbitrage stake: In January, AIG agreed to acquire Validus Holdings (VR) for $68 per share cash.Note 2: TiVo (Rovi at the time) has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Note 3: Soros has significant ownership 13% ownership stakes in Sigma Designs.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2018:Regulatory Filings thru 5/17/2018: 13G – 4/4/2018 – CZR – 34.8M shares – 4.99% of business."
"Tracking George Soros’s Portfolio – Q1 2018 Update"	"Soros' 13F portfolio value increased from $4.37B to $6.16B this quarter. The number of positions increased from 196 to 219.Short positions in SPDR S&P 500 and Powershares QQQ index ETFs thru Puts were added during the quarter.Liberty Broadband at ~11% of the portfolio is the largest individual stock position.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s 13F stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2018. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2017.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value increased ~40% this quarter from $4.37B to $6.16B. The number of positions increased from 196 to 219. Very small stock positions and large debt holdings together account for ~37% of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, VICI Properties, and Caesars Entertainment.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:VICI Properties (VICI): In October last year, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 6.40% of the portfolio position (~7% of the business) came about as a result of this transaction – Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18 per share and currently goes for $19.65.SPDR S&P 500 (SPY) Puts and Powershares QQQ (QQQ) Puts: The positioning thru Index ETF Puts & Calls varies widely almost every quarter. Currently, the short positions thru SPY & QQQ Puts are at 3.25% and 1.25% of the portfolio respectively (the percentages are adjusted to reflect Calls that partially offset the short stance).Note: Soros is known to use these ETFs to hedge other parts of his portfolio. As such, the positions do not indicate a clear market bias.JPMorgan Chase (JPM), Amazon.com (AMZN) & Calls, and Wells Fargo (WFC): These small positions (~1% of the portfolio each) were established this quarter. The ~1.3% JPM stake was acquired at prices between $107 and $119 and it currently trades at $113. AMZN is a 1.20% of the portfolio position purchased at prices between $1180 and $1600 and it is now at $1587. The ~1% WFC stake was established at prices between $51 and $66 and it currently goes for $55.04.Citigroup (C), GCI Liberty (GLIBA), XL Group (XL), Validus Holdings (VR), and Discovery Communications (DISCA): These are very small (less than 0.75% of the portfolio each) stakes established during the quarter.Note: Validus Holdings and XL Group positions are merger-arbitrage stakes: In January, AIG agreed to acquire Validus Holdings (VR) for $68 per share cash. In March, AXA agreed to acquire XL Group for $57.60 per share cash.Stake Disposals:Overstock.com Inc. (OSTK): OSTK was a fairly large 3.61% of the portfolio position established last quarter at $40.45 per share. They participated in a capital raise thru short-term (Jan 2, 2018 expiry) warrants transaction. The warrants were exercised before expiry to initiate the long position. The disposal this quarter was at prices between $33 and $88. The stock currently trades at $37.90.Note: Soros had a ~9% ownership stake in Overstock.Halliburton Co. (HAL) & Calls: HAL was a 1.84% stake purchased last quarter at prices between $41 and $49 and eliminated this quarter at prices between $44.50 and $57. The stock currently trades at $52.97.Note: HAL is a good trading stock for Soros. It has seen several roundtrips in the portfolio over the years.iShares Russell 2000 (IWM) PUTS: The ~2% of portfolio IWM short position has wavered over the years. Recent activity follow: a large 7.65% stake was built in Q4 2016 as the underlying traded between $115 and $138. There was another roughly one-third increase in the following quarter as IWM traded between $134 and $140. Q2 2017 saw a ~25% reduction as IWM traded between $134 and $142 and that was followed with a ~50% selling the following quarter as IWM traded between $135 and $148. Last quarter saw a similar reduction at prices between $146 and $154. The disposal this quarter happened as the underlying traded between $145 and $161. It currently goes for ~$161.Comcast Corp. (CMCSA) & Calls: CMCSA was a 0.85% portfolio position purchased in Q3 2017 at prices between $37 and $42 and reduced by ~42% last quarter at prices between $35 and $41. The remaining stake was sold out this quarter at prices between $33 and $43. The stock currently trades at $32.55.American Eagle Outfitters (AEO), CBS Corp. (CBS), Dave & Busters (PLAY), Walt Disney (DIS) Calls, Extra Space Storage (EXR), Gap Inc. (GPS), and Select Financial SPDR ETF (XLF): These very small positions (less than ~0.75% of the portfolio each) were disposed this quarter.Stake Increases:Altaba Inc. (AABA) previously Yahoo: AABA is a large (top three) 3.40% portfolio positon established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. The stock is now well above that range at $77.02. Last quarter saw a ~8% trimming while this quarter there was a similar increase.Aetna Inc. (AET): The 1.5% AET stake was built over the last two quarters at prices between $151 and $194. The stock currently trades at ~$177.Note: Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held).NXP Semiconductors (NXPI): The 1.45% NXPI position saw a ~80% increase in Q1 2017 at prices between $96 and $104 and that was followed with another ~45% increase last quarter at prices between $113 and $118. There was a ~45% increase this quarter at prices between $115 and $126. It is now at $109.Note: NXP Semiconductors is merging with Qualcomm (QCOM) in a $127.50 per share all-cash deal.Time Warner (TWX): The 1.39% TWX position was established in Q4 2016 at prices between $78.50 and $97 and increased by ~30% in Q2 2017 at prices between $97 and $100. There was another ~70% increase in Q3 2017 at prices between $99 and $103. Last quarter saw an about turn: ~60% sold at prices between $87 and $104. The pattern reversed again this quarter: ~130% increase at prices between $91.50 and $97. The stock is now at $94.19.Note: Last October, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at ~$107.50 (half in cash).Rockwell Collins (COL), Bank of America (BAC), and Netflix Inc. (NFLX): These small positions (less than 1.5% of the portfolio each) saw large increases this quarter. The COL stake was increased by ~165% to a 1.22% portfolio stake at prices between $133 and $139 and it is now at $135. The ~1.2% BAC position saw a whopping ~815% increase this quarter at prices between $30 and $33 and the stock is now at $31.06. NFLX is a 1.06% stake that saw a ~205% increase this quarter at prices between $201 and $331. It currently trades at $328.Note: In September last year, United Technologies agreed to acquire Rockwell Collins in a cash-and-stock deal valued at $140 per share ($93.33 per share in cash and the rest in stock subject to a 7.5% collar).Baxter International (BAX), Cigna Corp. (CI), Lam Research (LRCX), Laboratory Corp (LH), Lions Gate Entertainment (LGF.A), SBA Communications (SBAC), Thermo Fisher Scientific (TMO), and Zayo Group Holdings (ZAYO): These very small (less than ~1% of the portfolio each) positions saw increases this quarter.Notes: SBA Communications did an REIT conversion transaction in January 2017 - the deal was structured as a merger with its REIT subsidiary. The stock has returned ~55% since.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~11% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $72.26. There was a marginal trimming this quarter. For investors attempting to follow Soros, Liberty Broadband is a good option to consider for further research.Kennedy-Wilson Holdings (KW): KW is a 1.67% portfolio stake established last quarter as a result of the merger of Kennedy-Wilson with Kennedy-Wilson Europe. Soros had a ~12% ownership stake in Kennedy-Wilson Europe for which they received Kennedy-Wilson shares. The stock currently trades at $20. There was a ~4% trimming this quarter.EQT Corporation (EQT) & Calls: EQT is a 0.80% portfolio stake purchased in Q2 2017 at prices between $50.50 and $64 and increased by ~20% the following quarter at prices between $58.50 and $67. There was a ~22% selling this quarter at prices between $45.50 and $59. The stock is now at $53.55.TiVo Corporation (TIVO) previously Rovi: TiVo is a 0.51% of the portfolio stake purchased in Q2 2016 at prices between $15 and $20.50. Q1 2017 saw a ~10% increase at prices between $17.90 and $21 and that was followed with a 15% increase in the following quarter at prices between $16 and $20. This quarter saw a ~40% selling at prices between $13 and $15.50. The stock is now at $14.80.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Churchill Downs (CHDN): CHDN is a long-term position that was almost sold out this quarter. The stake was kept steady during the two-year period thru Q2 2017 when the stock had doubled. Q3 2017 saw an about turn: ~45% selling at prices between $180 and $208 and that was followed with a similar reduction last quarter at prices between $204 and $236. The stake was reduced by ~85% this quarter at prices between $235 and $274. It currently trades at $306. Soros harvested long-term gains.Alerian MLP Alps ETF (AMLP), Allot Communications (ALLT), California Resources Corp. (CRC), Crown Castle Intl. (CCI), FGL Holdings (FG) previously CF Industries, General Motors (GM), LivaNova plc (LIVN), Solaredge (SEDG), SPDR Regional Banking ETF (KRE), SPDR Oil & Gas ETF (XOP), Take Two Interactive (TTWO), Target Corp. (TGT), Teva Pharmaceuticals (TEVA), Urban Outfitters (URBN), and Valeant Pharmaceuticals (VRX) Puts: These are very small (less than ~1% of the portfolio each) stakes that saw reductions this quarter.Notes: Take Two has returned ~130% in the last fifteen months.Kept Steady:Caesars Entertainment (CZR): Currently, the CZR position is the third-largest stake at ~6% of the portfolio. In October last year, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Last quarter saw the stake increased to 34.5M shares (4.9% of the business) as Soros’ debt holdings got converted in the reorg. The stock currently trades at $13.20.Interxion Holding NV (XON) and Sigma Designs (SIGM): These are very small (less than ~0.5% of the portfolio each) stakes that were kept steady this quarter.Note: Soros has significant ownership 13% ownership stakes in Sigma Designs.The spreadsheet below highlights Soros’s significantly large US long stock positions as of Q1 2018:Regulatory Filings thru 2/17/2018: Form 5 – 2/14 – EXA – disposal due to acquisition at $24.25 cash, 13G/As – 2/13 & 2/14 – SIGM – 5.12M shares – 13.2% of business, OSTK – 2.47M shares – 8.99% of business, KEG – 466K shares – 2.31% of business, EXA – 0, VICI – 21.52M shares – 7.17% of business, Owl Rock Capital – 0, ALLT – 5.29M shares – 15.96% of business, AGRO – 0, EXFO – 1.09M shares – 4.71% of business, GSUM – 150K shares – 0.49% of business, MODN – 387K shares – 1.31% of business. 13G – 1/3 – SREV – 7.59M shares – 7.78% of business – this includes senior notes that are convertible – 13F lists a very small amount of common shares.VICI & Caesars Entertainment bankruptcy related info – 2/15/2018 - - VICI was spun-off from Caesars Entertainment as part of bankruptcy court reorg. Creditors received shares of VICI as part of this process.Kennedy Wilson & Kennedy Wilson Europe merger presentation – June 2017 - - , Merger closed 10/20/2017 press release - -"
"Tracking George Soros’s Portfolio – Q4 2017 Update"	"Soros' 13F portfolio value increased from $4.20B to $4.37B this quarter. The number of positions decreased from 227 to 196.They added Overstock, Kennedy-Wilson, and Alerian MLP while dropping Mondelez & Kraft-Heinz.The short position in Russell 2000 ETF thru Puts was reduced by half during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/14/2018. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2017.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value increased ~4% this quarter from $4.02B to $4.37B. The number of positions decreased from 227 to 196. Very small stock positions and large debt holdings together account for about one-third of the 13F holdings. The investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Caesars Entertainment, and Altaba.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Overstock.com Inc. (OSTK): OSTK is a fairly large 3.61% of the portfolio position established this quarter at $40.45 per share. They participated in a capital raise thru short-term (Jan 2, 2018 expiry) warrants transaction. The warrants were exercised before expiry to initiate the long position. The stock currently trades at $64.15.Note: Soros owns 8.99% of Overstock common shares.Kennedy-Wilson Holdings (KW): KW is a 2.44% portfolio stake established this quarter as a result of the merger of Kennedy-Wilson with Kennedy-Wilson Europe. Soros had a ~12% ownership stake in Kennedy-Wilson Europe for which they received Kennedy-Wilson shares. The stock currently trades at $16.60.Alerian MLP Alps ETF (AMLP) and Halliburton Co. (HAL) & Calls: AMLP is a ~2% portfolio position purchased this quarter at prices between $9.90 and $11.50 and it is now at $10.61. HAL is a 1.84% stake purchased at prices between $41 and $49 and the stock currently trades at $47.50.Note: HAL is a good trading stock for Soros. It has seen several roundtrips in the portfolio over the years.SPDR Regional Banking ETF (KRE), Target Corp. (TGT), FGL Holdings (FG) previously CF Industries, Gap Inc. (GPS), Dave & Busters (PLAY), Select Financial SPDR ETF (XLF), Walt Disney (DIS) Calls, SPDR Oil & Gas ETF (XOP), LivaNova plc (LIVN), and Extra Space Storage (EXR): These are small (less than ~1% of the portfolio each) new stakes established this quarter.Stake Disposals:Campbell Soup (CPB): CPB was a small 0.64% stake established last quarter at prices between $45 and $54 and disposed this quarter at prices between $45 and $50.50. It now goes for $46.17.Mondelez (MDLZ): MDLZ was a very small 0.34% portfolio stake as of Q3 2016. The following quarter saw a ~50% increase at prices between $40.50 and $46 and that was followed with another ~170% increase in Q1 2017 at prices between $42.50 and $45.50. There was a ~30% further increase last quarter at prices between $40 and $44. The disposal of the ~1.7% portfolio stake this quarter happened at prices between $39.30 and $43.50. The stock is now at $44.14.Kraft Heinz (KHC): The majority of the 1.26% KHC stake was built during Q2 & Q3 2017 at prices between $81 and $94. The position was eliminated this quarter at prices between $75 and $82. The stock currently trades at $70.80.Facebook Inc. (FB) & Calls: FB was a minutely small 0.44% portfolio stake as of last quarter. It was sold this quarter at prices between $168 and $183. The original position was from Q4 2016 at prices between $115 and $133. The stake saw a ~25% selling in Q2 2017 at prices between $139 and $155 and that was followed with another ~75% selling in the following quarter at prices between $148 and $174. The stock is now at $177.Note: FB is a good trading stock for Soros and has seen several previous roundtrips. The most recent trading pattern follow: Q2 2015 saw a huge build-up to a ~2% portfolio stake at prices between $77.50 and $89. There was a ~30% reduction the following quarter at prices between $82 and $98.50 and that was followed with a ~55% reduction next quarter at prices between $90 and $109. Q1 2016 saw a further ~46% reduction at prices between $94 and $116 and the elimination the following quarter was at prices between $109 and $121.PayPal Holdings (PYPL): PYPL was a 0.44% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~55% reduction the following quarter at prices between $31.20 and $41.32. Q2 2016 saw another ~40% selling at prices between $34 and $40.50. PYPL currently trades at $78.37. There was a ~60% selling last quarter at prices between $53 and $65 and the remaining position was sold this quarter at prices between $64 and $79. Soros harvested huge gains.S&P 500 SPDR (SPY) Puts & Calls: The positioning thru SPY Puts & Calls varies widely almost every quarter. As of Q2 2017, the Puts stake was much larger and so the overall short positioning was at ~7% of the portfolio. Last quarter, the Puts & Calls were sized the same (1.2% of the portfolio) offsetting each other. Both positions were disposed this quarter.Note: The index ETF option positions may not indicate a clear shift in bias as Soros is known to use such Puts/Calls to hedge parts of his portfolio.Colgate Palmolive (CL), Conduent (CNDT), Exa Corp (EXA), Kellogg Co. (K), MakeMyTrip (MMYT), and SBA Communications (SBAC): These are very small (less than ~1% of the portfolio each) stakes eliminated this quarter.Notes: a) Soros had a significant ~12% ownership stake in Exa Corp. Dassault Systems acquired Exa for $24.25 cash and that transaction closed last November thus eliminating this position, b) Conduent is a Xerox (XRX) spinoff that started trading in December 2016, and c) SBA Communications did an REIT conversion transaction in January 2017 - the deal was structured as a merger with its REIT subsidiary.Stake Increases:Caesars Acquisition and Caesars Entertainment (CZR): Combined, the stake was at ~4% of the portfolio as of last quarter. Currently, the CZR position is the second-largest stake at ~10% of the portfolio. In October last year, Caesars Entertainment combined with Caesars Acquisition in a (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The two positions were first purchased in 2013. This quarter saw the stake increased to 34.5M shares (4.9% of the business) as Soros’ debt holdings got converted in the reorg.Note: Part of Caesars Entertainment bankruptcy reorg included the spinoff of VICI Properties (VICI) whereby the creditors received VICI shares. Recently regulatory filings show Soros owning 21.52M shares of VICI Properties (7.17% of business).NXP Semiconductors (NXPI): The 1.40% NXPI position saw a ~80% increase in Q1 2017 at prices between $96 and $104 and that was followed with another ~45% increase this quarter at prices between $113 and $118. It is now at $119.Note: NXP Semiconductors is merging with Qualcomm (QCOM) in a $110 per share all-cash deal.Zoetis (ZTS): ZTS is a 0.69% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the stake was increased by ~160% at ~$32. Q1 2016 saw a ~30% reduction at prices between $39 and $48 and that was followed with a ~45% selling the following quarter at prices between $44 and $49. There was a one-third reduction in Q3 2016 at prices between $47.50 and $52.50. The stock currently trades at $79.73. There was a ~15% trimming over the last two quarters while this quarter saw a similar increase.Aetna Inc. (AET), American Eagle Outfitters (AEO), CBS Corp. (CBS), Cigna Corp. (CI), General Motors (GM), Interxion Holding NV (XON), Lam Research (LRCX), Rockwell Collins (COL), Solaredge (SEDG), and Urban Outfitters (URBN): These very small stakes (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Altaba Inc. (AABA) previously Yahoo: AABA is a large (top three) 4.13% portfolio positon established in Q2 2017 at prices between $46 and $56 and increased by ~10% last quarter at prices between $54.50 and $67.50. The stock is now well above that range at $73.51. This quarter saw a ~8% trimming.iShares Russell 2000 (IWM) PUTS: The ~2% of portfolio IWM short position has wavered over the years. Recent activity follow: a large 7.65% stake was built in Q4 2016 as the underlying traded between $115 and $138. There was another roughly one-third increase in the following quarter as IWM traded between $134 and $140. Q2 2017 saw a ~25% reduction as IWM traded between $134 and $142 and that was followed with a ~50% selling last quarter as IWM traded between $135 and $148. This quarter saw a similar reduction at prices between $146 and $154. It currently goes for ~$153.EQT Corporation (EQT) & Calls: EQT is a 1.71% portfolio stake purchased in Q2 2017 at prices between $50.50 and $64 and increased by ~20% last quarter at prices between $58.50 and $67. There was minor trimming this quarter. The stock is now at $52.55.TiVo Corporation (TIVO) previously Rovi: TiVo is a 1.37% of the portfolio stake purchased in Q2 2016 at prices between $15 and $20.50. Q1 2017 saw a ~10% increase at prices between $17.90 and $21 and that was followed with a 15% increase in the following quarter at prices between $16 and $20. The stock is now at $14. Last two quarters have seen only minor adjustments.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Comcast Corp. (CMCSA) & Calls: CMCSA is a 0.85% portfolio position purchased last quarter at prices between $37 and $42 and reduced by ~42% this quarter at prices between $35 and $41. The stock currently trades at $39.79.Time Warner (TWX): The 0.83% TWX position was established in Q4 2016 at prices between $78.50 and $97 and increased by ~30% in Q2 2017 at prices between $97 and $100. There was another ~70% increase last quarter at prices between $99 and $103. The stock is now at $95.37. This quarter saw an about turn: ~60% sold at prices between $87 and $104.Note: Last October, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at ~$107.50 (half in cash).Churchill Downs (CHDN): CHDN is a long-term 0.63% portfolio stake that was kept steady in the last 2+ years. The stock price has almost doubled during that period. Last quarter saw an about turn: ~45% selling at prices between $180 and $208 and that was followed with a similar reduction this quarter at prices between $204 and $236. It currently trades at $264. Soros is harvesting gains.Viavi Solutions (VIAV) and Edgewell Personal Care (EPC): These two ~1% stakes as of last quarter were both reduced by ~90% this quarter. VIAV was a minutely small position in Q1 2017. The following quarter saw a ~9x stake increase and that was followed with another ~40% increase last quarter at prices between $9 and $11.75. The selling this quarter was at prices between $8.50 and $9.75. The stock is now at $9.93. The EPC position had seen a ~160% increase over the last two quarters at prices between $69.50 and $77.50. The selling this quarter was at prices between $56.50 and $73. It is currently at $53.46.Adtalem Global Education (ATGE) previously DeVry, Allot Communications (ALLT), Crown Castle Intl. (CCI), Model N Inc. (MODN), Nomad Foods (NOMD), SBA Communications (SBAC), Take Two Interactive (TTWO), and Valeant Pharmaceuticals (VRX) Puts: These are very small (less than ~1% of the portfolio each) stakes that saw reductions this quarter.Notes: a) Soros has significant ownership stakes in the following businesses: ~12% of Exa, ~13% of Sigma Designs, and ~16% of Allot Communications, b) SBA Communications did an REIT conversion transaction in January 2017 - the deal was structured as a merger with its REIT subsidiary, and c) SBAC and Take Two has returned ~55% and ~81% respectively in the last one year.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~15% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $92.18.California Resources Corp. (CRC), Sigma Designs (SIGM), and Teva Pharmaceuticals (TEVA): These are very small (less than ~1% of the portfolio each) stakes that were kept steady this quarter.Note: Soros has significant ownership 13% ownership stakes in Sigma Designs.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Exfo Inc. (EXFO), Key Energy Services (KEG), and ServiceSource International (SREV).The spreadsheet below highlights Soros’s significantly large US long stock positions as of Q4 2017:Regulatory Filing thru 8/16/2017: 13G/A – 11/13 – OSTK – 2.47M shares – 8.99% of business. 13G – 10/16 – VICI Properties – 15M shares – 6.1% of business. Form 3, 13G/A, Form 4 – 9/13, 9/27, 9/21, 9/15, 9/11 – EXA - ~14K shares purchased at ~$16.50, ~15K shares @ $16, ~52K shares @ $15.70, ~160K sharesw @ $14.5 – 1.74M shares remain. Form 4 – 9/12, 9/15, 9/14 – SIGM – 7.2K @ $5.83, 32K shares @ $5.81, ~66K shares @ ~$5.9 acquired – 5.12M shares. 13G – 8/17 – Guidance Software – 2.1M shares – 6.2% of business."
"Tracking George Soros’s Portfolio – Q3 2017 Update"	"Soros' 13F portfolio value decreased from $5.62B to $4.20B this quarter. The number of positions increased from 203 to 227.They added Comcast while increasing Altaba & Time Warner.The large short position in Powershares QQQ ETF thru Puts established last quarter was dropped. Also, the SPY ETF Puts and the Russell 2000 ETF Puts positions were both reduced.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2017. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2017.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~25% this quarter from $5.62B to $4.02B. The number of positions increased from 203 to 227. Very small stock positions and large debt holdings together account for over ~40% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Altaba, and Caesars Acquisition.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Comcast Corp. (CMCSA) & Calls and Campbell Soup (CPB): These two are the new positions purchased this quarter. CMCSA is a 1.45% portfolio position purchased at prices between $37 and $42 and the stock currently trades near the low end of that range at $37.07. CPB is a small 0.64% stake established at prices between $45 and $54 and it now goes for $48.32.Stake Disposals:Powershares QQQ (QQQ) Puts: Last quarter, a huge (~18% of portfolio – largest stake) short position in QQQ thru Puts was established as the underlying traded between $130 and $144. The entire stake was disposed this quarter as the underlying traded between $136 and $146. It now goes for $154.50.Note: The disposal may not indicate a clear shift in bias as Soros is known to use ETF Puts/Calls to hedge parts of his portfolio.MGM Resorts (MGM) Puts: The 0.75% short position in MGM thru Puts was established last quarter as the underlying traded between $27 and $34 and disposed this quarter as MGM traded between $30 and $34. The stock currently trades at $33.Note: MGM is a good trading stock for Soros and it has seen several previous roundtrips in the portfolio over the years.Reynolds American: RAI was a ~0.70% stake as of last quarter. The bulk of it was purchased in Q1 2017 at prices between $55 and $63. Reynolds American merged with British American Tobacco (BTI) in a cash-and-stock deal ($29.44 cash and 0.5260 BTI shares for each RAI held) that closed in July.Williams Companies (WMB): WMB was a 0.84% of the 13F portfolio as of last quarter. It was established in Q3 2016 at prices between $20 and $31. Q4 2016 saw a ~25% selling at prices between $28 and $32 while there was a ~15% increase in the following quarter at prices between $28 and $32.50. Last quarter saw a ~43% selling at prices between $27.80 and $30.80 and the disposal this quarter was at prices between $29 and $32. The stock currently trades at $27.02.Stake Increases:Altaba Inc. (AABA) previously Yahoo: AABA is a large (top three) 4.42% portfolio positon established last quarter at prices between $46 and $56 and increased by ~10% this quarter at prices between $54.50 and $67.50. The stock is now well above that range at $70.75.Time Warner (TWX): The 2.50% TWX position was established in Q4 2016 at prices between $78.50 and $97 and increased by ~30% last quarter at prices between $97 and $100. There was another ~70% this quarter at prices between $99 and $103. The stock is now at $88.01. For investors attempting to follow Soros, TWX is a good option to consider for further research.Note: Last October, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal valued at ~$107.50 (half in cash).TiVo Corporation (TIVO) previously Rovi: TiVo is a 2.43% of the portfolio stake purchased in Q2 2016 at prices between $15 and $20.50. Q1 2017 saw a ~10% increase at prices between $17.90 and $21 and that was followed with a 15% increase last quarter at prices between $16 and $20. The stock is now at $17.70. There was a minor ~4% increase this quarter.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.EQT Corporation (EQT) & Calls: EQT is a ~2% portfolio stake purchased last quarter at prices between $50.50 and $64 and increased by ~20% this quarter at prices between $58.50 and $67. It currently goes for $59.30.Mondelez (MDLZ): MDLZ was a very small 0.34% portfolio stake as of Q3 2016. Q4 2016 saw a ~50% increase at prices between $40.50 and $46 and that was followed with another ~170% increase in Q1 2017 at prices between $42.50 and $45.50. There was a ~30% further increase this quarter at prices between $40 and $44. The stock is now at $42.19 and the stake is at 1.69% of the portfolio.Kraft Heinz (KHC): The majority of the 1.26% KHC stake was built over the last two quarters at prices between $81 and $94. The stock currently trades below that range at $79.68.Viavi Solutions (VIAV) and Edgewell Personal Care (EPC): These two are now fairly significant stakes at 1.15% of the portfolio each. VIAV was a minutely small position in Q1 2017. Last quarter saw a ~9x stake increase and that was followed with another ~40% increase this quarter at prices between $9 and $11.75. The stock is now below that range at $8.77. The EPC position saw a ~160% increase over the last two quarters at prices between $69.50 and $77.50 and it is currently at $59.11. For investors attempting to follow Soros, VIAV and EPC are good options to consider for further research.Allot Communications (ALLT), Crown Castle Intl. (CCI), Colgate Palmolive (CL), Conduent (CNDT), Exa Corp. (EXA), Kellogg Co. (K), SBA Communications (SBAC), Sigma Designs (SIGM), Take Two Interactive (TTWO), and Valeant Pharmaceuticals (VRX) Puts: These are very small (less than ~1% of the portfolio each) stakes that saw increases this quarter.Notes: a) Soros has significant ownership stakes in the following businesses: ~12% of Exa, ~13% of Sigma Designs, and ~16% of Allot Communications, b) Conduent is a Xerox (XRX) spinoff that started trading last December, c) SBA Communications did an REIT conversion transaction in January - the deal was structured as a merger with its REIT subsidiary. The stock has returned ~55% YTD, and d) Take Two has returned ~140% YTD.Stake Decreases:iShares Russell 2000 (IWM) PUTS: The large 4.19% of portfolio IWM short position has wavered over the years. Recent activity follow: a large 7.65% stake was built in Q4 2016 as the underlying traded between $115 and $138. There was another roughly one-third increase in the following quarter as IWM traded between $134 and $140. Last quarter saw a ~25% reduction as IWM traded between $134 and $142 and that was followed with a ~50% selling this quarter as IWM traded between $135 and $148. It currently goes for ~$148.S&P 500 SPDR (SPY) Puts & Calls: The positioning thru SPY Puts & Calls varies widely almost every quarter. As of last quarter, the Puts stake was much larger and so the overall short positioning was at ~7% of the portfolio. That stake was reduced by ~90% this quarter. On the other hand, the Calls showed a modest ~3% trimming. Overall, the Puts & Calls are now sized the same (1.2% of the portfolio) offsetting each other.Note: The index ETF option positions may not indicate a clear shift in bias as Soros is known to use such Puts/Calls to hedge parts of his portfolio.Churchill Downs (CHDN): CHDN is a long-term ~1% portfolio stake that was kept steady in the last 2+ years. The stock price has almost doubled during that period. This quarter saw an about turn: ~45% selling at prices between $180 and $208. It currently trades at $217. Soros is harvesting gains.Zoetis (ZTS): ZTS is a ~1% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the stake was increased by ~160% at ~$32. Q1 2016 saw a ~30% reduction at prices between $39 and $48 and that was followed with a ~45% selling the following quarter at prices between $44 and $49. There was a one-third reduction in Q3 2016 at prices between $47.50 and $52.50. The stock currently trades at $70.41. There was a ~15% trimming over the last two quarters.Facebook Inc. (FB) & Calls: FB is now a minutely small 0.44% portfolio stake. The original position was from Q4 2016 at prices between $115 and $133. The stake saw a ~25% selling last quarter at prices between $139 and $155 and that was followed with another ~75% selling this quarter at prices between $148 and $174. The stock is now at $180.Note: FB is a good trading stock for Soros and has seen several previous roundtrips. The most recent trading pattern follow: Q2 2015 saw a huge build-up to a ~2% portfolio stake at prices between $77.50 and $89. There was a ~30% reduction the following quarter at prices between $82 and $98.50 and that was followed with a ~55% reduction next quarter at prices between $90 and $109. Q1 2016 saw a further ~46% reduction at prices between $94 and $116 and the elimination the following quarter was at prices between $109 and $121.PayPal Holdings (PYPL): PYPL is a 0.44% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~55% reduction the following quarter at prices between $31.20 and $41.32. Q2 2016 saw another ~40% reduction at prices between $34 and $40.50. PYPL currently trades at $77.70. There was a ~60% selling this quarter at prices between $53 and $65. Soros is harvesting huge gains.Adtalem Global Education (ATGE) previously DeVry, MakeMyTrip (MMYT), Model N Inc. (MODN), and Nomad Foods (NOMD): These are very small (less than ~0.7% of the portfolio each) stakes that saw reductions this quarter.Note: Soros controls ~10% of MODN.Kept Steady:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~18% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $89.74.NXP Semiconductors (NXPI): The ~1% NXPI position saw a ~80% increase in Q1 2017 at prices between $96 and $104 and that was followed with a ~11% increase last quarter. It is now at $115.Note: NXP Semiconductors is merging with Qualcomm (QCOM) in a $110 per share all-cash deal.Caesars Acquisition and Caesars Entertainment (CZR): These two positions were kept steady this quarter. Combined, the stake is at ~4% of the portfolio. Last month, Caesars Entertainment combined with Caesars Acquisition in a merger. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The two positions were first purchased in 2013.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Exfo Inc. (EXFO), and Key Energy Services (KEG). Regulatory filings since the quarter ended also show them owning 2.47M shares (~9% of the business) of Overstock (OSTK).The spreadsheet below highlights Soros’s significantly large US long stock positions as of Q3 2017:Regulatory Filing thru 8/16/2017: 13G/A – 8/4/2017 – EXFO – 2.3M shares – 9.99%. Form 4 & 4A – 7/11, 7,6/2017, 6/30/2017, 6/9/2017 – SIGM – ~45K share @ ~$5.6 & ~120K @ ~$5.7 & 293K @ ~$5.85, 82K @ ~$5.85, 400K @ ~$5.75 – 5.03M shares total."
"Tracking George Soros’s Portfolio – Q2 2017 Update"	"Soros' 13F portfolio value increased from $4.96B to $5.62B this quarter. The number of positions decreased from 260 to 203.They added Altaba & EQT while increasing TiVo & Time Warner.A large new short position in Powershares QQQ ETF thru Puts was established this quarter. Also, the SPY ETF Puts stake was increased while reducing Russell 2000 ETF Puts.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2017. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2017.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value increased ~13% this quarter from $4.96B to $5.62B. The number of positions decreased from 260 to 203. Very small stock positions and large debt holdings together account for over ~30% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Altaba, and Caesars Acquisition.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Powershares QQQ (QQQ) Puts and S&P 500 SPDR (SPY) Calls: The ~18% of the portfolio short position in QQQ thru Puts is by far Soros’ largest 13F position. It was established as the underlying traded between $130 and $144. It now goes for $144. The 1% long position in SPY thru calls was established as SPY traded between $233 and $245. The stake is offset by a much larger short position thru Puts on SPY.Note: The large ETF option positions may not indicate a clear shift in bias as Soros is known to use ETF Puts/Calls to hedge parts of his portfolio.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large ~2.5% portfolio positon established this quarter at prices between $46 and $56 and the stock is now above that range at $59.99.EQT Corporation (EQT) & Calls: EQT is a ~1.2% portfolio stake purchased this quarter at prices between $50.50 and $64 and it currently goes for $61.05.MGM Resorts (MGM) Puts: The 0.75% short position in MGM thru Puts was established as the underlying traded between $27 and $34 and the stock currently trades at $31.59.Note: These positions ae all good trading stocks for Soros. Each has seen several previous roundtrips in the portfolio over the years.Stake Disposals:Adecoagro S A (AGRO): AGRO was the largest individual stock position at ~5% of the US long portfolio as of Q4 2015. It was reduced by ~45% the following quarter at prices between $11 and $13.50 and another ~15% in Q2 2016. Last quarter saw another ~25% selling at prices between $10.50 and $12.71 and the disposal this quarter was at prices between $9.82 and $11.70. The original stake is from prior to its IPO. The stock currently trades at around $10.05 compared to the IPO price of $11.Hewlett Packard Enterprise (HPE): HPE was a small 0.6% stake as of Q4 2016. Last quarter saw a huge ~200% increase to a ~1.5% portfolio stake at prices between $16.50 and $19. This quarter saw the position eliminated at around the same price range. The stock is now at $17.75.Note: Hewlett Packard Enterprise completed a spin-merger transaction with Computer Sciences Corporation last month. Terms called for HPE shareholders to receive 0.086 shares of the merged entity, DXC Technology (DXC). The prices quoted above are adjusted for this transaction.Symantec Corporation (SYMC): SYMC saw a ~180% increase last quarter to a 0.74% portfolio stake at prices between $24 and $31. The stake was sold this quarter at prices between $28 and $33. SYMC is currently at $28.41.C&J Energy Services (CJ), Goldman Sachs (GS) Calls, Grupo Supervielle (SUPV), Industrials SPDR ETF (XLI) Puts, Netflix Inc. (NFLX) & Calls, Oracle Corp. (ORCL) Calls, and VMWare Inc. (VMW): These are very small (less than ~0.6% of the portfolio each) stakes disposed of this quarter.Notes: C&J Energy Services emerged from Chapter 11 bankruptcy in January.Stake Increases:S&P 500 SPDR (SPY) Puts: The large ~8% short position in SPY has varied over the years. Recent activity follow: H1 2016 saw a huge increase to a ~18% portfolio stake as the underlying traded between $187 and $207. Q3 2016 saw an about-turn: ~83% reduction and that was followed with a ~25% selling in Q4 2016. Last quarter saw the pattern reverse again: ~150% increase as SPY traded between $225 and $240 and that was followed with a one-third increase this quarter as the underlying traded between $233 and $245. It is now at $247.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use SPY to hedge other parts of his portfolio.TiVo Corporation (TIVO) previously Rovi: TiVo is a 1.63% of the portfolio stake purchased in Q2 2016 at prices between $15 and $20.50. Last quarter saw a ~10% increase at prices between $17.90 and $21 and that was followed with a 15% increase this quarter at prices between $16 and $20. The stock is now at $18.30.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Time Warner (TWX): The ~1% TWX position was established in Q4 2016 at prices between $78.50 and $97 and increased by ~8% last quarter. This quarter saw a ~28% increase at prices between $97 and $100. The stock is now at $102.Note: AT&T (T) is acquiring Time Warner in a cash-and-stock deal valued at ~$107.50 (half in cash).Mondelez (MDLZ): MDLZ was a very small 0.34% portfolio stake as of Q3 2016. Q4 2016 saw a ~50% increase at prices between $40.50 and $46 and that was followed with another ~170% increase last quarter at prices between $42.50 and $45.50. The stock is now at $43.86 and the stake is at ~1% of the portfolio. There was a ~9% further increase this quarter.Reynolds American and NXP Semiconductors (NXPI): These two ~0.70% positions saw significant increases in the last two quarters. The RAI stake was increased by roughly 10x last quarter at prices between $55 and $63 and that was followed with a ~13% increase this quarter. The NXPI position saw a ~80% increase last quarter at prices between $96 and $104 and that was followed with a ~11% increase this quarter. It is now at $113.Note: Reynolds American merged with British American Tobacco (BTI) in a cash-and-stock deal ($29.44 cash and 0.5260 BTI shares for each RAI held) that closed last month. NXP Semiconductors is merging with Qualcomm (QCOM) in a $110 per share all-cash deal.Adtalem Global Education (ATGE) previously DeVry, Conduent (CNDT), Edgewell Personal Care (EPC), Kraft Heinz (KHC), MakeMyTrip (MMYT), Nomad Foods (NOMD), and Viavi Solutions (VIAV): These are very small (less than ~0.7% of the portfolio each) stakes that saw increases this quarter.Note: Conduent is a Xerox (XRX) spinoff that started trading last December.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~12% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $102. There was minor trimming in the last three quarters.iShares Russell 2000 (IWM) PUTS: The large 6.35% of portfolio IWM short position has wavered over the years. Recent activity follow: a ~5% portfolio stake as of Q2 2016 was built up over the previous three quarters when the underlying traded between $95 and $120. It was disposed in Q3 2016 as the ETF traded between $114 and $126. The position was rebuilt back up to a large 7.65% stake the following quarter as the underlying traded between $115 and $138. There was another roughly one-third increase last quarter as IWM traded between $134 and $140. This quarter saw a ~25% reduction as IWM traded between $134 and $142. It currently goes for ~$137.Facebook Inc. (FB) & Calls: FB is a 1.28% of the portfolio stake established in Q4 2016 at prices between $115 and $133. The position saw a ~25% selling this quarter at prices between $139 and $155. The stock is now at $171.Note: FB is a good trading stock for Soros and has seen several previous roundtrips. The most recent trading pattern follow: Q2 2015 saw a huge build-up to a ~2% portfolio stake at prices between $77.50 and $89. There was a ~30% reduction the following quarter at prices between $82 and $98.50 and that was followed with a ~55% reduction next quarter at prices between $90 and $109. Q1 2016 saw a further ~46% reduction at prices between $94 and $116 and the elimination the following quarter was at prices between $109 and $121.Williams Companies (WMB): WMB is now at 0.84% of the 13F portfolio. It was established in Q3 2016 at prices between $20 and $31. Q4 2016 saw a ~25% selling at prices between $28 and $32 while there was a ~15% increase last quarter at prices between $28 and $32.50. This quarter saw a ~43% selling at prices between $27.80 and $30.80. The stock currently trades at $29.97.Zoetis (ZTS): ZTS is a ~0.78% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the stake was increased by ~160% at an average price of ~$32. Q1 2016 saw a ~30% reduction at prices between $39 and $48 and that was followed with a ~45% selling the following quarter at prices between $44 and $49. There was a one-third reduction in Q3 2016 at prices between $47.50 and $52.50. The stock currently trades at $61.03. There was a ~13% trimming this quarter.PayPal Holdings (PYPL): PYPL is a 0.68% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~55% reduction the following quarter at prices between $31.20 and $41.32. Q2 2016 saw another ~40% reduction at prices between $34 and $40.50. PYPL currently trades at $59.69. There was a ~13% trimming this quarter.Lam Research (LRCX): LRCX was a ~1.5% portfolio stake established last quarter at prices between $107 and $129. The position saw a ~75% reduction this quarter at prices between $125 and $165. The stock currently trades at $160 and the stake is now very small at 0.37%. The stock has returned ~52% YTD.T-Mobile US (TMUS): TMUS saw a ~220% increase in Q4 2016 at prices between $45 and $59. Last quarter saw a ~15% trimming and that was followed with a ~45% selling this quarter at prices between $60 and $68.50. The stock is at $63.88 and the stake is now minutely small at 0.35% of the portfolio.California Resource Corporation (CRC), Model N Inc. (MODN), Snap Inc. (SNAP), SBA Communications (SBAC), and Take Two Interactive (TTWO): These are very small (less than ~1% of the portfolio each) positions reduced this quarter.Notes: a) Snap Inc. had an IPO in March. Trading started at $24.50 and currently goes for $12.74, b) Soros controls ~10% of MODN, c) SBA Communications did an REIT conversion transaction in January - the deal was structured as a merger with its REIT subsidiary, and d) Take Two has returned ~84% YTD.Kept Steady:Caesars Acquisition (CACQ): CACQ is a long-term ~1.9% portfolio stake that has been kept relatively steady since its IPO in Q4 2013. The stock has returned ~78% since. It currently trades at $19.10.Note: Soros controls ~4% of CACQ.Churchill Downs (CHDN): CHDN is another long-term ~1.3% portfolio stake that was kept steady in the last 2+ years. The stock price has almost doubled during that period. It currently trades at $192.Caesars Entertainment (CZR) and Key Energy Services (KEG): These are very small (less than ~0.6% of the portfolio each) stakes that were kept steady this quarter.Note: Soros has a ~6.2% ownership stake in Key Energy Services. It emerged from bankruptcy last December.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Abeona Therapeutics (ABEO), Allot Communications (ALLT), Exa Corp. (EXA), Exfo Inc. (EXFO), and Sigma Designs (SIGM).The spreadsheet below highlights Soros’s significantly large US long stock positions as of Q2 2017:Regulatory Filings thru 5/17/2017: 13G/A - 5/11 - ALLT - 5.2M shares - 15.7% of business. Form 4 - 4/17 - Owl Rock - 5.2M shares disposed at $15.09, 473K shares remaining. Form 4 & 13G/A - 4/14 - SIGM - 220K shares acquired at ~$5.6 - ~4M shares now - 10.66% of business. 4/14 Form 3 showed position at 3.84M shares."
"Tracking George Soros’s Portfolio – Q1 2017 Update"	"Soros' 13F portfolio value increased from $4.32B to $4.96B this quarter. The number of positions increased from 207 to 260.They added Lam Research while increasing Williams Companies, Hewlett Packard Enterprise, and Mondelez International.The iShares Russell 2000 ETF Puts and the Puts on the S&P 500 SPDR ETF were both increased substantially this quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2017. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2016.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value increased ~15% this quarter from $4.32B to $4.96B. The number of positions increased from 207 to 260. Very small stock positions and large debt holdings together account for over ~43% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Adecoagro, and Facebook.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Lam Research (LRCX): LRCX is a ~1.5% portfolio stake established this quarter at prices between $107 and $129 and the stock currently trades at $147. The stock has returned ~40% YTD.Snap Inc. (SNAP), C&J Energy Services (CJ), SBA Communications (SBAC), Conduent (CNDT), and Take Two Interactive (TTWO): These are very small (less than ~1% of the portfolio each) positions purchased this quarter.Notes: a) Snap Inc. had an IPO in March. Trading started at $24.50 and currently goes for $19.90, b) C&J Energy Services emerged from Chapter 11 bankruptcy in January, c) SBA Communications did an REIT conversion transaction in January - the deal was structured as a merger with its REIT subsidiary, d) Conduent is a Xerox (XRX) spinoff that started trading last December, and e) Take Two has returned ~35% YTD.Stake Disposals:Lamar Advertising (LAMR) Puts and United Rentals (URI) Puts: These two short stakes were established last quarter but eliminated this quarter. The 0.51% LAMR Puts stake was purchased as the underlying traded between $59 and $68 and disposed as it traded between $68 and $79. The 0.85% URI Puts position was established as the stock traded between $71 and $109 and eliminated as it traded between $106 and $133.Kohl’s Corp. (KSS) and Travelport Worldwide (TVPT): KSS was a ~0.7% portfolio stake purchased last quarter at prices between $43 and $59.50 and disposed of this quarter at prices between $37 and $52. The stock currently goes for $37.09. The ~0.8% TVPT position was kept steady over the last three quarters but was sold out this quarter at prices between $11.50 and $15. The stock is now at $13.66.Amazon.com (AMZN), Bank of America (BAC), and ChipMos Tech. (IMOS): These very small (less than ~0.5% of the portfolio each) stakes were reduced last quarter and disposed of this quarter.Financial SPDR (XLF) PUTS and iShares MSCI Emerging Market ETF (EEM) PUTS: These two short stakes were established last quarter but eliminated this quarter. Together, they had accounted for ~3.1% of the portfolio.Note: XLF and EEM have seen several roundtrips in the portfolio over the years.Stake Increases:iShares Russell 2000 (IWM) PUTS: The large 9.6% of portfolio IWM short position has wavered over the years. Recent activity follow: a ~5% portfolio stake as of Q2 2016 was built up over the previous three quarters when the underlying traded between $95 and $120. It was disposed in Q3 2016 as the ETF traded between $114 and $126. The position was rebuilt back up to a large 7.65% stake last quarter as the underlying traded between $115 and $138. There was another roughly one-third increase this quarter as IWM traded between $134 and $140. It currently goes for ~$135.S&P 500 SPDR (SPY) Puts: The fairly large ~6% short position in SPY has also varied over the years. Recent activity follow: H1 2016 saw a huge increase to a ~18% portfolio stake as the underlying traded between $187 and $207. Q3 2016 saw an about-turn: ~83% reduction and that was followed with a ~25% selling last quarter. This quarter saw the pattern reverse again: ~150% increase as SPY traded between $225 and $240. It is now at $236.Note: The activity in SPY & IWM on their own does not indicate a clear bias as Soros is known to use these ETFs to hedge other parts of his portfolio.Williams Companies (WMB): WMB is now at 1.62% of the 13F portfolio. It was established in Q3 2016 at prices between $20 and $31. Last quarter saw a ~25% selling at prices between $28 and $32 while there was a ~15% increase this quarter at prices between $28 and $32.50. The stock currently trades at $30.09.TiVo Corporation (TIVO) previously Rovi: TIVO is a 1.61% of the portfolio stake purchased in Q2 2016 at prices between $15 and $20.50. The stock is now at $16.30. This quarter saw a ~10% increase at prices between $17.90 and $21.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Hewlett Packard Enterprise (HPE): HPE was a small 0.6% stake as of last quarter. This quarter saw a huge ~200% increase to a ~1.5% portfolio stake at prices between $16.50 and $19. The stock is now at $18.80.Note: Hewlett Packard Enterprise completed a spin-merger transaction with Computer Sciences Corp. last month. Terms called for HPE shareholders to receive 0.086 shares of the merged entity, DXC Technology (DXC). The prices quoted above are adjusted for this transaction.Mondelez (MDLZ): MDLZ was a very small 0.34% portfolio stake as of Q3 2016. Last quarter saw a ~50% increase at prices between $40.50 and $46 and that was followed with another ~170% increase this quarter at prices between $42.50 and $45.50. The stock is now at $44.86 and the stake is at ~1% of the portfolio.Time Warner (TWX): The ~1% TWX position was established last quarter at prices between $78.50 and $97 and increased by ~8% this quarter. The stock is now at $96.75.Note: AT&T (T) is acquiring Time Warner in a cash-and-stock deal valued at ~$107.50 (half in cash).Symantec Corporation (SYMC), Reynolds American (RAI), and NXP Semiconductors (NXPI): These three stakes are at ~0.7% of the portfolio each. All three positions were substantially increased this quarter. SYMC saw a ~180% increase at prices between $24 and $31 and it is currently at $30.12. The RAI stake was increased by roughly 10x at prices between $55 and $63 and the stock is now at $66.17. The NXPI position saw a ~80% increase at prices between $96 and $104 and it is now at $107.Note: Reynolds American is merging with British American Tobacco (BTI) in a cash-and-stock deal ($29.44 cash and 0.5260 BTI shares for each RAI held) and NXP Semiconductors is merging with Qualcomm (QCOM) in a $110 per share all-cash deal.PayPal Holdings (PYPL): PYPL is a 0.71% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~55% reduction the following quarter at prices between $31.20 and $41.32. Q2 2016 saw another ~40% reduction at prices between $34 and $40.50. PYPL currently trades at $49.05. There was a marginal increase this quarter.MakeMyTrip (MMYT) and VMWare Inc. (VMW): These are very small (less than ~0.5% of the portfolio each) stakes that saw increases this quarter.Note: MakeMyTrip has returned ~66% YTD.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~14% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $82.92. There was minor trimming in the last two quarters.Adecoagro S A (AGRO): AGRO was the largest individual stock position at ~5% of the US long portfolio as of Q4 2015. It was reduced by ~45% the following quarter at prices between $11 and $13.50 and another ~15% in Q2 2016. This quarter saw another ~25% selling at prices between $10.50 and $12.71. The original stake is from prior to its IPO. The stock currently trades at around $11.40 compared to the IPO price of $11. The current stake is the second-largest individual stock position at ~2% of the 13F portfolio.Note: Soros controls ~7.4% of AGRO.Facebook Inc. (FB) & Calls: FB is a 1.83% of the portfolio stake established last quarter at prices between $115 and $133 and the stock is now well above that range at $145. This quarter saw marginal trimming.Note: FB is a good trading stock for Soros and has seen several previous roundtrips. The most recent trading pattern follow: Q2 2015 saw a huge build-up to a ~2% portfolio stake at prices between $77.50 and $89. There was a ~30% reduction the following quarter at prices between $82 and $98.50 and that was followed with a ~55% reduction next quarter at prices between $90 and $109. Q1 2016 saw a further ~46% reduction at prices between $94 and $116 and the elimination the following quarter was at prices between $109 and $121.T-Mobile US (TMUS): TMUS saw a ~220% increase last quarter at prices between $45 and $59. It currently trades above that range at $63.91. This quarter saw a ~15% trimming and the stake is now at 0.76% of the portfolio.Goldman Sachs (GS) Calls, Grupo Supervielle (SUPV), Industrials SPDR ETF (XLI) Puts, Key Energy Services (KEG), Netflix Inc. (NFLX) & Calls, and Oracle Corp. (ORCL) Calls: These are very small (less than ~0.6% of the portfolio each) stakes that saw reductions this quarter.Note: Soros has a ~6.2% ownership stake in Key Energy Services. It emerged from bankruptcy last December.Kept Steady:Caesars Acquisition (CACQ): CACQ is a long-term ~1.8% portfolio stake that has been kept relatively steady since its IPO in Q4 2013. The stock has returned ~70% since. It currently trades at $17.45.Note: Soros controls ~4% of CACQ.Churchill Downs (CHDN): CHDN is another long-term ~1.2% portfolio stake that was kept steady in the last two years. The stock price has almost doubled during that period. It currently trades at $164.Zoetis (ZTS): ZTS is a ~0.9% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the stake was increased by ~160% at an average price of ~$32. Q1 2016 saw a ~30% reduction at prices between $39 and $48 and that was followed with a ~45% selling the following quarter at prices between $44 and $49. There was a one-third reduction in Q3 2016 at prices between $47.50 and $52.50. The stock currently trades at $59.73.Caesars Entertainment (CZR), California Resource Corporation (CRC), and Model N Inc. (MODN): These are very small (less than ~0.6% of the portfolio each) stakes that were kept steady this quarter.Note: Soros controls ~10% of MODN.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Abeona Therapeutics (ABEO), Allot Communications (ALLT), Exa Corp. (EXA), Exfo Inc. (EXFO), Quantum Corp. (QTM), and Sigma Designs (SIGM).The spreadsheet below highlights Soros’s significantly large US long stock positions as of Q1 2017:Regulatory Filings thru 2/17/2017: 13G/As 2/13-15/2017: Owl Rock Capital - 5.7M shares - 12.4%. ARNI - 5M shares - 9.99%. EXAR - 137K - 0.27%. MODN - 2.8M shares - 9.8%. AGRO - 11.9M shares - 9.8%. QTM - 10.7M shares - 3.93%. GSUM - 2M shares - 8%. KEG - 1.3M shares - 6.6%. LORL - 0. HEROQ - 0. PVAC-0. EXA - 1.4M shares - 9.3%. OCLR - 0. PLCM - 0. ABEO - 1.1M shares - 2.9%. 11/14/2016 to 02/02/2017 13G/A Filings: ALLT - 3.3M shares - 10%. SIGM - 2M shares - 5.3%. EXFO - 1.3M shares - 5.8%. KEG - 1.8M shares - 9%."
"Tracking George Soros’s Portfolio – Q4 2016 Update"	"Soros' 13F portfolio increased from $4B to $4.32B this quarter. The number of positions decreased from 224 to 207.They added Facebook and Key Energy Services while dropping Barrick Gold, MGM Resorts Puts, and CVS Health Calls.A fairly large stake in iShares Russell 2000 ETF Puts was added this quarter while reducing the Puts on S&P 500 SPDR ETF.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/14/2017. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q3 2016.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~13% of the overall portfolio. The 13F portfolio increased ~9% this quarter from $4B to $4.32B. The number of positions decreased from 224 to 207. Very small stock positions and large debt holdings together account for over ~43% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Adecoagro, and TiVo Corporation.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Facebook Inc. (FB) & Calls: FB is a 1.80% of the portfolio stake established this quarter at prices between $115 and $133 and the stock is now at $134.Note: FB is a good trading stock for Soros and has seen several previous roundtrips. The most recent trading pattern follow: FB was a minutely small ~0.10% portfolio stake as of Q1 2015. It was increased to a fairly large ~2% of the portfolio position in Q2 2015 at prices between $77.50 and $89. Q3 2015 saw a ~30% reduction at prices between $82 and $98.50 and that was followed with a ~55% reduction the following quarter at prices between $90 and $109. Q1 2016 saw a further ~46% reduction at prices between $94 and $116 and the elimination the following quarter was at prices between $109 and $121.iShares Russell 2000 (IWM) PUTS, Industrial SPDR (XLF) PUTS, and iShares MSCI Emerging Market ETF (EEM) PUTS: These new short stakes together are fairly large at ~11% of the portfolio.Note 1: IWM short position has wavered over the years. A ~5% portfolio stake as of Q2 2016 was built up over the previous three quarters when the underlying traded between $95 and $120. It was disposed last quarter as the ETF traded between $114 and $126. The position was rebuilt back up to a large 7.65% stake this quarter as the underlying traded between $115 and $138. IWM currently goes for ~$139.Note 2: EEM Puts position has also wavered over the years: EEM Puts at ~7% of the portfolio was the second-largest 13F position after SPY Puts in Q3 2014. The vast majority of the stake was purchased in Q2 2014 when the share price traded between $41.50 and $46. The entire position was eliminated in Q4 2014 when EEM share price varied between $37.50 and $42.50. A ~1.5% stake was established this quarter as the underlying traded between $34 and $38. It is now at $38.55.Note 3: The activity in the ETFs on their own does not indicate a clear bias as Soros is known to use them to hedge other parts of his portfolio.Key Energy Services (KEG), Time Warner (TWX), Goldman Sachs (GS) Calls, Kohl’s Corp. (KSS), and Oracle Corp. (ORCL) Calls: These are small new stakes established this quarter.Note: Soros has a 6.6% ownership stake in Key Energy Services. It emerged from bankruptcy last December.United Rentals (URI) Puts and Lamar Advertising (LAMR) Puts: These are small new short stakes established this quarter.Stake Disposals:Barrick Gold (ABX): The ABX stake was the largest individual stock position in the 13F at ~6% of the portfolio in Q1 2016. It was purchased at prices between $7.38 and $15.18 and almost eliminated the following quarter at prices between $13.50 and $21.35. Last quarter, the position was built back up to a 1.26% portfolio stake at prices between $17 and $23. The disposal this quarter was at prices between $14 and $18.50. The stock is now at $20.50.Note: ABX has seen several roundtrips in the portfolio over the years.CVS Health (CVS) Calls: The stake was minutely small in Q2 2016. Last quarter saw the position built up to a ~1.5% portfolio position as the underlying traded between $89 and $98. It was eliminated this quarter as the stock traded between $73.50 and $89. CVS currently trades at $79.45.MGM Resorts (MGM) Puts: This short position was established in Q2 2016 as the underlying traded between $21 and $25. Last quarter saw the stake built up to a 1.80% portfolio position (~160% increase) as MGM traded between $22.50 and $26.50. The disposal this quarter happened as MGM traded between $25.50 and $30. It is now at $26.86.iShares China Large Cap ETF (FXI), iShares MSCI Emerging Market ETF (EEM), and Wisdomtree Japan Hedge Equity (DXJ): These are index ETF stakes established last quarter but eliminated this quarter. EEM was a 2.30% portfolio stake while the other two were below 1% each.Note: FXI and EEM are both frequently traded in Soros’ portfolio.58.com (WUBA) and Intel Corporation (INTC): These are very small stakes (less than ~1% of the portfolio each) established last quarter but disposed of this quarter.Applied Materials (AMAT) and Liberty Global Lilac (LILA) (LILAK): These are very small (less than ~0.5% of the portfolio each) stakes that were increased last quarter but eliminated this quarter.Communications Sales & Leasing (CSAL): The very small 0.5% stake in CSAL was reduced last quarter and disposed of this quarter.Stake Increases:California Resource Corp. (CRC) and T-Mobile US (TMUS): These were minutely small positions last quarter. CRC saw a ~60% increase to a ~1% portfolio stake this quarter at prices between $9.50 and $21.50. The stock currently trades at $17.64. TMUS saw a ~220% increase to a ~1% portfolio position at prices between $45 and $59. It currently goes for $60.61.Grupo Supervielle (SUPV), Model N Inc. (MODN), EXA Corp. (EXA), and Mondelez (MDLZ): These are very small (less than ~0.6% of the portfolio each) stakes that were increased this quarter.Note: Soros controls ~10% of MODN and ~9% of EXA.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~14% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock is now well above that range at $86.35. Last quarter saw a marginal increase while there was minor trimming this quarter.S&P 500 SPDR (SPY) Puts: SPY stake has varied over the years. Recent activity follow: In Q1 2015 the SPY Puts were a large ~11% portfolio stake. The following quarter saw a reversal: The SPY Puts stake was reduced while adding a huge position in SPY Calls. Q3 2015 saw a reduction in both the positions. The net was a very small ~1.46% position in SPY Puts. In Q4 2015, the SPY Calls were sold while SPY Puts were increased significantly. H1 2016 saw a huge increase to a ~18% portfolio stake in the Puts. Last quarter saw a ~83% reduction in the Puts and that was followed with a ~25% selling this quarter. The remaining position is at 2.55% of the portfolio.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use the ETF to hedge other parts of his portfolio.TiVo Corporation (TIVO) previously Rovi: TIVO is a ~2% of the portfolio stake purchased in Q2 2016 at prices between $15 and $20.50. The stock is now at $21. Last quarter saw a marginal increase while this quarter saw a minor reduction.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Williams Companies (WMB): WMB is now at 1.69% of the 13F portfolio. It was established last quarter at prices between $20 and $31. This quarter saw a ~25% selling at prices between $28 and $32. The stock currently trades at $28.Zoetis (ZTS): ZTS is a ~1% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. Q2 2015 saw a one-third reduction at prices between $44 and $55 while the following quarter saw a ~30% increase at prices between $39.50 and $50. Q1 2016 saw a ~30% reduction at prices between $39 and $48 and that was followed with a ~45% selling the following quarter at prices between $44 and $49. There was a one-third reduction last quarter at prices between $47.50 and $52.50. The stock currently trades at $52.78. Soros is harvesting gains. There was minor trimming this quarter.Netflix Inc. (NFLX) & Calls: NFLX is a 0.79% portfolio stake established last quarter at prices between $86 and $100 and reduced by ~55% this quarter at prices between $98 and $128. The stock is now at $142.PayPal Holdings (PYPL): PYPL is a 0.74% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~55% reduction the following quarter at prices between $31.20 and $41.32. Q2 2016 saw another ~40% reduction at prices between $34 and $40.50. PYPL currently trades at $42.15. There was a marginal reduction over the last two quarters.eBay Inc. (EBAY): EBAY is a 0.46% portfolio stake. The original fairly large 5.4M share stake was purchased in Q1 & Q3 2015 at prices between $22.50 and $29. Q4 2015 saw a ~35% reduction at prices between $24 and $29.50 while the following quarter saw a ~8% increase. There was a combined ~80% selling over Q2 & Q3 2016 at prices between $23 and $33. The stock currently trades at $33.54. There was a minor reduction this quarter.Note: The prices quoted above are adjusted for the spinoff of PayPal from eBay.Amazon.com (AMZN), Bank of America (BAC), Caesars Acquisition (CACQ), Caesars Entertainment (CZR), ChipMos Tech. (IMOS), Hewlett Packard Enterprise (HPE), Kraft-Heinz (HNZ), and VMWare Inc. (VMW): These are very small (less than ~0.6% of the portfolio each) stakes that saw further reductions this quarter.Kept Steady:Adecoagro S A (AGRO): AGRO was the largest individual stock position at ~5% of the US long portfolio as of Q4 2015. It was reduced by ~45% the following quarter at prices between $11 and $13.50 and another ~15% in Q2 2016. The original stake is from prior to its IPO. The stock currently trades at around $12.45 compared to the IPO price of $11. The current stake is the second-largest individual stock position at 2.86% of the 13F portfolio.Note: Soros controls ~10% of AGRO.Churchill Downs (CHDN) and Travelport Worldwide (TVPT): These stakes were kept steady in the last three quarters. CHDN position is at 1.35% of the portfolio while TVPT is at 0.78%.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Arno Therapeutics (ARNI), Quantum Corp. (QTM), Gridsum Holding ADR (GSUM), Abeona Therapeutics (ABEO), Allot Communications (ALLT), Sigma Designs (SIGM), and Exfo Inc. (EXFO).The spreadsheet below highlights Soros’s significant US long stock positions as of Q4 2016:13G/D/F & From 3/4s thru 11/17/2016: None.13G/D/F & From 3/4s thru 818/2016: ALLT - 13G on 8/15/2016 - 2.21M shares - 6.61%. QTM - 13G on 7/29/2016 - 14.03M shares - 5.27%. Owl Rock Capital - Form 4 6/30/2016 - 5.7M shares - ~1M acquired @ $14.3. Previously ~4M shares @ 14.3 EXAR - 13G on 6/23/2016 - 2.56M shares - 5.26%.13G/D/F & From 3/4s thru 518/2016: None."
"Tracking George Soros’s Portfolio – Q3 2016 Update"	"Soros' 13F portfolio decreased from $4.68B to $4B this quarter. The number of positions increased from 173 to 224.They added Williams Companies & Netflix while dropping Gaming & Leisure Properties.Puts on S&P 500 SPDR ETF was reduced while the Puts on iShares iBoxx Hi Yld Bond ETF and iShares Russell 2000 ETF were both dropped during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2016. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q2 2016.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~12% of the overall portfolio. The 13F portfolio decreased ~15% this quarter from $4.68B to $4B. The number of positions increased from 173 to 224. Very small stock positions and large debt holdings together account for over ~47% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top three individual stocks held are Liberty Broadband, Adecoagro, and Williams Companies.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Netflix Inc. (NFLX): NFLX is a 1.51% portfolio stake established this quarter at prices between $86 and $100 and the stock is now well above that range at $115.Williams Companies (WMB): WMB is the third-largest individual stock position at 2.44% of the 13F portfolio. It was established at prices between $20 and $31 and the stock currently trades near the top end of that range at $30.29.iShares China Large Cap ETF (FXI), iShares MSCI Emerging Market ETF (EEM), and Wisdomtree Japan Hedge Equity (DXJ): These are index ETF stakes established this quarter. EEM is a 2.30% portfolio stake while the other two are below 1% each.Note 1: FXI Common and Calls have seen several previous roundtrips. The latest one was disposed of in Q4 2015. Details follow: A small stake thru Calls was established in Q2 2015 at prices between $44 and $53 and more than doubled the following quarter as the stock traded between $33.50 and $46. The position was eliminated in Q4 2015 as the underlying traded between $34.50 and $40.50.Note 2: EEM Common and Puts have seen several previous roundtrips. The latest one was a fairly large short position thru Puts disposed of in Q4 2014. Details follow: EEM Puts at ~7% of the portfolio was the second-largest 13F position after SPY Puts in Q3 2014. The vast majority of the stake was purchased in Q2 2014 when the share price traded between $41.56 and $45.85. The entire position was eliminated in Q4 2014 when EEM share price varied between $37.73 and $42.44.Bank of America (BAC), 58.com (WUBA), Hewlett Packard Enterprise (HPE), and Intel Corporation (INTC): These are very small stakes (less than ~1% of the portfolio each) established this quarter.Stake Disposals:CIT Group Inc. (CIT): CIT was a 0.81% of the US long portfolio stake. It was purchased in Q3 2015 at prices between $39.50 and $48.50 and decreased by ~50% the following quarter at prices between $39.50 and $46. The position saw another ~15% trimming last quarter. The disposal this quarter was at prices between $30.50 and $37. The stock currently trades at $40.38.Essent Group (ESNT): Soros had a stake in Essent Group prior to its October 2013 IPO at ~$22.50 per share. Q4 2013 regulatory filings showed him owning ~7.5M shares. Since Q4 2014, the stake had seen selling and it was at ~1.5M shares last quarter. The reduction was at prices between $21 and $29. The elimination this quarter happened at prices between $21 and $28. The stock currently trades at $28.49.iShares Russell 2000 ETF (IWM) Puts: The short position has wavered over the years. The ~5% portfolio stake as of last quarter was built up over the previous three quarters when the underlying traded between $95 and $120. The disposal this quarter happened as the ETF traded between $114 and $126. IWM currently goes for ~$130.Note: The activity in IWM on its own does not indicate a clear bias as Soros is known to use the index ETF to hedge other parts of his portfolio.iShares iBoxx Hi Yld ETF (HYG) Puts: The ~1.50% nominal short stake thru Puts was established last quarter when HYG traded between $81 and $85 and the elimination this quarter was when HYG was between $84 and $87. It is now at $84.86.Polycom Inc. (PLCM): The bulk of the 1.91% PLCM stake as of last quarter was from Q4 2013 and Q1 2014 at a cost-basis of around $11.50. Q4 2015 saw a ~18% reduction at prices between $10.42 and $14.04. PLCM was acquired in a PE transaction at $12.50 per share by affiliates of Siris Capital. The transaction closed in September thus eliminating Soros’ ~6% ownership stake.SPDR Gold Trust ETF (GLD) Calls: The small 0.65% GLD Calls stake as of last quarter was established in Q1 2016 as the underlying traded between $101 and $122. The position was sold down by ~77% last quarter as the ETF traded between $116 and $127. The disposal this quarter was when GLD was between $125 and $131. GLD currently trades at $117. Soros harvested large short-term profits by playing the uptrend in gold successfully.Note: GLD has seen several roundtrips in the portfolio over the years.China Biologic (CBPO), Wayfair Inc. (W) & Calls, and Gaming & Leisure Properties (GLPI): These small (less than ~1.5% of the portfolio each) stakes were sold out this quarter.Stake Increases:Barrick Gold (ABX): The ABX stake was the largest individual stock position in the 13F at 5.82% of the portfolio in Q1 2016. It was purchased at prices between $7.38 and $15.18 and almost eliminated last quarter at prices between $13.50 and $21.35. This quarter, the position was built back up to a 1.26% portfolio stake at prices between $17 and $23. The stock is now at $15.60.Note: ABX has seen several roundtrips in the portfolio over the years.CVS Health (CVS) Calls: The stake was minutely small last quarter. This quarter saw the position built up to a ~1.5% portfolio position as the underlying traded between $89 and $98. CVS currently trades at $74.56.Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far in the portfolio at ~16%. The stake was established last quarter at prices between $55.32 and $60.33. The stock is now well above that range at $68.48. This quarter saw a marginal further increase.MGM Resorts (MGM) Puts: This short position was established last quarter as the underlying traded between $21 and $25. This quarter saw the stake built up to a 1.80% portfolio position (~160% increase) as MGM traded between $22.50 and $26.50. It is now at $27.71.TIVO Corporation (TIVO) previously Rovi Corp. (ROVI): TIVO is a ~2% of the portfolio stake purchased last quarter at prices between $15 and $20.50. The stock is now at $20.95. This quarter saw a marginal increase.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed the following quarter.Amazon.com (AMZN), Applied Materials (AMAT), Grupo Supervielle (SUPV), Liberty Global Lilac (LILA) (LILAK), Model N Inc. (MODN), and VMWare Inc. (VMW): These are very small (less than ~1% of the portfolio each) stakes that were increased this quarter.Stake Decreases:DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. The following quarter saw a substantial increase at prices between $36 and $42.50. Q1 2016 saw an almost two-thirds reduction at prices between $39.71 and $57.35. There was an about turn last quarter: ~58% increase at prices between $43.40 and $56.06. The pattern reversed again this quarter: ~85% reduction at prices between $49 and $55. The stock is now at $54.70 and the stake is now minutely small at 0.15%.eBay Inc. (EBAY): EBAY is a 0.68% portfolio stake. The original fairly large 5.4M share stake was purchased in Q1 & Q3 2015 at prices between $22.50 and $29. Q4 2015 saw a ~36% reduction at prices between $24 and $29.50 while the following quarter saw a ~8% increase. There was a combined ~78% selling over the last two quarters at prices between $23 and $33. The stock currently trades at $28.33.Note: The prices quoted above are adjusted for the spinoff of PayPal from eBay.PayPal Holdings (PYPL): PYPL is a 0.83% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~54% reduction the following quarter at prices between $31.20 and $41.32. Last quarter saw another ~40% reduction at prices between $34.20 and $40.31. PYPL currently trades at $39.07. There was a marginal reduction this quarter.S&P 500 SPDR (SPY) Puts: SPY stake has varied over the years. Recent activity follow: In Q1 2015 the SPY Puts were a large ~11% portfolio stake. The following quarter saw a reversal: The SPY Puts stake was reduced while adding a huge position in SPY Calls. Q3 2015 saw a reduction in both the positions. The net was a very small ~1.46% position in SPY Puts. In Q4 2015, the SPY Calls were sold while SPY Puts were increased significantly. Last two quarters saw a huge increase to a ~18% portfolio stake in the Puts. This quarter saw a ~83% reduction in the Puts and the remaining position is at 3.65% of the portfolio.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use the ETF to hedge other parts of his portfolio.Zoetis (ZTS): ZTS is a 1.08% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. Q2 2015 saw a one-third reduction at prices between $44 and $55 while the following quarter saw a ~28% increase at prices between $39.65 and $50.02. Q1 2016 saw a ~31% reduction at prices between $39.33 and $48.01 and that was followed with a ~46% selling last quarter at prices between $44.33 and $48.64. There was a one-third reduction this quarter at prices between $47.50 and $52.50. The stock currently trades at $48.84. Soros is harvesting gains.Communications Sales & Leasing (CSAL) and Kraft-Heinz (HNZ): These two very small ~0.50% portfolio stakes saw selling this quarter.Kept Steady:Adecoagro S A (AGRO): AGRO was the largest individual stock position at 5.27% of the US long portfolio as of Q4 2015. It was reduced by ~46% the following quarter at prices between $11.03 and $13.23 and another ~15% last quarter. The original stake is from prior to its IPO. The stock currently trades at around $10.73 compared to the IPO price of $11. The current stake is the second-largest individual stock position at 3.40% of the 13F portfolio. .Caesars Acquisition (CACQ), Caesars Entertainment (CZR), ChipMos Tech. (IMOS), Churchill Downs (CHDN), and Travelport Worldwide (TVPT): These stakes were kept steady this quarter.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Abeona Therapeutics (ABEO), Allot Communications (ALLT), EXA Corp. (EXA), Exar Corporation (EXAR), Model N (MODN), and Quantum Corp. (QTM).The spreadsheet below highlights Soros’s significant US long stock positions as of Q3 2016:"
"Tracking George Soros’s Portfolio – Q2 2016 Update"	"Soros' 13F portfolio increased from $4.53B to $4.68B this quarter. The number of positions decreased from 226 to 173.A large new position in Liberty Broadband was established during the quarter while reducing Barrick Gold and SPDR Gold ETF.Puts on S&P 500 SPDR and iShares Russell 2000 ETFs were both increased during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/18/2016. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q1 2016.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio increased ~3% this quarter from $4.53B to $4.68B. The number of positions decreased 226 to 173. Very small stock positions and large debt holdings together account for over 41% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger equity positions. The top-three individual stocks held are Liberty Broadband, Adecoagro, and Polycom.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Liberty Broadband (LBRDK): LBRDK is a huge 11.41% of the portfolio stake established this quarter at prices between $55.32 and $60.33. The stock is now well above that range at $68.41.Rovi Corp. (ROVI): ROVI is a 1.36% of the portfolio stake purchased this quarter at prices between $15.21 and $20.51. The stock is now at $19.99.Note: ROVI has had a previous roundtrip: a small 0.65% portfolio stake was almost eliminated in Q4 2015 at prices between $8.69 and $17.71 and the remnant position was disposed last quarter.MGM Resorts (MGM) Puts and iShares iBoxx Hi Yld ETF (HYG) Puts: These two short positions were established this quarter. The ~0.50% nominal MGM stake was purchased as the underlying traded between $21.27 and $25.09 and it is now at $24.43. The ~1.50% nominal HYG stake was established when the stock traded between $80.87 and $84.70 and it is now at $86.51.Stake Disposals:Facebook Inc. (FB): FB was a minutely small ~0.10% portfolio stake as of Q1 2015. It was increased to a fairly large 2.07% of the portfolio position in Q2 2015 at prices between $77.46 and $88.86. Q3 2015 saw a ~30% reduction at prices between $82.09 and $98.39 and that was followed with a ~55% reduction the following quarter at prices between $90 and $109. Last quarter saw a further ~46% reduction at prices between $94 and $116 and the elimination this quarter was at prices between $109 and $121. The stock currently trades at $124.Note: FB has had a previous roundtrip in the portfolio: Around ~1.8M shares were purchased in Q2 2014 at prices between $56 and $65. Most of it was disposed of the following quarter at prices between $66 and $79.Time Warner Cable (TWC): TWC was a ~1.46% of the US long portfolio position. It was established in Q2 2015 at prices between $149 and $184 and reduced by ~50% the following quarter at prices between $174 and $193. Q4 2015 saw another ~43% reduction at prices between $179 and $192 and that was followed with a ~19% reduction last quarter at prices between $176 and $206. Charter Communications (CHTR) acquired TWC in a cash-and-stock deal that closed in May.Select Sector SPDR Inds. (XLI) Calls: XLI Calls were a fairly large 3.67% portfolio position purchased last quarter when the underlying traded between $48 and $56 and eliminated this quarter when the stock traded between $53 and $57. It currently goes for $58.87.Equinix Inc. (EQIX): The 1.51% stake in EQIX was sold this quarter at prices between $320 and $388. Last quarter had seen a ~115% increase at prices between $265 and $331. The stock is now at $367.Baxalta Inc. (BXLT), Broadcom Limited (AVGO), Crown Castle Intl. (CCI), Ferrari N V (RACE), Schlumberger Ltd. (SLB), and Time Warner Inc. (TWX) Puts: These are very small (less than ~1% of the portfolio each) stakes eliminated this quarter.Stake Increases:DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. The following quarter saw a substantial increase at prices between $36 and $42.50. Last quarter saw an almost two-thirds reduction at prices between $39.71 and $57.35. There was an about turn this quarter: ~58% increase at prices between $43.40 and $56.06. The stock is now at $51.18 and the stake is at 0.81%.S&P 500 SPDR (SPY) Puts and iShares Russell 2000 ETF (IWM) Puts: These two short positions have wavered over the years. Recent activity follows: In Q1 2015 the SPY Puts were a large ~11% portfolio stake. The following quarter saw a reversal: The SPY Puts stake was reduced while adding a huge position in SPY Calls. Q3 2015 saw a reduction in both the positions. The net was a very small ~1.46% position in SPY Puts. In Q4 2015, the SPY Calls were sold while SPY Puts were increased significantly. Last quarter saw a stake doubling in SPY Puts and that was followed with a ~90% increase this quarter. SPY Puts are now a huge stake at 17.94% of the portfolio. The IWM Puts were built up over the last three quarters and that is now a fairly large position at 4.46%.Note: The activity in SPY & IWM on their own do not indicate a clear bias as Soros is known to use these ETFs to hedge other parts of his portfolio.China Biologic (CBPO), Model N Inc. (MODN), and Wayfair Inc. (W) & Calls: These very small (less than ~1% of the portfolio each) positions were increased substantially this quarter. Relative to the overall portfolio value, the sizes are still very small.Stake Decreases:Allergan plc (AGN) previously Actavis plc: AGN was Soros’ second-largest individual stock position at 3.18% of the 13F portfolio as of Q3 2015. The stake saw a huge ~390% increase that quarter at prices between $252 and $340. The following quarter saw a ~46% reduction at prices between $253 and $323 and that was followed with a ~53% reduction last quarter at prices between $266 and $313. The stake was again reduced by ~60% this quarter at prices between $202 and $278. The stock currently trades at $253 and the stake is now very small at 0.40%.American Airlines (AAL): The original very small position was increased by over 300% in Q2 & Q3 2014 at prices between $33 and $45. The stake was sold down over the following three quarters at prices between $29 and $56. In Q3 2015, there was a ~50% increase at prices between $37.50 and $44 while last quarter saw a ~40% reduction at prices between $35.55 and $43.47. This quarter saw another ~58% selling at prices between $25.27 and $41.34. The stock currently trades at $36.60 and the remaining stake is minutely small at ~0.28%.Adecoagro S A (AGRO): AGRO was the largest individual stock position at 5.27% of the US long portfolio as of Q4 2015. It was reduced by ~46% last quarter at prices between $11.03 and $13.23 and another ~15% this quarter. The original stake is from prior to its IPO. The stock currently trades at around $9.79 compared to the IPO price of $11. The remaining stake is still fairly large at 2.80%.Barrick Gold (ABX) & SPDR Gold Trust ETF (GLD) Calls: These two were large positions established last quarter. The ABX stake was the largest individual stock position in the 13F at 5.82% of the portfolio. It was purchased at prices between $7.38 and $15.18 and almost eliminated this quarter at prices between $13.50 and $21.35. The stock is now at $20.87. The 2.73% GLD Calls stake was established as the underlying traded between $101 and $122 during the quarter. The position was sold down by ~77% this quarter as the stock traded between $116 and $127. GLD currently trades at $129. Soros harvested large short-term profits by playing the uptrend in gold successfully.Note: ABX and the Gold ETFs have seen several roundtrips in the portfolio over the years.CIT Group Inc. (CIT): CIT is a 0.81% of the US long portfolio stake. It was purchased in Q3 2015 at prices between $39.61 and $48.51 and decreased by ~50% the following quarter at prices between $39.70 and $46.14. The position saw another ~15% trimming this quarter. The stock currently trades at $35.78.eBay Inc. (EBAY): EBAY is a 0.87% portfolio stake. The bulk of the buying happened in Q1 & Q3 2015 at prices between $22.32 and $28.75. Q4 2015 saw a ~36% reduction at prices between $24 and $29.59 while last quarter saw a ~8% increase. There was a ~53% selling this quarter at prices between $22.72 and $25.43. The stock currently trades at $30.61.Note: The prices quoted above are adjusted for the spinoff of PayPal from eBay.PayPal Holdings (PYPL): PYPL is a 0.64% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Q4 2015 saw a one-third reduction at prices between $31 and $38 and that was followed with another ~54% reduction last quarter at prices between $31.20 and $41.32. This quarter saw another ~40% reduction at prices between $34.20 and $40.31. PYPL currently trades at $38.13.Polycom Inc. (PLCM): The bulk of the 1.91% PLCM stake is from Q4 2013 and Q1 2014 at a cost-basis of around $11.50. Q4 2015 saw a ~18% reduction at prices between $10.42 and $14.04. The stock currently trades at $12.42. Soros has a ~6% ownership stake in the business. Last two quarters have seen minor trimming.Zoetis (ZTS): ZTS is a 1.28% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. Q2 2015 saw a one-third reduction at prices between $44 and $55 while the following quarter saw a ~28% increase at prices between $39.65 and $50.02. Last quarter saw a ~31% reduction at prices between $39.33 and $48.01 and that was followed with a ~46% selling this quarter at prices between $44.33 and $48.64. The stock currently trades at $52.30.Caesars Acquisition (CACQ) and Gaming & Leisure Properties (GLPI): These are small (less than ~1.5% of the portfolio each) stakes increased last quarter and reduced marginally this quarter.Amazon.com (AMZN), Caesars Entertainment (CZR), JD.com (JD), Kraft-Heinz (HNZ), Time Warner Inc. (TWX) Puts, Liberty Global Lilac (LILA) (LILAK), Mondelez Intl. (MDLZ), and Viavi Solutions (VIAV): These are very small (less than ~1% of the portfolio each) stakes that were reduced further this quarter.Kept Steady:Essent Group (ESNT): Soros had a stake in Essent Group prior to its October 2013 IPO at ~$22.50 per share. Q4 2013 regulatory filings showed him owning ~7.5M shares. Since Q4 2014, the stake had seen selling and it is now at ~1.5M shares. The selling was at prices between $21 and $29. The stock currently trades at $25.85.ChipMos Tech. (IMOS), Churchill Downs (CHDN), and Travelport Worldwide (TVPT): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Abeona Therapeutics (ABEO), Allot Communications (ALLT), EXA Corp. (EXA), Exar Corporation (EXAR), Model N (MODN), and Quantum Corp. (QTM).The spreadsheet below highlights Soros’s significant US long stock positions as of Q2 2016:13G/D/F & From 3/4s thru 2/18/2016: MODN - 13G on 2/16/2016 - 1.53M - 5.66% as of 1/15/2016. MXL - 13G/A on 2/16/2016 - 1.54M - 2.8%. LSCC - 13G/A on 2/16/2016 - 0. PLCM - 13G/A on 2/16/2016 - 8.47M shares - 6.39%. EXAR - 13G/A on 2/16/2016 - 1.84M shares - 3.8%. CY, PMCS- 13G/A on 2/16/2016 - 0. EXA - 13G/A on 2/16/2016 - 1.43M shares - 9.78%. ABEO - 13G/A on 2/16/2016 - 1.71M shares - 5.19%. WBMD - 13G/A on 2/16/2016 - 1.55M shares - 3.98% - convertible notes. ESNT - 13G/A on 2/16/2016 - 1.48M shares - 1.6%. PVAH - 13G/A on 2/16/2016 - 6M shares - 8.18%."
"Tracking George Soros’s Portfolio – Q1 2016 Update"	"Soros' 13F portfolio decreased from $6.05B to $4.53B this quarter. The number of positions decreased from 244 to 226.A large new position in Barrick Gold was established during the quarter while eliminating Dow Chemical and Level 3 and reducing Synchrony Financial.Puts on S&P 500 SPDR and iShares Russell 2000 ETFs were both increased during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/16/2016. Please visit our for an idea on his investment philosophy and our for the fund’s moves during Q4 2015.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio decreased ~25% this quarter from $6.05B to $4.53B. The number of positions decreased from 244 to 226. Very small stock positions and large debt holdings together account for over 37% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions. The top-three individual stock positions are Barrick Gold, Adecoagro SA, and Zoetis.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Barrick Gold (ABX) & SPDR Gold Trust ETF (GLD) Calls: These two are large positions established this quarter. The ABX stake is the largest individual stock position in the 13F at 5.82% of the portfolio. It was purchased at prices between $7.38 and $15.18 and the stock is now at $17.63. The 2.73% GLD Calls stake was established as the underlying traded between $101 and $122 during the quarter. GLD currently trades at $120.Note: ABX and the Gold ETFs have seen several roundtrips in the portfolio over the years although the positions were sized modestly. The last time there was a sizable stake in gold stocks was in Q3 2012 when the allocation was close to 5% of the portfolio. The current allocation is even larger at 8.55%.Select Sector SPDR Inds. (XLI) Calls: XLI Calls is a fairly large 3.67% portfolio position purchased this quarter when the underlying traded between $48 and $56. It currently goes for $55.27.Baxalta Inc. (BXLT), Crown Castle Intl. (CCI), Schlumberger Ltd. (SLB), and Time Warner Inc. (TWX) Puts: These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Alibaba Group (BABA): BABA was Soros’ largest 13F individual stock position at ~3.64% as of Q1 2015. It was established in Q3 2014 at prices between $87 and $94. In Q2 2015, the position was almost sold out at prices between $79.54 and $93.88. In Q3 2015, the pattern reversed again: significant increase to a ~0.9% portfolio stake at prices between $57.39 and $84.15. The elimination this quarter was at prices between $60.57 and $81.27. The stock currently trades at $78.98.Delta Air Lines (DAL): DAL had seen several successful roundtrips in the portfolio. The majority of the current 1.66% stake was established in H2 2015 at prices between $40 and $52. The position was sold out this quarter at prices between $40.77 and $50.69. The stock currently trades at $43.86.Dow Chemical (DOW): DOW was first purchased in Q2 2014 and a large increased happened the following two quarters at prices between $42.71 and $54.80. In Q3 2015, there was a further ~23% increase at prices between $39.39 and $53.04. Last quarter saw an about turn: ~25% reduction at prices between $42.40 and $56.97. The elimination this quarter was at prices between $41.32 and $51.66. The stock currently trades at $50.81.Note: Dan Loeb (Third Point) established a huge activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. Q4 2013 saw a ~50% increase at prices between $66 and $85. Q1 2015 saw an about turn: ~37% reduction at prices between $59.05 and $70.54 and the remaining position was almost sold out in Q2 2015 at prices between $66 and $76. Q3 2015 saw a huge ~470% increase at prices between $44.17 and $68.30. The pattern reversed again last quarter: ~85% reduction at prices between $40.45 and $61.57 and the remainder stake was sold this quarter. The stock is now at $44.60.Level 3 Communications (LVLT): Most of the original LVLT stake was purchased in Q2 & Q3 2014 at prices between $36.37 and $47.50. Q4 2014 saw a ~28% reduction at prices between $38.05 and $50 and the following quarter saw a further ~11% reduction at prices between $47.02 and $55.46. Q2 2015 saw further selling: ~40% reduction at prices between $52 and $57. Last quarter saw a ~60% increase at prices between $43 and $55. The elimination this quarter was at prices between $42.74 and $54.36. The stock is now at $51.93.YPF SA (YPF): YPF was a fairly large 2.33% of the US long portfolio stake as of Q3 2015. The position was almost sold out last quarter at prices between $15 and $22 and the minutely small remaining position was sold this quarter. The original stake was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter thru Q3 2014 at prices between $20 and $36. The stock currently trades at $20.89.Ally Financial (ALLY), Qunar Cayman (QUNR), and Rovi Corporation (ROVI): These are very small (less than ~1% of the US long portfolio each) positions reduced last quarter and eliminated this quarter.Anheuser Busch Inbev (BUD), McDonald’s (MCD), and S&P SPDR Oil & Gas ETF (XOP): These small (less than ~1% of the portfolio each) stakes were increased last quarter but sold out this quarter.Columbia Pipeline Group (CPGX), iShares iBoxx High Yield (HYG), Marathon Petroleum (MPC), Pfizer Inc. (PFE), and Powershares QQQ (QQQ) Puts: These are small (less than ~1% of the portfolio each) positions established last quarter but eliminated this quarter.Yum Brands (YUM): The very small 0.79% YUM stake was sold out this quarter.Stake Increases:eBay Inc. (EBAY): EBAY is a 1.95% portfolio stake. The bulk of the buying happened in Q1 & Q3 2015 at prices between $22.32 and $28.75. Last quarter saw a ~36% reduction at prices between $24 and $29.59 while this quarter saw a ~8% increase. The stock currently trades at $23.69.Note: The prices quoted above are adjusted for the spinoff of PayPal from eBay.S&P 500 SPDR (SPY) Calls & Puts: The SPY position has wavered over the years. Recent activity follows: In Q1 2015 the Puts were a large ~11% portfolio stake. The following quarter saw a reversal: The Puts stake was reduced while adding a huge position in the Calls. Q3 2015 saw a reduction in both the positions. The net was a very small ~1.46% position in the Puts. Last quarter, the calls were sold while the puts were increased significantly. This quarter saw a stake doubling in the puts. SPY Puts is now a huge stake at 9.52% of the portfolio.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use this ETF to hedge other parts of his portfolio.Caesars Acquisition (CACQ), EMC Corporation (EMC), Equinix Inc. (EQIX), Gaming & Leisure Properties (GLPI), iShares Russell 2000 ETF (IWM) Puts, and JD.com (JD): These are small (less than ~1% of the portfolio each) stakes increased this quarter.Stake Decreases:Allergan plc (AGN) previously Actavis plc: AGN was Soros’ second-largest individual stock position at 3.18% of the 13F portfolio as of Q3 2015. The stake saw a huge ~390% increase that quarter at prices between $252 and $340. Last quarter saw a ~46% reduction at prices between $253 and $323 and that was followed with a ~53% reduction this quarter at prices between $266 and $313. The stock currently trades at $229.Note: In November 2015, Pfizer Inc. (PFE) announced the acquisition of Allergan plc in a deal valued at $160B. The new business was to be domiciled in Ireland - tax inversion deal structure. Pfizer called off the merger last month in response to government pressure.American Airlines (AAL): The original very small position was increased by over 300% in Q2 & Q3 2014 at prices between $33 and $45. Q4 2014 saw an about-turn as the position was reduced by ~53% at prices between $28.58 and $53.63. The pattern continued the following two quarters with another ~70% reduction at prices between $39.48 and $55.76. In Q3 2015, there was a ~50% increase at prices between $37.50 and $44 while this quarter saw a ~40% reduction at prices between $35.55 and $43.47. The stock currently trades at $32.61 and the remaining stake is at ~1%.Adecoagro S A (AGRO): AGRO was the largest individual stock position at 5.27% of the US long portfolio as of last quarter. It was reduced by ~46% this quarter at prices between $11.03 and $13.23. The original stake is from prior to its IPO. The stock currently trades at around $10.41 compared to the IPO price of $11.Cypress Semiconductor (CY) & Calls: CY was a fairly large 2.66% of the portfolio position last quarter. It was almost sold out this quarter at prices between $6.39 and $9.81. The original stake saw a ~400% increase in Q1 2015 and another ~19% increase in Q2 2015. Q3 2015 also saw a ~18% increase at prices between $8.28 and $12.15. The stock currently trades at $9.44.Note: The vast majority of the 400% increase in Q1 2015 was due to the acquisition of Spansion by Cypress that closed in March 2015 - Spansion shareholders received Cypress stock in the ratio 1:2.457. Soros had a 3.55M share position in Spansion.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially at prices between $36 and $42.50. This quarter saw an almost two-thirds reduction at prices between $39.71 and $57.35. The stock is now at $44.90 and the stake is at 0.47%.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54. In Q3 2014, there was a ~19% increase at prices between $91 and $107 and the following quarter saw an additional 44% increase at prices between $75 and $100. Q1 2015 saw a ~37% reduction at prices between $73 and $83 and the following quarter saw a further ~58% reduction at prices between $81 and $92. In Q3 2015, the remaining 0.58% portfolio stake was almost sold out at prices between $65 and $81. The pattern reversed last quarter: ~14-times increase to a 1.25% stake at prices between $48 and $77. The stake was sold down by ~83% this quarter at prices between $50 and $67. The stock currently trades at $70.29.Endo International plc (ENDP): ENDP was a fairly large 2.19% of the portfolio position as of last quarter. It was almost eliminated this quarter at prices between $28 and $61. The original position is from Q4 2014 at prices between $60.19 and $73.37. The stock currently trades at $15.57.Facebook Inc. (FB): FB was a minutely small ~0.10% portfolio stake as of Q1 2015. It was increased to a fairly large 2.07% of the portfolio position in Q2 2015 at prices between $77.46 and $88.86. Q3 2015 saw a ~30% reduction at prices between $82.09 and $98.39 and that was followed with a ~55% reduction last quarter at prices between $90 and $109. This quarter saw a further ~46% reduction at prices between $94 and $116. The stock currently trades at $118 and the stake is at 1.11% of the portfolio.Note: FB had a previous presence in the portfolio: Around ~1.8M shares were purchased in Q2 2014 at prices between $56 and $65. Most of it was disposed of the following quarter at prices between $66 and $79.LyondellBasell Industries (LYB): LYB was a 1.25% of the US long portfolio stake as of last quarter. The position had seen a ~380% increase that quarter at prices between $83 and $98. It was almost sold out this quarter at prices between $72.34 and $88.60. The original stake was established in Q4 2014 at prices between $70.61 and $109. The stock is now at $81.62.PayPal Holdings (PYPL): PYPL is a 1.17% of the portfolio position established in Q3 2015 as a result of the spinoff of PayPal from eBay. eBay shareholders received one share of PayPal for each share held. Last quarter saw a one-third reduction at prices between $31 and $38 and that was followed with another ~54% reduction this quarter at prices between $31.20 and $41.32. PYPL currently trades at $39.98.Polycom Inc. (PLCM): The bulk of the 2.01% PLCM stake is from Q4 2013 and Q1 2014 at a cost-basis of around $11.50. Last quarter saw a ~18% reduction at prices between $10.42 and $14.04. The stock currently trades at $11.22. Soros has a ~6% ownership stake in the business. This quarter saw minor trimming.Synchrony Financial (SYF): SYF was a large (top-three) 3.58% of the US long portfolio stake established last quarter at prices between $29.51 and $34. It was sold down by ~95% this quarter at prices between $24.48 and $30.41. The stock currently trades at $30.11.Note: The spinoff of General Electric’s (GE) credit arm started trading in August 2014 and has returned ~31% since.Time Warner Cable (TWC): TWC is a ~1.46% of the US long portfolio position. It was established in Q2 2015 at prices between $149 and $184 and reduced by ~50% the following quarter at prices between $174 and $193. Last quarter saw another ~43% reduction at prices between $179 and $192 and that was followed with a ~19% reduction this quarter at prices between $176 and $206.Note: Charter Communications (CHTR) acquired TWC in a cash-and-stock deal that closed yesterday.Zoetis (ZTS): ZTS is a 2.27% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. Q2 2015 saw a one-third reduction at prices between $44 and $55 while the following quarter saw a ~28% increase at prices between $39.65 and $50.02. This quarter saw a ~31% reduction at prices between $39.33 and $48.01. The stock currently trades at $46.96.Broadcom Limited (AVGO), Kraft-Heinz (HNZ), and Travelport Worldwide (TVPT): These very small (less than ~1% of the portfolio each) positions were kept steady last quarter but reduced this quarter.Allegion PLC (ALLE), 58.com ADR (WUBA), Lions Gate Entertainment (LGF) & Calls, Mondelez Intl. (MDLZ), Motorola Solutions Inc. (MSI), and Viavi Solutions (VIAV): These are very small (less than ~1% of the US long portfolio each) positions reduced over the last two quarters.Amazon.com (AMZN), Liberty Global Lilac (LILA) (LILAK), and Loral Space & Communications (LORL): These are small (less than ~1% of the portfolio each) stakes increased last quarter but reduced this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG is a minutely small 0.11% of the portfolio stake. It was established last quarter and almost eliminated this quarter. Google is a good trading stock for Soros and it has seen numerous successful roundtrips.Kept Steady:CIT Group Inc. (CIT): CIT is a 0.96% of the US long portfolio stake. It was purchased in Q3 2015 at prices between $39.61 and $48.51 and decreased by ~50% last quarter at prices between $39.70 and $46.14. The stock currently trades at $32.67.Essent Group (ESNT): Soros had a stake in Essent Group prior to its October 2013 IPO at ~$22.50 per share. Q4 2013 regulatory filings showed him owning ~7.5M shares. Since Q4 2014, the stake had seen selling and it is now at ~1.5M shares. The selling was at prices between $21 and $29. The stock currently trades at $20.09.Caesars Entertainment (CZR), ChipMos Tech. (IMOS), and Churchill Downs (CHDN): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.Ferrari N V (RACE): Ferrari NV is a Fiat Chrysler (FCAU) spinoff that started trading in January. A small 0.78% position was established last quarter and kept steady this quarter. The stock is now at $41.84.Although the relative sizes are very small, it is significant that Soros has significant ownership stakes in the following businesses: Model N (MODN), MaxLinear (MXL), Exar Corporation (EXAR), EXA Corp. (EXA), Abeona Therapeutics (ABEO), and Hercules Offshore (HERO).The spreadsheet below highlights Soros’s significant US long stock positions as of Q1 2016:13G/D/F & Form 3/4s after 8/15/2015: 13G 11/16/2015 HEROQ 1.4M shares - 7.02% of business. 13G 11/6/2015 LORL 1.08M shares - 5.03% of business. 13G/A 10/7/2015 QTM 3.27M shares 1.25% of business. 13G 9/8/2015 PMCS - 10.69M shares 5.53% of business.13G/13Ds: 7/9/2015 - - CY - 17.67M shares - 5.32% of business. 6/5/2015 - - MXL - 2.69M shares - 5.19% of business. 5/4/2015 - Plasmatech Biopharma on 4/22/2015 - 1.17M shares, 5.17% of business, 3/19/2015 - Exa Corp on 3/9/2015 - 1.27M shares, 9.15% of business, 2/23/2015 - Oclaro Inc. on 2/13/2015 - 12.05M shares, 9.95% of business."
"Tracking George Soros’s Portfolio – Q4 2015 Update"	"Soros' 13F portfolio decreased from $6.61B to $6.05B this quarter. The number of positions increased from 232 to 244.A fairly large new position in Synchrony Financial was established during the quarter while reducing stakes in several businesses with exposure to Chinese economy.Adecoagro SA, Dow Chemical, and Synchrony Financial are the largest three individual stock positions.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/16/2016. Please visit our for an idea on his investment philosophy and our highlighting the fund’s moves during Q3 2015.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio decreased ~9% this quarter from $6.61B to $6.05B. The number of positions increased from 232 to 244. Very small stock positions and large debt holdings together account for over 28% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions. The top-three individual stock positions are Adecoagro SA, Dow Chemical, and Synchrony Financial.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Synchrony Financial (SYF): SYF is a large (top-three) 3.58% of the US long portfolio stake established this quarter at prices between $29.51 and $34. The stock currently trades below that range at $26.62. The spinoff of General Electric’s (GE) credit arm started trading in August 2014 and has returned ~16% since.Alphabet Inc. (GOOG) (GOOGL), Columbia Pipeline Group (CPGX), Ferrari NV, iShares iBoxx High Yield (HYG), Marathon Petroleum (MPC), Pfizer Inc. (PFE), and Powershares QQQ (QQQ) Puts: These are small (less than ~1% of the portfolio each) positions established this quarter. Google is a good trading stock for Soros and it has seen numerous successful roundtrips. Ferrari NV is a Fiat Chrysler (FCAU) spinoff that started trading last month.Stake Disposals:General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. In Q1 2014, the stake was reduced by ~46% at prices between $34 and $41. The following quarters saw a combined ~65% increase at prices between $32.62 and $38.87. In Q2 2015, the stake was sold down by ~80% at prices between $33.23 and $37.50. Last quarter, the pattern reversed again: around two-thirds increase at prices between $27.28 and $33.33. The elimination this quarter was at prices between $30 and $36.46. The stock currently trades at $29.02.iShares China Large Cap (FXI) Calls: The small stake established in Q2 2015 at prices between $44.40 and $52.71 was more than doubled last quarter as the stock traded between $33.58 and $46.10. The position was eliminated this quarter as the underlying traded between $34.53 and $40.37. FXI is currently at $30.47.Note: FXI had seen another recent roundtrip: It was a fairly large 2.29% of the portfolio stake entered between $37.46 and $41.98 and exited in Q1 2015 between $40.77 and $44.74.Vipshop Holdings (VIPS): VIPS was a 1.49% of the US long portfolio position as of last quarter. The bulk was purchased in Q1 2014 at around $10 cost-basis. The stake saw a ~25% increase in Q2 2015 at prices between $21.54 and $30 and another ~24% last quarter at prices between $15.85 and $23.11. The disposal this quarter was at prices between $12.50 and $21.81. The stock currently trades at $12.16.Chevron Corporation (CVX), CTrip.com (CTRP), Lattice Semiconductor (LSCC), Monsanto (MON), NextEra Energy Inc. (NEE), NRG Energy (NRG), PMC-Sierra (PMCS), Schlumberger Ltd. (SLB), Charles Schwab (SCHW), Southwest Airlines (LUV), and Western Refining (WNR): These are very small (less than ~1% of the portfolio each) stakes eliminated this quarter.Note: Microsemi Corporation’s (MSCC) acquisition of PMC-Sierra closed last month. Microsemi and Skyworks Solutions (SWKS) were in a bidding war for PMC-Sierra. Soros controlled ~5.6% of PMC-Sierra.Stake Increases:Delta Air Lines (DAL): DAL has seen several successful roundtrips in the portfolio. The majority of the current 1.66% stake was established over the last two quarters at prices between $40 and $52. The stock currently trades at $46.48.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. The position was sold down since. The stake is now at 1.23% and the stock is at $43.17. This quarter saw a marginal increase.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. In Q3 2014, there was a ~19% increase at prices between $91 and $107 and the following quarter saw an additional 44% increase at prices between $75.38 and $99.75. Q1 2015 saw a ~37% reduction at prices between $72.53 and $83.43 and the following quarter saw a further ~58% reduction at prices between $81 and $92. Last quarter, the remaining 0.58% portfolio stake was almost sold out at prices between $64.77 and $81.34. The pattern reversed this quarter: ~14x increase to a 1.25% stake at prices between $47.75 and $76.50. The stock currently trades at $60.92.Endo International plc (ENDP): ENDP is a fairly large 2.19% of the portfolio position established in Q4 2014 at prices between $60.19 and $73.37 and increased by ~27% the following quarter at prices between $71.97 and $92.37. Last quarter saw a ~12% reduction while this quarter saw a ~7% increase. The stock currently trades at $51.03. For investors attempting to follow Soros, ENDP is a good option to consider for further research.Level 3 Communications (LVLT): Most of the original LVLT stake was purchased in Q2 & Q3 2014 at prices between $36.37 and $47.50. Q4 2014 saw a ~28% reduction at prices between $38.05 and $50 and the following quarter saw a further ~11% reduction at prices between $47.02 and $55.46. Q2 2015 saw further selling: ~40% reduction at prices between $52 and $57. This quarter saw a ~60% increase at prices between $43 and $55. The stock is now at $48.37 and the stake is fairly large at 2.87%.LyondellBasell Industries (LYB): LYB is a 1.25% of the US long portfolio stake. The position saw a ~380% increase this quarter at prices between $83 and $98 and the stock is now below that range at $80.20. The original stake was established in Q4 2014 at prices between $70.61 and $109 and reduced by ~27% the following quarter at prices between $74.36 and $91.55. Q2 2015 saw a further ~15% reduction at prices between $87.80 and $106. Last quarter, the remaining 1.72% of the portfolio position was almost eliminated at prices between $77 and $104.S&P 500 SPDR (SPY) Calls & Puts: The SPY position has wavered over the years. Recent activity follows: In Q1 2015 the Puts were a large ~11% portfolio stake. The following quarter saw a reversal: The Puts stake was reduced while adding a huge position in the Calls. Last quarter saw a reduction in both the positions. The net was a very small ~1.46% position in the Puts. This quarter, the calls were sold while the puts were increased to a 3.39% stake.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use this ETF to hedge other parts of his portfolio.Amazon.com (AMZN), Anheuser Busch Inbev (BUD), Caesars Acquisition (CACQ), 58.com ADR (WUBA), iShares Russell 2000 ETF (IWM) Puts, Liberty Global Lilac (LILA) (LILAK), Loral Space & Communications (LORL), McDonald’s (MCD), and S&P SPDR Oil & Gas ETF (XOP): These are small (less than ~1% of the portfolio each) stakes increased this quarter. Soros controls 5.03% of LORL.Stake Decreases:Allergan plc (AGN) previously Actavis plc: AGN was Soros’ second-largest individual stock position at 3.18% of the 13F portfolio as of last quarter. This quarter saw a ~46% reduction to a 2.76% portfolio stake at prices between $253 and $323. The original position was doubled in Q4 2014 at prices between $225 and $271 and reduced by around two-thirds in Q2 2015 at prices between $283 and $313. Last quarter had seen a huge ~390% increase at prices between $252 and $340. The stock currently trades at $278.Note: In November 2015, Pfizer Inc. (PFE) announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders will receive 11.3 shares of a new company (the new business will be domiciled in Ireland - tax inversion deal structure) for each share held. The deal is expected to close in H2 2016.American Airlines (AAL): The original very small position was increased by over 150% in Q2 2014 at prices between $33.37 and $44.55. It was built-up to a 1.83% of the 13F portfolio stake by Q3 2014 at prices between $35 and $44. Q4 2014 saw an about-turn as the position was reduced by ~53% at prices between $28.58 and $53.63. The pattern continued the following quarter with a ~53% reduction at prices between $46.53 and $55.76 and another ~19% reduction in Q2 2015 at prices between $39.48 and $52.78. Last quarter, the pattern reversed again: ~50% increase at prices between $37.50 and $44. The stock currently trades at $39.54. This quarter saw a marginal reduction.CIT Group Inc. (CIT): CIT is a 0.92% of the US long portfolio stake. It was purchased last quarter at prices between $39.61 and $48.51 and decreased by ~50% this quarter at prices between $39.70 and $46.14. The stock currently trades at $28.77.Cypress Semiconductor (CY) & Calls: CY is a 2.66% of the portfolio position. The original stake saw a ~400% increase in Q1 2015 and another ~19% increase in Q2 2015. Last quarter also saw a ~18% increase at prices between $8.28 and $12.15. The stock currently trades at $7.33. The stake is fairly large at 2.66% of the portfolio.Note 1: A regulatory 13G/A filing on 02/16/2016 shows the CY stake as eliminated.Note 2: The vast majority of the 400% increase in Q1 2015 was due to the acquisition of Spansion by Cypress that closed in March 2015 - Spansion shareholders received Cypress stock in the ratio 1:2.457. Soros had a 3.55M share position in Spansion.Dow Chemical (DOW): DOW was a very small 0.32% position as of Q2 2014. In Q3 2014, the position was increased by just over 150% to a 1.14% stake at prices between $51 and $54.80 and the following quarter saw a further 78% increase at prices between $42.71 and $52.84. Last quarter saw a ~23% increase at prices between $39.39 and $53.04. There was a ~25% reduction this quarter at prices between $42.40 and $56.97. It is still a top-three stake at 3.82% of the US long portfolio. The stock currently trades at $47.57.Note: Dan Loeb (Third Point) established a huge activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range. In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.eBay Inc. (EBAY): EBAY is a 1.56% portfolio stake. The bulk of the buying happened in Q1 2015 and last quarter at prices between $22.32 and $28.75. This quarter saw a ~36% reduction at prices between $24 and $29.59. The stock currently trades at $23.53.Note: the prices quoted above are adjusted for the spinoff of PayPal from eBay.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. Q4 2013 saw a ~50% increase at prices between $66 and $85. Q1 2015 saw an about turn: ~37% reduction at prices between $59.05 and $70.54 and the remaining position was almost sold out in Q2 2015 at prices between $66 and $76. Last quarter saw a huge ~470% increase at prices between $44.17 and $68.30. The pattern reversed again this quarter: ~85% reduction at prices between $40.45 and $61.57. The stock is now at $25.53.Essent Group (ESNT): Soros had a stake in Essent Group prior to its October 2013 IPO at ~$22.50 per share. Q4 2013 regulatory filings showed him owning ~7.5M shares. Since Q4 2014, the stake has seen consistent selling and it is now at ~1.5M shares (0.54%). The selling was at prices between $21 and $29. The stock currently trades at $18.26.Facebook Inc. (FB): FB was a minutely small ~0.10% portfolio stake as of Q1 2015. It was increased to a fairly large 2.07% of the portfolio position in Q2 2015 at prices between $77.46 and $88.86. Last quarter saw a ~30% reduction at prices between $82.09 and $98.39 and that was followed with a ~55% reduction this quarter at prices between $90 and $109. The stock currently trades at $104 and the stake is at 1.41% of the portfolio.Note: FB had a previous presence in the portfolio: Around ~1.8M shares were purchased in Q2 2014 at prices between $56 and $65. Most of it was disposed of the following quarter at prices between $66 and $79.PayPal Holdings (PYPL): PYPL is a 1.77% of the portfolio position established last quarter as a result of the spinoff of PayPal from eBay. eBay holders received one share of PayPal for each share held. This quarter saw a one-third reduction at prices between $31 and $38. PYPL currently trades at $36.31.Polycom Inc. (PLCM): The bulk of the 1.84% PLCM stake is from Q4 2013 and Q1 2014 at a cost-basis of around $11.50. This quarter saw a ~18% reduction at prices between $10.42 and $14.04. The stock currently trades at $9.54. Soros has a 6.39% ownership stake in the business.Time Warner Cable (TWC): TWC is a ~1.22% of the US long portfolio position. It was established in Q2 2015 at prices between $149 and $184 and reduced by ~50% last quarter at prices between $174 and $193. This quarter saw another ~43% reduction at prices between $179 and $192. The stock currently trades at $188.Note: Charter Communications (CHTR) is set to acquire TWC in a $195 cash-and-stock deal ($100 cash).YPF SA (YPF): YPF was a fairly large 2.33% of the US long portfolio stake as of last quarter. The position was almost sold out this quarter at prices between $15 and $22. The original stake was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter thru Q3 2014 at prices between $20 and $36. Q4 2014 saw a ~13% reduction at prices between $22.50 and $37. Last two quarters had also seen a combined ~14% reduction at prices between $14.91 and $31.57. The stock currently trades at $17.41.Zoetis (ZTS): ZTS is a 2.68% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. Q2 2015 saw a one-third reduction at prices between $44 and $55 while last quarter saw a ~28% increase at prices between $39.65 and $50.02. The stock currently trades at $42.02. This quarter saw minor trimming.Note: There is recent activist involvement in ZTS. Bill Ackman has built a ~41.82M share (~8.5% of business) stake and has acquired a board seat.Allegion PLC (ALLE), Ally Financial (ALLY), Lions Gate Entertainment (LGF) & Calls, Mondelez Intl. (MDLZ), Motorola Solutions Inc. (MSI), Qunar Cayman (QUNR), Rovi Corporation (ROVI), and Viavi Solutions (VIAV): These are very small (less than ~1% of the US long portfolio each) positions reduced this quarter.Kept Steady:Adecoagro S A (AGRO): AGRO is the largest individual stock position at 5.27% of the US long portfolio. It was established prior to its IPO. The stock currently trades at around $13.04, compared to the IPO price of $11.Alibaba Group (BABA): BABA was Soros’ largest 13F individual stock position at ~3.64% as of Q1 2015. It was established in Q3 2014 at prices between $87 and $94. In Q2 2015, the position was almost sold out at prices between $79.54 and $93.88. Last quarter, the pattern reversed again: significant increase to a ~0.9% portfolio stake at prices between $57.39 and $84.15. The stock currently trades at $66.51.Broadcom Corporation (BRCM), Caesars Entertainment (CZR), Churchill Downs (CHDN), Gaming & Leisure Properties (GLPI), Kraft-Heinz (HNZ),Travelport Worldwide (TVPT), and Yum Brands (YUM): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.Although the relative sizes are very small, it is significant that Soros has ownership stakes in the following businesses: 5.66% of Model N (MODN), 2.8% of MaxLinear (MXL), 3.8% of Exar Corporation (EXAR), 9.78% of EXA Corp. (EXA), 5.19% of Abeona Therapeutics (ABEO), 3.98% of WebMD (WBMD) in convertible notes, 8.18% of Penn Virginia (PVAH), and 7.02% of Hercules Offshore (HERO).The spreadsheet below highlights Soros’s significant US long stock positions as of Q4 2015:"
"Tracking George Soros’s Portfolio – Q3 2015 Update"	"Soros' 13F portfolio decreased from $10.75B to $6.61B this quarter. The number of positions decreased from 263 to 232.Both the SPY Puts & Calls were decreased this quarter. The net position is now a very small Puts stake.Allergan, eBay, Dow Chemical, and Zoetis stakes were substantially increased during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/16/2015. Please visit our for an idea on his investment philosophy and our highlighting the fund’s moves during Q2 2015.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio decreased ~38% this quarter from $10.75B to $6.61B. The number of positions decreased from 263 to 232. Very small stock positions and large debt holdings together account for over 30% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions. The top-three individual stock positions are Dow Chemical, Allergan plc, and Adecoagro.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:CIT Group Inc. (CIT): CIT is a 1.70% of the US long portfolio stake purchased this quarter at prices between $39.61 and $48.51. The stock currently trades at $42.70.PayPal Holdings (PYPL): PYPL is a 2.08% of the portfolio position established this quarter as a result of the spinoff of PayPal from eBay. eBay holders received one share of PayPal for each share held. PYPL currently trades at $36.36.Amazon.com (AMZN), Chevron Corporation (CVX), and Schlumberger Ltd. (SLB): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Herbalife (HLF): HLF was a 2.30% of the US long portfolio position as of Q2 2014. It was first purchased in Q2 2013 at prices between $35 and $50 and has wavered since. In Q3 2014, the position was sold down to a 0.62% stake at prices between $40.21 and $67.77. Q4 2014 saw an about-turn as the position was increased by ~80% at prices between $37.36 and $55.90. Last quarter, the pattern reversed again: ~42% reduction at prices between $40 and $55. The elimination this quarter happened at prices between $48.36 and $60.77. The stock currently trades at $56.73. HLF is a very volatile stock and Soros played the trends.Alcoa Inc. (AA), DIRECTV (DTV), D R Horton Inc. (DHI) & Calls, iShares MSCI Emerging (EEM) Calls, Lennar Corp. (LEN) & Calls, Nice Systems (NICE), Pulte Group Inc. (PHM), and United Continental Holdings (UAL): These are very small (less than ~1% of the portfolio each) stakes eliminated this quarter.Stake Increases:Allergan plc (AGN) previously Actavis plc: AGN is Soros’ second-largest individual stock position at 3.18% of the 13F portfolio. The original stake was doubled in Q4 2014 at prices between $225 and $271 and reduced by around two-thirds last quarter at prices between $283 and $313. This quarter saw a huge ~390% increase at prices between $252 and $340. The stock currently trades at $313.Note: Pfizer is expected to announce a $150B (mostly stock) deal to acquire Allergan plc today.Alibaba Group (BABA): BABA was Soros’ largest 13F individual stock position at ~3.64% as of Q1 2015. It was established in Q3 2014 at prices between $87 and $94. Last quarter, the position was almost sold out at prices between $79.54 and $93.88. This quarter, the pattern reversed again: significant increase to a ~0.9% portfolio stake at prices between $57.39 and $84.15. The stock currently trades at $79.96.American Airlines (AAL): The original very small position was increased by over 150% in Q2 2014 at prices between $33.37 and $44.55. It was built-up to a 1.83% of the 13F portfolio stake by Q3 2014 at prices between $35 and $44. Q4 2014 saw an about-turn as the position was reduced by ~53% at prices between $28.58 and $53.63. The pattern continued the following quarter with a ~53% reduction at prices between $46.53 and $55.76 and another ~19% reduction last quarter at prices between $39.48 and $52.78. This quarter, the pattern reversed again: ~50% increase at prices between $37.50 and $44. The stock currently trades at $42.20.Cypress Semiconductor (CY) & Calls: CY position was increased by ~400% in Q1 2015 and another ~19% last quarter. The increase last quarter happened at prices between $11.56 and $14.14. This quarter also saw a ~18% increase at prices between $8.28 and $12.15. The stock currently trades at $9.88. The stake is significantly large at 2.55% of the portfolio. Soros controls ~5.9% of the business.Note: The vast majority of the 400% increase in Q1 2015 was due to the acquisition of Spansion by Cypress that closed in March - Spansion shareholders received Cypress stock in the ratio 1:2.457. Soros had a 3.55M share position in Spansion.Dow Chemical (DOW): DOW was a very small 0.32% position as of Q2 2014. In Q3 2014, the position was increased by just over 150% to a 1.14% stake at prices between $51 and $54.80 and the following quarter saw a further 78% increase at prices between $42.71 and $52.84. This quarter saw a ~23% increase at prices between $39.39 and $53.04. It is now the largest individual stock position at 3.82% of the US long portfolio. The stock currently trades at $53.31.Note: Dan Loeb (Third Point) established a huge activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range.eBay Inc. (EBAY): EBAY is a 2% portfolio stake. The bulk of the buying happened in Q1 2015 and this quarter at prices between $22.32 and $28.75. The stock currently trades at $29.06.Note: the prices quoted above are adjusted for the spinoff of PayPal from eBay.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. Q4 2013 saw a ~50% increase at prices between $66 and $85. Q1 2015 saw an about turn: ~37% reduction at prices between $59.05 and $70.54 and the remaining position was almost sold out last quarter at prices between $66 and $76. This quarter saw a huge ~470% increase at prices between $44.17 and $68.30. The stake is still relatively small at 0.74% of the portfolio. The stock is now at $56.44.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. In Q1 2014, the stake was reduced by ~46% at prices between $34 and $41. The following quarters saw a combined ~65% increase at prices between $32.62 and $38.87. Last quarter, the stake was sold down by ~80% at prices between $33.23 and $37.50. This quarter, the pattern reversed again: around two-thirds increase at prices between $27.28 and $33.33. The stock currently trades at $36.33 and the position is at 0.84%.iShares China Large Cap (FXI) Calls: The small stake established last quarter at prices between $44.40 and $52.71 was more than doubled this quarter as the stock traded between $33.58 and $46.10. The position is now at 2.22% of the portfolio. FXI is currently at $38.47.Note: FXI has seen a recent roundtrip: It was a fairly large 2.29% of the portfolio stake entered between $37.46 and $41.98 and exited in Q1 2015 between $40.77 and $44.74.Polycom Inc. (PLCM): The bulk of the 1.70% PLCM stake is from Q4 2013 and Q1 2014 at a cost-basis of around $11.50. Last quarter had seen a minor decrease while this quarter saw a marginal increase. The stock currently trades at $13.23.Vipshop Holdings (VIPS): VIPS is a 1.49% of the US long portfolio position. The bulk was purchased in Q1 2014 at around $10 cost-basis. The stake saw a ~25% increase last quarter at prices between $21.54 and $30 and another ~24% this quarter at prices between $15.85 and $23.11. The stock currently trades at $16.36.Zoetis (ZTS): ZTS is a 2.19% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. Last quarter saw a one-third reduction at prices between $44 and $55 while this quarter saw a ~28% increase at prices between $39.65 and $50.02. The stock currently trades at $47.32.Note: There is recent activist involvement in ZTS. Bill Ackman has built a ~41.82M share (~8.5% of business) stake and has acquired a board seat.Broadcom Corporation (BRCM), CTrip.com (CTRP), Delta Air Lines (DAL), Gaming & Leisure Properties (GLPI), Lattice Semiconductor (LSCC), Lions Gate Entertainment (LGF) & Calls, NRG Energy (NRG), PMC-Sierra (PMCS), Qunar Cayman (QUNR), Rovi Corporation (ROVI), Southwest Airlines (LUV), and Viavi Solutions (VIAV): These very small (less than ~1.25% of the portfolio each) stakes were increased this quarter.Note 1: Microsemi (MSCC) and Skyworks Solutions (SWKS) are in a bidding war for PMC-Sierra. Soros controls ~5.6% of PMC-Sierra.Note 2: NRG had seen a recent presence in the portfolio: a very small 0.50% of the portfolio stake was eliminated in Q1 2015.Stake Decreases:EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. In Q3 2014, there was a ~19% increase at prices between $91 and $107 and the following quarter saw an additional 44% increase at prices between $75.38 and $99.75. Q1 2015 saw a ~37% reduction at prices between $72.53 and $83.43 and last quarter saw a further ~58% reduction at prices between $81 and $92. This quarter, the remaining 0.58% portfolio stake was almost sold out at prices between $64.77 and $81.34. The stock currently trades at $58.81.Endo International plc (ENDP): ENDP is a fairly large 2.11% of the portfolio position established in Q4 2014 at prices between $60.19 and $73.37 and increased by ~27% the following quarter at prices between $71.97 and $92.37. This quarter saw a ~12% reduction at prices between $60.57 and $87.63. The stock currently trades at $59.37.Essent Group (ESNT): ESNT is a 1.12% of the US long portfolio stake. Q4 2014 saw a ~21% reduction at prices between $21.30 and $25.70 and that was followed with a ~25% reduction last quarter at prices between $23.64 and $27.85. This quarter saw a further one-third reduction at prices between $24.55 and $29.48. The stock currently trades at $23.96.Facebook Inc. (FB): FB was a minutely small ~0.10% portfolio stake as of Q1 2015. It was increased to a fairly large 2.07% of the portfolio position last quarter at prices between $77.46 and $88.86. This quarter saw a ~30% reduction at prices between $82.09 and $98.39. The stock currently trades at $107 and the stake is at 2.45% of the portfolio.Note: FB had a previous presence in the portfolio: Around ~1.8M shares were purchased in Q2 2014 at prices between $56 and $65. Most of it was disposed of the following quarter at prices between $66 and $79.Level 3 Communications (LVLT): The vast majority of the 1.32% LVLT stake was purchased in Q2 & Q3 2014 at prices between $36.37 and $47.50. Q4 2014 saw a ~28% reduction at prices between $38.05 and $50 and the following quarter saw a further ~11% reduction at prices between $47.02 and $55.46. Last quarter saw further selling: ~40% reduction at prices between $52 and $57. The stock currently trades at $50.94. This quarter also saw a marginal further decrease.LyondellBasell Industries (LYB): LYB is a 0.23% of the US long portfolio stake. It was established in Q4 2014 at prices between $70.61 and $109 and reduced by ~27% the following quarter at prices between $74.36 and $91.55. Last quarter saw a further ~15% reduction at prices between $87.80 and $106. This quarter, the remaining 1.72% of the portfolio position was almost eliminated at prices between $77 and $104. The stock currently trades at $93.29.S&P 500 SPDR (SPY) Calls & Puts: The SPY position has wavered over the years. Recent activity follows: In Q2 2014, Puts stake was increased significantly to a huge 16.65% portfolio position. The following quarter saw a 24% reduction and in Q4 2014 most of the remaining stake was sold. Q1 2015 had seen an about-turn as the position was rebuilt back up to a large ~11% portfolio stake. Last quarter, the Puts were sold down while simultaneously adding a huge position in the Calls. This quarter, both stakes were reduced. The net is a very small ~1.46% position in the Puts.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use this ETF to hedge other parts of his portfolio.Time Warner Cable (TWC): TWC is a ~1.91% of the US long portfolio position. It was established last quarter at prices between $149 and $184 and reduced by ~50% this quarter at prices between $174 and $193. The stock currently trades at $184.Note: Charter Communications (CHTR) is set to acquire TWC in a $195 cash-and-stock deal ($100 cash).YPF SA (YPF): YPF is a fairly large 2.33% of the US long portfolio stake. The original position was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter at prices between $20 and $36. Q4 2014 saw a ~13% reduction at prices between $22.50 and $37. Last two quarters have seen a combined ~14% reduction at prices between $14.91 and $31.57. The stock currently trades at $20.53.Allegion PLC (ALLE), Kraft-Heinz previously Kraft Foods Group (HNZ), Mondelez Intl. (MDLZ), Monsanto (MON), Motorola Solutions Inc. (MSI), NextEra Energy Inc. (NEE), Charles Schwab (SCHW), and Western Refining (WNR): These are very small (less than ~1.5% of the US long portfolio each) positions reduced this quarter.Kept Steady:Adecoagro S A (AGRO): AGRO is a large (top three) 3.12% of the US long portfolio position. It was established prior to its IPO. The stock currently trades at around $10.90, just below the IPO price of $11. For investors attempting to follow Soros, AGRO is a good option to consider for further research.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. The position was sold down since. Last quarter saw a ~6% increase at prices between $66 and $76. The stake is now at 1.14% and the stock is at $63.82.Ally Financial (ALLY), Caesars Acquisition (CACQ), Churchill Downs (CHDN), Loral Space & Communications (LORL), Travelport Worldwide (TVPT), and Yum Brands (YUM): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter. Soros controls ~5% of Loral Space & Communications.Although the relative sizes are very small, it is significant that Soros has ownership stakes in the following businesses: Exa Corp (EXA) - ~8.6%, MaxLinear (MXL) - ~4.7%, and Quantum Corporation (QTM) - ~1.25%. A regulatory 13G filing on 11/16/2015 also shows a ~7% (~1.4M shares) ownership stake in Hercules Offshore (HEROQ).The spreadsheet below highlights Soros’s significant US long stock positions as of Q3 2015:"
"Tracking George Soros’s Portfolio – Q2 2015 Update"	"Soros' 13F portfolio increased from $10.16B to $10.75B this quarter. The number of positions increased from 225 to 263.The SPY Puts stake was decreased significantly to 5.59% and a large 16.95% position in SPY Calls was established in the quarter.Facebook, Monsanto and NextEra Energy stakes were substantially increased this quarter. Time Warner Cable is a brand new top-three stake.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2015. Please visit our for an idea on his investment philosophy and our highlighting the fund’s moves during Q1 2015.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~20% of the overall portfolio. The 13F portfolio increased ~5.74% this quarter from $10.16B to $10.75B. The number of positions saw a ~17% increase from 225 to 263 - last quarter had also seen a ~21% increase from 186 to 225. Very small stock positions and large debt holdings together account for over 30% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions. The top-three individual stock positions are YPF SA, Time Warner Cable and Dow Chemical.To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:S&P 500 SPDR (SPY) Calls & Puts: The SPY position has wavered over the years. Recent activity follows: In Q2 2014, Puts stake was increased significantly to a huge 16.65% portfolio position. The following quarter saw a 24% reduction when the shares traded between $191 and $202 and in Q4 2014 most of the remaining stake was sold when the shares traded between $186 and $209. Last quarter had seen an about-turn as the position was rebuilt back up to a large ~11% portfolio stake when the shares traded between $199 and $212. This quarter, the Puts were sold down while simultaneously adding a huge position in the Calls: The current net position is a long stake in SPY at 11.36% of the portfolio.Note: The activity in SPY on its own does not indicate a clear bias as Soros is known to use this ETF to hedge other parts of his portfolio.Time Warner Cable (TWC): TWC is Soros’s second-largest individual stock position at 2.41% of the US long portfolio. It was established this quarter at prices between $149 and $184. The stock currently trades at $186.Note: Charter Communications (CHTR) is set to acquire TWC in a $195 cash-and-stock deal ($100 cash).Alcoa Inc. (AA), iShares MSCI Emerging (EEM) Calls, iShares China Large Cap (FXI) Calls, NRG Energy (NRG), and Charles Schwab (SCHW): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Note: NRG had seen a recent presence in the portfolio: a very small 0.50% of the portfolio stake was eliminated last quarter. Also, iShares FTSE/Xinhua China 25 Index (FXI) was a recent presence: It was a fairly large 2.29% of the portfolio stake entered between $37.46 and $41.98 and exited last quarter between $40.77 and $44.74.Stake Disposals:iShares Russell 2000 ETF (IWM) Puts: These Puts (~1.74% portfolio stake) were purchased last quarter when IWM price-per-share varied between $115 and $126 and sold this quarter when IWM price-per-share varied between $121 and $129. It currently trades at $120.Note: Soros had a huge ~20% of the portfolio stake in these puts in Q3 2011. That position was sold down the following quarter.Salix Pharmaceuticals (SLXP): SLXP was a minutely small 0.34% of the portfolio stake that was reduced significantly last quarter. The stake got eliminated this quarter as Valeant Pharmaceuticals (VRX) acquired SLXP in a $173 per share cash-deal that closed April 1.Stake Increases:Cypress Semiconductor (CY) & Calls: CY position was increased by ~400% last quarter and another ~19% this quarter. The increase this quarter happened at prices between $11.56 and $14.14 and the stock currently trades at $10.20. The stake is now very significant at 1.85% of the portfolio.Note: The vast majority of the 400% increase in Q1 2015 was due to the acquisition of Spansion by Cypress that closed in March - Spansion shareholders received Cypress stock in the ratio 1:2.457. Soros had a 3.55M share position in Spansion.DISH Network (DISH) & Calls and DIRECTV (DTV): DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. The position was sold down since. This quarter saw a ~6% increase at prices between $66 and $76. The stake is now at 0.82% and the stock is at $66.31. The DTV position was increased by ~30% this quarter (~0.60% portfolio stake) at prices between $85 and $94.Note: AT&T (T) acquired DTV in a cash-and-stock deal worth ~$95 per share that closed in July.Dow Chemical (DOW): DOW was a very small 0.32% position as of Q2 2014. In Q3 2014, the position was increased by just over 150% to a 1.14% stake at prices between $51 and $54.80 and the following quarter saw a further 78% increase at prices between $42.71 and $52.84. Last quarter saw an about-turn: ~11% reduction at prices between $43.03 and $49.85. This quarter saw a ~5% increase at prices between $47.90 and $53.59. It is now a top-three individual stock position at 2.31% of the US long portfolio. The stock currently trades at $44.89.Note: Dan Loeb (Third Point) established a huge activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range.Endo International plc (ENDP): ENDP is a fairly large 1.70% of the portfolio positon established in Q4 2014 at prices between $60.19 and $73.37 and increased by ~27% last quarter at prices between $71.97 and $92.37. This quarter saw a marginal further increase. The stock currently trades at $84.82.Facebook Inc. (FB): FB was a minutely small ~0.10% portfolio stake as of last quarter. It was increased to a fairly large 2.07% (top-five) of the portfolio position this quarter at prices between $77.46 and $88.86. The stock currently trades at $94.42.Note: FB had a previous presence in the portfolio: Around ~1.8M shares were purchased in Q2 2014 at prices between $56 and $65. Most of it was disposed of the following quarter at prices between $66 and $79.Vipshop Holdings (VIPS): VIPS is a 0.98% of the US long portfolio position. The bulk was purchased in Q1 2014 at around the $10 cost-basis. The stake saw a ~25% increase this quarter at prices between $21.54 and $30. The stock currently trades at $20.50.JDS Uniphase (JDSU), Lattice Semiconductor (LSCC), Monsanto (MON), NextEra Energy Inc. (NEE), Qunar Cayman (QUNR), and Western Refining (WNR): These are very small (less than ~1.25% of the US long portfolio) positions that were increased this quarter. The position sizes are still too small to have much of a portfolio impact.Stake Decreases:Alibaba Group (BABA): BABA was Soros’ largest 13F individual stock position at ~3.64% as of last quarter. It was established in Q3 2014 at prices between $87 and $94. This quarter, the position was almost sold out at prices between $79.54 and $93.88. The stock currently trades at $74.73.American Airlines (AAL): The original minutely small position was increased by over 150% in Q2 2014 at prices between $33.37 and $44.55. It was built-up to a 1.83% of the 13F portfolio stake by Q3 2014 at prices between $35 and $44. Q4 2014 saw an about-turn as the position was reduced by ~53% at prices between $28.58 and $53.63. The pattern continued last quarter with a ~53% reduction at prices between $46.53 and $55.76 and another ~19% reduction this quarter at prices between $39.48 and $52.78. The stock currently trades at $42.88.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. The stake has wavered since. In Q3 2014, there was a ~19% increase at prices between $91 and $107 and the following quarter saw an additional 44% increase at prices between $75.38 and $99.75. Last quarter saw a ~37% reduction at prices between $72.53 and $83.43 and this quarter saw a further ~58% reduction at prices between $81 and $92. The stock currently trades at $78.24 and the remaining stake is at 0.58% of the portfolio.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. In Q3 2013, the position was increased by just over 15% at prices between $52 and $77.50. Q4 2013 saw another 50% increase at prices between $66 and $85. Last quarter saw a ~37% reduction at prices between $59.05 and $70.54. This quarter, the stake was almost sold out at prices between $66 and $76. The selling was very timely as the stock currently trades well below that range at $54.19.Essent Group (ESNT): ESNT is a 1.14% of the US long portfolio stake. Q4 2014 saw a ~21% reduction at prices between $21.30 and $25.70 and that was followed with a ~25% reduction this quarter at prices between $23.64 and $27.85. The stock currently trades at $27.96.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. In Q1 2014, the stake was reduced by ~46% at prices between $34 and $41. Last three quarters had seen a combined ~65% increase at prices between $32.62 and $38.87. This quarter saw an about turn: ~80% reduction at prices between $33.23 and $37.50. The stock currently trades at $31.50 and the position is at 0.35%.Herbalife (HLF): HLF was a 2.30% of the US long portfolio position as of Q2 2014. It was first purchased in Q2 2013 at prices between $35 and $50 and has wavered since. In Q3 2014, the position was sold down to a 0.62% stake at prices between $40.21 and $67.77. Q4 2014 saw an about-turn as the position was increased by ~80% at prices between $37.36 and $55.90. This quarter, the pattern reversed again: ~42% reduction at prices between $40 and $55. The stock currently trades at $59.43 and the stake is now at 1.01% of the US long portfolio. HLF is a very volatile stock and Soros is playing the trends.Level 3 Communications (LVLT): Most of the 1.02% LVLT stake was purchased in Q2 & Q3 2014 at prices between $36.37 and $47.50. Q4 2014 saw a ~28% reduction at prices between $38.05 and $50 and last quarter saw a further ~11% reduction at prices between $47.02 and $55.46. This quarter saw further selling: ~40% reduction at prices between $52 and $57. The stock currently trades at $48.58.LyondellBasell Industries (LYB): LYB is a 1.72% of the US long portfolio stake established in Q4 2014 at prices between $70.61 and $109 and reduced by ~27% last quarter at prices between $74.36 and $91.55. This quarter saw a further ~15% reduction at prices between $87.80 and $106. The stock currently trades at $87.11.YPF SA (YPF): YPF is the largest equity long position at 2.81% of the US long portfolio. The original position was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter at prices between $20 and $36. Q4 2014 saw a ~13% reduction at prices between $22.50 and $37 and this quarter saw a ~6% further reduction at prices between $26.18 and $31.58. The stock currently trades at $24.11.Zoetis (ZTS): ZTS is a 1.23% of the US long portfolio stake. The bulk of the position is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. This quarter saw a one-third reduction at prices between $44 and $55. The stock currently trades at $47.47.Note: There is recent activist involvement in ZTS. Bill Ackman has built a ~41.82M share (~8.5% of business) stake and has acquired a board seat.Allergan plc (AGN) previously Actavis plc, Baidu Inc. (BIDU), California Resources Corp. (CRC), eBay Inc. (EBAY), LendingClub (LC), Mack Cali Realty (CLI), Motorola Solutions Inc. (MSI), New Oriental Education & Tech. (EDU), Nice Systems (NICE), Pioneer Natural Resources (PXD), Noble Energy (NBL), Polycom Inc. (PLCM), and United Continental Holdings (UAL): These are very small (less than ~1% of the US long portfolio) positions that were further decreased this quarter. The position sizes are too small to have much of a portfolio impact.Kept Steady:Adecoagro S A (AGRO): AGRO is a 2.22% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $8.35, well below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.Yahoo Inc. (YHOO): YHOO is a small 0.48% of the US long portfolio stake established in Q3 2014 at prices between $33 and $43. It was sold down by ~63% in the following quarter at prices between $37.82 and $52.37 and another ~29% last quarter at prices between $42.50 and $50.51. The stock currently trades at $36.24.Allegion PLC (ALLE), D R Horton Inc. (DHI) & Calls, Kraft-Heinz previously Kraft Foods Group (HNZ), Lennar Corp. (LEN) & Calls, Loral Space & Communications (LORL), Mondelez Intl. (MDLZ), Pulte Group Inc. (PHM), and Yum Brands (YUM): These are very small (less than ~1% of the US long portfolio each) positions that were kept steady this quarter.Although the relative sizes are very small, it is significant that Soros has ownership stakes in the following businesses: Exa Corp (EXA) - ~9% and MaxLinear (MXL) - ~5%.The spreadsheet below highlights Soros’s significant US long stock positions as of Q2 2015:"
"Tracking George Soros’s Portfolio – Q1 2015 Update"	"Soros' 13F portfolio increased from $9.16B to $10.16B this quarter. The number of positions increased from 186 to 225.The SPY PUTS stake was increased by ~560% to a large 10.85% of the 13F portfolio. Also, a new stake in Russell 2000 PUTS was established this quarter.Cypress Semiconductor and eBay stakes were substantially increased this quarter. Alibaba Group Holdings continues to be the largest individual stock position at ~3.64%.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2015. Please visit our for an idea on his investment philosophy and our highlighting the fund’s moves during Q4 2014.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~20% of the overall portfolio. The 13F portfolio increased ~11% this quarter from $9.16B to $10.16B. The number of positions saw a ~21% increase from 186 to 225 - last quarter had seen a large ~30% drop from 266 to 186. Very small stock positions and large debt holdings together account for over 30% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions. The top-three individual stock positions are Alibaba Group Holdings, YPF SA, and Adecoagro SA.To learn about his distinct trading style and philosophy, check out his “” and other works.New stakes:iShares Russell 2000 ETF (IWM) Puts: These Puts were purchased this quarter when IWM price-per-share varied between $115 and $126. It currently trades at $125 and the position is at 1.74% of the 13F portfolio. Soros had a huge ~20% of the portfolio stake in these puts in Q3 2011. That position was sold down the following quarter.California Resources Corp. (CRC), D R Horton Inc. (DHI) & Calls, Lennar Corp. (LEN) & Calls, Nextera Energy Inc. (NEE), Noble Energy (NBL), and Pulte Group Inc. (PHM): These are very small (less than ~1% of the portfolio each) stakes established this quarter. Although the position sizes are small, the concentration in home building and energy sectors is an indication that Soros is anticipating uptrends in those areas.Stake Disposals:iShares China Large Cap (FXI) Calls: This was a 2.29% of the US long portfolio position established last quarter at prices between $37.46 and $41.98. It was eliminated this quarter at prices between $40.77 and $44.74. The stock currently trades at $50.53.Phillips 66 (PSX): PSX stake was purchased in Q3 & Q4 2014 at prices between $76.75 and $87.51. Last quarter, ~50% of the position was sold at prices between $65.09 and $81.31 and this quarter saw the elimination at prices between $59.09 and $80.06. The stock currently trades at $80.70.Teva Pharmaceuticals (TEVA): TEVA was a 3.05% of the US long portfolio position as of last quarter. It was established in Q3 2013 at prices between $37.50 and $41.50. The position was increased by almost 200% in Q4 2013 at prices between $36.59 and $41.70. In Q2 2014, the stake was reduced by 30% at prices between $48.69 and $54.06 and the pattern continuedthe following quarter with a ~14% reduction at prices between $50.94 and $55. Last quarter also saw a ~22% reduction at prices between $49.86 and $58.72 before the elimination this quarter at prices between $54.93 and $62.65. The stock currently trades at $60.55. TEVA was in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stood at a depressing 33% as of Q1 2014. Soros caught the uptrend almost perfectly on this trade and has moved on.NRG Energy (NRG) & Calls and Spansion Inc. (CODE): These are very small (less than ~1% of the US long portfolio each) positions that were increased significantly last quarter but eliminated this quarter. The bulk of the NRG stake was purchased at prices between $25.83 and $33.72 and eliminated at prices between $23.12 and $27.50. CODE was acquired by Cypress Semiconductor in an all-stock-deal (1:2.457 ratio) and that transaction closed in March.Valeant Pharma. (VRX), Allergan Inc. (AGN), and SPDR Utils (XLU) Puts: These small positions (less than 1.5% of the portfolio each) were disposed of this quarter. Utilities were one of the top-performing sectors in the US market in 2014 and Soros anticipated a reversal and took the position in the Puts last quarter: XLU went down ~7% this quarter. The 1.15% AGN position was purchased last quarter at prices between $177 and $214. VRX was a small 0.95% of the US long portfolio position as of last quarter. The bulk of the stake was purchased in Q1 & Q2 2014 at a cost-basis of around $130. The stake elimination this quarter happened at prices between $143 and $204. The stock currently trades at $228.Note: After a prolonged takeover battle involving Valeant Pharmaceuticals (backed by Bill Ackman of Pershing Square), Actavis plc (ACT) succeeded in acquiring AGN for $219 per share in a cash-and-stock deal. That transaction closed in March 2015. Soros had long positions in all three stocks and profitably played their up-trends.Stake Increases:Alibaba Group (BABA): BABA is Soros’ largest 13F individual stock position at ~3.64%. It was established in Q3 2014 at prices between $87 and $94. This quarter saw a marginal increase. The stock currently trades at $88.21. For investors attempting to follow Soros, BABA is a good option to consider for further research.Cypress Semiconductor (CY) & Calls: CY position was increased by ~400% this quarter. The stake is now very significant at ~2% of the portfolio. The vast majority of the increase was due to the acquisition of Spansion by Cypress that closed in March - Spansion shareholders received Cypress stock in the ratio 1:2.457. Soros had a 3.55M share position in Spansion.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. In Q1 2014, the stake was reduced by ~46% at prices between $34 and $41. Last three quarters have seen a combined stake increase of ~65% at prices between $32.62 and $38.87. The stock currently trades at $35.12 and the position is at 2.08%.S&P 500 SPDR (SPY) PUTS: SPY Puts were increased by over 150% in Q4 2013 as SPY price-per-share varied between $165 and $185 - it was Soros’ largest 13F position by far at 11.12% (nominal value) of the US long portfolio. In Q1 2014, the position was reduced by ~77% as SPY price-per-share varied between $174 and $188. The following quarter saw the stake built back up to a whopping 16.65% position. In Q3 2014, around 24% of the position was sold when the shares traded between $191 and $202 and last quarter most of the remaining stake was sold when the shares traded between $186 and $209. This quarter saw an about-turn as the position was rebuilt back up to a large ~11% portfolio stake when the shares traded between $199 and $212.Endo International plc (ENDP): ENDP is a 1.96% of the portfolio positon established last quarter at prices between $60.19 and $73.37 and increased by ~27% this quarter at prices between $71.97 and $92.37. The stock currently trades at $83.03.Actavis plc (ACT), eBay Inc. (EBAY), Polycom Inc. (PLCM), United Continental Holdings (UAL), & Motorola Solutions Inc. (MSI): These positions were increased significantly to meaningful stakes this quarter. Soros is anticipating uptrends.Baidu Inc. (BIDU), Caesars Acquisition (CACQ), JDS Uniphase (JDSU), Kraft Foods Group (KRFT), New Oriental Education & Tech. (EDU), &Western Refining (WNR): These are very small (less than ~1% of the US long portfolio) positions that were increased this quarter. The position sizes are still too small to have much of a portfolio impact.Stake Decreases:American Airlines (AAL): The original minutely small position was increased by over 150% in Q2 2014 at prices between $33.37 and $44.55. It was built-up to a 1.83% of the 13F portfolio stake by Q3 2014 at prices between $35 and $44. Last quarter saw an about-turn as the position was reduced by ~53% at prices between $28.58 and $53.63. The pattern continued this quarter with a ~53% reduction at prices between $46.53 and $55.76. The stock currently trades at $47.85.Dow Chemical (DOW): DOW was a very small 0.32% position as of Q2 2014. In Q3 2014, the position was increased by just over 150% to a 1.14% stake at prices between $51 and $54.80 and last quarter saw a further 78% increase at prices between $42.71 and $52.84. This quarter saw an about-turn: ~11% reduction at prices between $43.03 and $49.85. The stock currently trades at $50.73.Note: Dan Loeb established a huge activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range. He still holds a large ~11% of the portfolio stake.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. The position has wavered since. In Q3 2014, there was a ~19% increase at prices between $91 and $107 and last quarter saw an additional 44% increase at prices between $75.38 and $99.75. This quarter saw a ~37% reduction at prices between $72.53 and $83.43. The stock currently trades at $88.14 and the stake is at 1.47% of the portfolio.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. In Q3 2013, the position was increased by just over 15% at prices between $52 and $77.50. Q4 2013 saw another 50% increase at prices between $66 and $85. This quarter saw a ~37% reduction at prices between $59.05 and $70.54. The stock currently trades at $68.81. It returned ~42% in 2013 and is flat since.Level 3 Communications (LVLT): Most of the 1.83% LVLT stake was purchased in Q2 & Q3 2014 at prices between $36.37 and $47.50. Last quarter saw a ~28% reduction at prices between $38.05 and $50 and this quarter saw a further ~11% reduction at prices between $47.02 and $55.46. The stock currently trades at $55.78.LyondellBasell Industries (LYB): LYB is a 1.80% of the US long portfolio stake established last quarter at prices between $70.61 and $109 and reduced by ~27% this quarter at prices between $74.36 and $91.55. The stock currently trades at $101. The stock has risen ~26% so far this year.Yahoo Inc. (YHOO): YHOO is a small 0.58% of the US long portfolio stake established in Q3 2014 at prices between $33 and $43. It was sold down by ~63% last quarter at prices between $37.82 and $52.37 and another ~29% this quarter at prices between $42.50 and $50.51. The stock currently trades at $42.17.Allegion PLC (ALLE), Caesars Entertainment (CZR), Churchill Downs (CHDN), Monsanto (MON), Nice Systems (NICE), Pioneer Natural Resources (PXD), Salix Pharmaceuticals (SLXP), and Walgreen Boots Alliance (WAG): These are very small (less than ~1% of the US long portfolio) positions that were reduced this quarter. The position sizes are too small to have much of a portfolio impact.Kept Steady:Adecoagro S A (AGRO): AGRO is a 2.27% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $10.30, below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. The position was sold down since and the stake is now at 0.85%. The stock currently trades at $67.88.Herbalife (HLF): HLF was a 2.30% of the US long portfolio position as of Q2 2014. It was first purchased in Q2 2013 at prices between $35 and $50 and has wavered since. In Q3 2014, the position was sold down to a 0.62% stake at prices between $40.21 and $67.77. Last quarter saw an about-turn as the position was increased by ~80% at prices between $37.36 and $55.90. The stock currently trades at $51.25 and the stake is now at 1.45% of the US long portfolio. HLF is a very volatile stock and Soros is playing the trends.YPF SA (YPF): YPF is the second-largest equity long position at 3.15% of the US long portfolio. The original position was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter at prices between $20 and $36. Last quarter saw a ~13% reduction at prices between $22.50 and $37. The stock currently trades at $29.26.Zoetis (ZTS): ZTS is a 1.87% of the US long portfolio positon that was increased marginally last quarter. The bulk of the stake is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. The stock currently trades at $47.45.Note: There is recent activist involvement in ZTS. Bill Ackman has built a ~41.82M share (~8.5% of business) stake and has acquired a board seat.Essent Group (ESNT): ESNT is a 1.41% of the US long portfolio stake. Last quarter saw a ~21% reduction at prices between $21.30 and $25.70 and the stock currently trades at $26.01.Vipshop Holdings (VIPS): VIPS is a 1.10% of the US long portfolio position. The bulk was purchased in Q1 2014 at around the $10 cost-basis. The stock currently trades at $25.91.Ally Financial (ALLY), LendingClub (LC), Loral Space & Communications (LORL), Mack Cali Realty (CLI), Mondelez Intl. (MDLZ), Realogy Holdings (RLGY), Travelport Worldwide (TVPT), and Yum Brands (YUM): These are very small (less than ~1% of the US long portfolio each) positions that were kept steady this quarter.Although the relative sizes are very small, it is significant that Soros has ownership stakes in the following businesses: Plasmatech Biopharma (PTBI) - 5.17%, Exa Corp (EXA) - 9.15%, and Oclaro Inc. (OCLR) - 9.95%.The spreadsheet below highlights Soros’s significant US long stock positions as of Q1 2015:13G/13Ds: 1) 5/4/2015 - Plasmatech Biopharma on 4/22/2015 - 1.17M shares, 5.17% of business, 2) 3/19/2015 - Exa Corp on 3/9/2015 - 1.27M shares, 9.15% of business, 3) 2/23/2015 - Oclaro Inc. on 2/13/2015 - 12.05M shares, 9.95% of business."
"Tracking George Soros’s Portfolio – Q4 2014 Update"	"Soros' 13F portfolio decreased ~30% from $13.40B to $9.16B this quarter. The number of positions decreased from 266 to 186.The huge SPY PUTS stake was reduced by ~90% this quarter to a very small ~2% of the 13F portfolio.A ~2.5% stake in LyondellBasell was established this quarter. Alibaba Group Holdings is the largest individual stock position at ~5%.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/18/2015. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2014.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~20% of the overall portfolio. The 13F portfolio decreased ~30% this quarter from $13.40B to $9.16B. The number of positions also saw a ~30% drop from 266 to 186 - last quarter also saw a large drop from 363 to 266. Very small stock positions and large debt holdings together account for over 33% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions.Consistent with Soros’s active trading style, among his larger positions, just six remained untouched during the quarter. The top-three individual stock positions are Alibaba Group Holdings, YPF SA, and Teva Pharmaceutical.To learn about his distinct trading style and philosophy, check out his “” and other works.New stakes:LyondellBasell Industries (LYB): LYB is a fairly large 2.46% of the US long portfolio stake established this quarter at prices between $70.61 and $109. The stock currently trades at $89.49. The stock fell around ~30% in the quarter but has been in an uptrend since, rising ~13% so far this year.iShares China Large Cap (FXI) Calls: This is a 2.29% of the US long portfolio position established this quarter at prices between $37.46 and $41.98. The stock currently trades at $43.10. FXI has risen ~15% from the lows reached in October 2014.SPDR Utils (XLU) Puts, Endo International plc (ENDP), LendingClub (LC), & Allergan Inc. (AGN): These are small positions (less than 1.5% of the portfolio each) established this quarter. Utilities were one of the top-performing sectors in the US market in 2014 and Soros is anticipating a reversal - XLU is down ~2% so far this year. ENDP is a 1.38% of the portfolio positon established at prices between $60.19 and $73.37 and the stock currently trades well outside that range at $85.21. LC is a 1.24% of the portfolio stake established following the IPO on December 10, 2014 and the stock price has not budged much since. The 1.15% AGN position was purchased at prices between $177 and $214 and the stock currently trades at around $230.Realogy Holdings (RLGY), Salix Pharmaceuticals (SLXP), and Yum Brands (YUM): These are very small stakes (~0.5% of the portfolio each) established this quarter.Stake Disposals:iShares MSCI Emerging ETF (EEM) Puts: EEM Puts at 6.98% of the portfolio was the second-largest 13F position after SPY Puts last quarter. The vast majority of the stake was purchased in Q2 2014 when the share price traded between $41.56 and $45.85. The entire position was eliminated this quarter when EEM share price varied between $37.73 and $42.44. The ETF currently trades at $40.58. The activity indicates a clear shift in bias away from the short side in the emerging market equities area.Apple Inc. (AAPL): AAPL position was reduced from 1.38% to 0.47% of the US long portfolio in Q1 2014. It was built back up to 1.28% of the portfolio in Q2 2014 at prices between $74 and $94. Last quarter saw a 38% reduction at prices between $92.93 and $103. The stake elimination this quarter was at prices between $96.26 and $119. The stock currently trades at around $129.Microsoft Corporation (MSFT): MSFT was a fairly large 4.63% of the US long portfolio stake established in Q3 2013 at prices between $31 and $36.50. It was reduced to a small 0.85% of the US long portfolio position in Q4 2013 at prices between $33 and $39. Q1 2014 saw further selling as the position was almost eliminated at prices between $35 and $41. Q2 2014 saw an about-turn as the stake was increased by over 400% to a still small 0.70% of the portfolio stake at prices between $39 and $42. Last quarter saw a 31% reduction at prices between $41.67 and $47.52 and the remaining stake was eliminated this quarter at prices between $42.74 and $49.61. The stock currently trades at $43.53.Tibco Software (TIBX): The position was built up to a 1.20% of the portfolio stake as of last quarter. It was purchased at prices between $18.84 and $23.65. Vista Equity Partners agreed to acquire TIBX at $24 per share cash and that transaction closed on December 5, 2014.Exxon Mobil (XOM) Puts, iShare Russell 2000 ETF (IWM) PUTS, & Powershares QQQ (QQQ) Puts: These three were minor ~0.50% of the portfolio stakes each as of last quarter. They were all eliminated this quarter. XOM traded between $86.41 and $96.81 during the quarter and it currently trades at $91.01. IWM share price varied between $104 and $121 during the quarter and it is currently at $122. QQQ traded in the $91.79 to $106 price-range during the quarter and it currently trades at $107.Note: The last time Soros had a significantly large short position in IWM through put options was in 2011 - the nominal size of that position peaked at almost 30% of the entire portfolio in Q3 2011 - most of that was liquidated in Q1 2012.Abbvie Inc. (ABBV), American International Group (AIG), Centerpoint Energy (CNP), Citrix Systems (CTXS), Intel Corporation (INTC), Leucadia National (LUK), and Stryker Corporation (SYK), : These are very small (less than ~1% of the US long portfolio) positions that were disposed of this quarter.Stake Increases:Dow Chemical (DOW): DOW was a very small 0.32% position as of Q2 2014. Last quarter, the position was increased by just over 150% to a 1.14% stake at prices between $51 and $54.80 and this quarter saw a further 78% increase at prices between $42.71 and $52.84. The stock currently trades at $49.41.Note: Dan Loeb established a huge activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range. ~24% of the stake was sold this quarter but he still holds a large ~9% of the portfolio stake.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. It was roughly doubled in Q4 2012 at prices between $56 and $63. In Q1 2013, the stake was again increased by 50% at prices between $57 and $69. By Q3 2013, the position was reduced by over one-third at prices between $65 and $93. Q4 2013 saw an about-turn as the position was increased by ~34% at prices between $81 and $91. The pattern reversed again in Q2 2014 - one-third reduction at prices between $97 and $110. Last quarter, the zigzag trading pattern continued with a ~19% increase at prices between $91 and $107 and this quarter saw an additional 44% increase at prices between $75.38 and $99.75. The stock currently trades at $81.10 and the stake is at 2.38% of the portfolio.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. In Q3 2013, the position was increased by just over 15% at prices between $52 and $77.50. Q4 2013 saw another 50% increase at prices between $66 and $85. Last four quarters saw relatively minor activity and the stake is currently at 1.38%. The stock currently trades at $68.94. It returned ~42% in 2013 and is flat since.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. In Q1 2014, the position was reduced by around 46% at prices between $34 and $41. Last three quarters have seen a combined stake increase of ~44% at prices between $29.69 and $37.97. The stock currently trades at $37.19 and the stake is at 1.87%.Herbalife (HLF): HLF was a 2.30% of the US long portfolio position as of Q2 2014. It was first purchased in Q2 2013 at prices between $35 and $50. The stake was reduced by 36% in Q4 2013 at prices between $61 and $81. Q1 2014 saw a 53% increase at prices between $50 and $82. Last quarter the pattern reversed as the position was sold down to a 0.62% stake at prices between $40.21 and $67.77 and this quarter the remaining stake was almost eliminated at prices between $37.16 and $55.90. The stock currently trades at $33.42.Zoetis (ZTS): ZTS is a 1.93% of the US long portfolio positon that was increased marginally this quarter. The bulk of the stake is from Q4 2013 and Q1 2014 when the position was increased by ~160% at an average price of ~$32. The stock currently trades at $45.85.Note: There is recent activist involvement in ZTS. Bill Ackman purchased ~41.6M shares (8.3% of business) and has acquired a board seat.Actavis plc (ACT), Ally Financial (ALLY), Baidu Inc. (BIDU), eBay Inc. (EBAY), Mondelez Intl. (MDLZ), NRG Energy (NRG) & Calls, Pioneer Natural Resources (PXD), Spansion Inc. (CODE), United Continental Holdings (UAL), and Vipshop Holdings (VIPS): These are very small (less than ~0.1% of the US long portfolio each) positions that were increased this quarter. The position sizes are still too small to have much of a portfolio impact.Stake Decreases:American Airlines (AAL): The original minutely small position was increased by over 150% in Q2 2014 at prices between $33.37 and $44.55. It was built-up to a 1.83% of the 13F portfolio stake by last quarter at prices between $35 and $44. This quarter saw an about-turn as the position was reduced by ~53% at prices between $28.58 and $53.63. The stock currently trades at $49.31.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. In Q4 2013, there was an additional ~45% stake increase at prices between $45 and $58. Q1 2014 saw an about turn as ~26% of the position was sold at prices between $54 and $62 and Q2 2014 saw an additional ~32% reduction at prices between $56 and $66. This quarter saw a further ~23% reduction at prices between $57.96 and $79.41. The stock currently trades at $76.29. It now accounts for 0.98% of the US long portfolio. Soros is moving on after having played the uptrend successfully.Level 3 Communications (LVLT) & Phillips 66 (PSX): Most of the 2.10% LVLT stake was purchased in Q2 & Q3 2014 at prices between $36.37 and $47.50. This quarter saw a ~28% reduction at prices between $38.05 and $50. The stock currently trades at $53.31. PSX trading pattern was similar in that the bulk of the position was purchased in the same timeframe at prices between $76.75 and $87.51. This quarter, ~50% of the stake was sold at prices between $65.09 and $81.31. The stock currently trades at $75.95 and the remaining position is at 0.92%.S&P 500 SPDR (SPY) PUTS: SPY Puts were increased by over 150% in Q4 2013 as SPY price-per-share varied between $165 and $185 - it was Soros’ largest 13F position by far at 11.12% (nominal value) of the US long portfolio. In Q1 2014, the position was reduced by ~77% as SPY price-per-share varied between $174 and $188. The following quarter saw the stake built back up to a whopping 16.65% position. Last quarter, around 24% of the position was sold when the shares traded between $191 and $202 and this quarter most of the remaining stake was sold when the shares traded between $186 and $209.Teva Pharmaceuticals (TEVA): TEVA is a 3.05% of the US long portfolio position established in Q3 2013 at prices between $37.50 and $41.50. The position was increased by almost 200% in Q4 2013 at prices between $36.59 and $41.70. In Q2 2014, the stake was reduced by 30% at prices between $48.69 and $54.06 and the pattern continued last quarter with a ~14% reduction at prices between $50.94 and $55. This quarter also saw a ~22% reduction at prices between $49.86 and $58.72. The stock currently trades at $56.93. TEVA was in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stood at a depressing 33% as of Q1 2014. Soros was near perfect in anticipating and catching the uptrend with this trade.YPF SA (YPF): YPF is the second-largest equity long position at 3.37% of the US long portfolio. The original position was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter at prices between $20 and $36. This quarter saw a ~13% reduction at prices between $22.50 and $37. The stock currently trades at $26.98.Yahoo Inc. (YHOO): YHOO is a ~1% of the US long portfolio stake established last quarter at prices between $33 and $43. It was sold down by ~63% this quarter at prices between $37.82 and $52.37. The stock currently trades at $43.65.Allegion PLC (ALLE), Caesars Entertainment (CZR), Churchill Downs (CHDN), Delta Airlines (DAL), Essent Group (ESNT), Facebook Inc. (FB), Hubbell Inc. (HUB.B), Mack Cali Realty (CLI), Monsanto (MON), Motorola Solutions Inc. (MSI), Nice Systems (NICE), Polycom Inc. (PLCM), Travelport Worldwide (TVPT), Valeant Pharma. (VRX), Walgreen Company (WAG), and Western Refining (WNR): These are very small (less than ~1% of the US long portfolio) positions that were reduced this quarter. The position sizes are too small to have much of a portfolio impact.Kept Steady:Adecoagro S A (AGRO): AGRO is a 2.27% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $8.04, well below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.Alibaba Group (BABA): BABA is Soros’ largest 13F individual stock position at ~5%. It was established last quarter at prices between $87 and $94. The stock currently trades just below that range at $86.74. For investors attempting to follow Soros, BABA is a good option to consider for further research.Caesars Acquisition (CACQ), Loral Space & Communications (LORL), New Oriental Education & Tech. (EDU), & Penn Virginia (PVA): These are very small (less than 1% of the US long portfolio) positions that were kept steady this quarter. The position sizes are too small to have much of a portfolio impact.The spreadsheet below highlights Soros’s significant US long stock positions as of Q4 2014:"
"Tracking George Soros’s Portfolio – Q3 2014 Update"	"Soros' 13F portfolio increased ~1% from $13.27B to $13.40B this quarter. The number of positions decreased from 363 to 266.The huge SPY PUTS stake was reduced by ~25% this quarter to a still very large ~13% of the 13F portfolio.Alibaba and Yahoo stakes were added this quarter. YPF SA is still the largest individual stock position at 3.68%.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2014. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2014.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased ~1% this quarter from $13.27B to $13.40B. The number of positions saw a ~27% drop from 363 to 266. Very small stock positions and large debt holdings together account for over 32% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger positions.Consistent with Soros’s active trading style, among his larger positions, just seven remained untouched during the quarter. The top-three individual stock positions are YPF SA, Alibaba Group, and Teva Pharmaceutical.To learn about his distinct trading style and philosophy, check out his “” and other works.New stakes:Alibaba Group (BABA): BABA is a large 2.92% of the US long portfolio position established this quarter at prices between $87 and $94. The stock currently trades well outside that range at $111. It is Soros’ second-largest individual stock position after YPF SA.Yahoo Inc. (YHOO): YHOO is a medium-sized 1.54% of the US long portfolio stake established this quarter at prices between $33 and $43. The stock currently trades well above that range at $51.75.Powershares QQQ (QQQ) Puts & Exxon Mobil (XOM) Puts: These two short positions are very small at 0.59% and 0.66% of the 13F portfolio respectively. QQQ shares traded in the $94 to $100 range during the quarter and it currently sells for $104. XOM shares traded between $94 and $105 and it currently sells for $94.87.Stake Disposals:Halliburton Co. (HAL): HAL was a 1.21% of the US long portfolio position established in Q3 2013 at prices between $41.50 and $50.50. In Q1 2014, the position was reduced by 14% at prices between $48 and $60 and last quarter saw a further 37% stake reduction at prices between $57.36 and $70.37. This quarter, the remaining position was sold at prices between $63.66 and $74.02. The stock currently trades at $48.54. Soros expertly traded the trend before moving on.Select Section SPDR Energy (XLE) Puts: The XLE Puts stake was first established in Q4 2013 (large 3.38% position) but was reduced to an insignificantly small 0.24% position in Q1 2014. Last quarter, the position was built back up to 2.04% of the portfolio. The zigzag trading pattern continued this quarter as the entire stake was eliminated. The activity indicates a shift away from the short-side but it is partially offset by the XOM Puts position established this quarter.Stake Increases:American Airlines (AAL): AAL was a small 0.82% position last quarter. It was built-up to a 1.83% of the 13F portfolio stake this quarter at prices between $35 and $44. The original minutely small position was increased by over 150% last quarter as well at prices between $33.37 and $44.55. The stock currently trades just outside those ranges at $45.05.Dow Chemical (DOW): DOW was a very small 0.32% position last quarter. This quarter, the position was increased by just over 150% to a 1.14% stake at prices between $51 and $54.80. The stock currently trades at $52.07.Note: Dan Loeb established a huge ~14% of his equity-long-portfolio activist stake in Dow Chemical in Q4 2013 at around the mid-40s price-range.iShares MSCI Emerging ETF (EEM) Puts: EEM Puts at 6.98% of the portfolio is the second-largest 13F position after SPY Puts. The vast majority of the stake was purchased this quarter when the share price traded between $41.56 and $45.85. The ETF currently trades at $41.22. The activity indicates a clear bearish bias toward emerging market equities.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. It was roughly doubled in Q4 2012 at prices between $56 and $63. In Q1 2013, the stake was again increased by 50% at prices between $57 and $69. By Q3 2013, the position was reduced by over one-third at prices between $65 and $93. Q4 2013 saw an about-turn as the position was increased by ~34% at prices between $81 and $91. The pattern reversed again last quarter - one-third reduction at prices between $97 and $110. This quarter, the zigzag trading pattern continued with a ~19% increase at prices between $91 and $107. The stock currently trades at $93.58.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. In Q1 2014, the position was reduced by around 46% at prices between $34 and $41. Last quarter, the stake was increased by ~15% at prices between $31.93 and $37.09 and this quarter saw another ~8% increase at prices between $31.94 and $38. The stock currently trades at $32.27.iShare Russell 2000 ETF (IWM) PUTS: The 0.63% of the US long portfolio nominal short position was established in Q1 2014 when IWM shares traded between $109 and $120. It was reduced by 26% last quarter and increased by 54% this quarter. The ETF currently trades at $116.The last time Soros had a significantly large short position in IWM through put options was in 2011 - the nominal size of that position peaked at almost 30% of the entire portfolio in Q3 2011 - most of that was liquidated in Q1 2012.Level 3 Communications (LVLT), Phillips 66 (PSX), & Tibco Software (TIBX): These positions were built up to over 1% of the portfolio each over the last two quarters. Most of the 1.85% LVLT stake was purchased at prices between $36.37 and $47.50 and the stock currently trades outside that range at $49.46. The majority of the 1.44% PSX position was established at prices between $76.75 and $87.51 and the stock currently trades below that range at $73.96. The 1.20% TIBX stake was purchased at prices between $18.84 and $23.65 and the stock currently trades just outside that range at $23.68.Abbvie Inc. (ABBV), Allegion PLC (ALLE), Baidu Inc. (BIDU), Centerpoint Energy (CNP), Delta Airlines (DAL), Hubbell Inc. (HUB.B), Monsanto (MON), Motorola Solutions Inc. (MSI), Nice Systems (NICE), Polycom Inc. (PLCM), Valeant Pharma. (VRX), Walgreen Company (WAG), & Western Refining (WNR): These are very small (less than ~1% of the US long portfolio) positions that were increased this quarter. The position sizes are still too small to have much of a portfolio impact.Stake Decreases:Apple Inc. (AAPL): AAPL position was reduced from 1.38% to 0.47% of the US long portfolio in Q1 2014. It was built back up to 1.28% of the portfolio last quarter at prices between $74 and $94. This quarter saw a 38% reduction at prices between $92.93 and $103. The stock currently trades at around $115.Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. In Q1 2013, the position was increased by around 16% and the following quarter the stance reversed as the stake was reduced by ~20%. Q3 2013 saw further selling: ~14% stake reduction at prices between $120 and $136. Q1 2014 saw a ~10% increase at prices between $121 and $139. The pattern reversed again last quarter: ~19% reduction at prices between $118 and $158. This quarter, the remaining 1.54% position was almost eliminated at prices between $151 and $164. The stock currently trades at around $155. Soros successfully navigated the trends.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. In Q4 2013, there was an additional ~45% stake increase at prices between $45 and $58. Q1 2014 saw an about turn as ~26% of the position was sold at prices between $54 and $62 and last quarter saw an additional ~32% reduction at prices between $56 and $66. There was only marginal selling this quarter. The stock currently trades at $67.85. It now accounts for 0.77% of the US long portfolio. Soros is starting to move on after having played the uptrend successfully.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. In Q3 2013, the position was increased by just over 15% at prices between $52 and $77.50. Q4 2013 saw another 50% stake increase at prices between $66 and $85. Last three quarters saw relatively minor activity and the stake is currently at 1.06%. The stock currently trades at $66.56. It returned ~55% in 2013 but is down around 6% YTD.Google Inc. (GOOG) (GOOGL): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The position was first purchased in Q3 2012 at prices between $285 and $378 (split-adjusted) and was increased by close to 80% in Q1 2013 at prices between $350 and $420. Q2 2013 saw a 17.5% stake increase at prices between $382 and $458. Q3 2013 saw a turnaround, as ~60% of the position was eliminated at prices between $423 and $463. Q1 2014 saw another ~25% stake-cut at prices between $550 and $610. This quarter, the position was reduced again by ~56% at prices between $563 and $596. The stock currently trades at around $535 and the remaining position is very small at 0.37% of the portfolio. Soros harvested gains and is moving on.Herbalife (HLF): HLF was a 2.30% of the US long portfolio position as of last quarter. It was first purchased in Q2 2013 at prices between $35 and $50. The stake was reduced by 36% in Q4 2013 at prices between $61 and $81. Q1 2014 saw a 53% increase at prices between $50 and $82. This quarter the pattern reversed as the position was sold down to a 0.62% stake at prices between $40.21 and $67.77. The stock currently trades at $38.32.There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long ~17M shares. The company disclosed in March that they are being investigated by the FTC (Civil Investigative Demand - CID).Liberty Global (LBTYA) (LBTYK): Liberty Global was a 0.86% of the US long portfolio position as of last quarter. The original position was increased by ~75% in Q2 2013 as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). The combined stake was reduced by around one-third in the following three quarters (after accounting for stock-splits). It was further reduced by 45% last quarter and the remaining position was almost eliminated this quarter. The activity indicates a clear bearish bias.Microsoft Corporation (MSFT): MSFT was a fairly large 4.63% of the US long portfolio stake established in Q3 2013 at prices between $31 and $36.50. It was reduced to a small 0.85% of the US long portfolio position in Q4 2013 at prices between $33 and $39. Q1 2014 saw further selling as the position was almost eliminated at prices between $35 and $41. Last quarter saw an about-turn as the stake was increased by over 400% to a still small 0.70% of the portfolio stake at prices between $39 and $42. This quarter saw a 31% reduction at prices between $41.67 and $47.52. The stock currently trades at $48.74.S&P 500 SPDR (SPY) PUTS: SPY Puts were increased by over 150% in Q4 2013 as SPY price-per-share varied between $165 and $185 - it was Soros’ largest 13F position by far at 11.12% (nominal value) of the US long portfolio. In Q1 2014, the position was reduced by ~77% as SPY price-per-share varied between $174 and $188. Last quarter, the stake was again built back up to a whopping 16.65% position. This quarter, around 24% of the position was sold when the shares traded between $191 and $202.S&P 500 SPDR (SPY) Calls: SPY Calls were a 3.10 % of the US long portfolio position first established in Q4 2013. Last quarter saw an increase but the position was eliminated this quarter.The net effect of the SPY transactions is a ~13% short position, almost the same as last quarter.Teva Pharmaceuticals (TEVA): TEVA is a 2.50% of the US long portfolio position established in Q3 2013 at prices between $37.50 and $41.50. The position was increased by almost 200% in Q4 2013 at prices between $36.59 and $41.70. Last quarter, the position was reduced by 30% at prices between $48.69 and $54.06 and the pattern continued this quarter with a ~14% reduction at prices between $50.94 and $55. The stock currently trades at $57.23. TEVA was in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stood at a depressing 33% as of Q1 2014. Soros was near perfect in anticipating and catching the uptrend with this trade.YPF SA (YPF): YPF is the largest equity long position at 3.68% of the US long portfolio. The original position was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It had since been consistently bought every quarter at prices between $20 and $36. This quarter saw marginal selling. The stock currently trades at $32.69 and has returned ~30% over the last year.Market Vectors Gold Miner ETF (GDX), Citrix Systems (CTXS), Consol Energy (CNX), Facebook Inc. (FB), Intel Corporation (INTC), Mack Cali Realty (CLI), Penn Virginia (PVA), SemGroup (SEMG), Stryker Corporation (SYK), Vipshop Holdings (VIPS), & Zoetis (ZTS): These are very small positions (less than ~1% of the US long portfolio) that were further reduced this quarter. As the stakes are too small, they do not indicate a shift in bias.Kept Steady:Adecoagro S A (AGRO): AGRO is a 1.70% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $9.18, well below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.American International Group (AIG), Caesars Acquisition (CACQ), Caesars Entertainment (CZR), Essent Group (ESNT), Leucadia National (LUK), and Loral Space & Communications (LORL): These are very small (less than 1% of the US long portfolio) positions that were kept steady this quarter. The position sizes are too small to have much of a portfolio impact.The spreadsheet below highlights Soros’s significant US long stock positions as of Q3 2014:"
"Tracking George Soros’s Portfolio – Q2 2014 Update"	"Soros' 13F portfolio increased this quarter from $10.12B to $13.27B. The number of positions increased from 305 to 363.The SPY PUTS were increased by six-times this quarter and the short bet is at 16.65% of the 13F portfolio.YPF SA is the largest equity long position at 3.39%. The large 5.38% Teva position as of last quarter was reduced by 30% this quarter.This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2014. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2014.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased 31% this quarter from $10.12B to $13.27B. The number of positions saw a ~20% increase from 305 to 363. Very small stock positions and large debt holdings together account for over 30% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just six remained untouched during the quarter. Four of the larger positions that figured in the Q1 2014 report were eliminated this quarter and just one new position was added - Consol Energy at 1.77% of the portfolio. To learn about his distinct trading style and philosophy, check out his “” and other works.New stakes:Consol Energy (CNX): CNX is a 1.77% of the US long portfolio position established this quarter at prices between $39.45 and $47.45. The stock currently trades near the low end of that range at $39.73.Stake Disposals:FedEx Corporation (FDX): FDX is a 1.62% of the US long portfolio position established in Q3 2013 at prices between $98 and $117. The stake was decreased by 14% in Q4 2013 at prices between $112 and $144. Last quarter saw an additional 24% stake reduction at prices between $129 and $144. This quarter, the position was eliminated at prices between $131 and $151. The stock currently trades at around $150. The stock was in an uptrend and returned ~56% in 2013 compared to just 5.3% so far this year. The disposal indicates a bearish bias.Monster Beverage (MNST): MNST was a 1% position that was increased by ~300% last quarter at prices between $66 and $75. It was disposed of this quarter at prices between $63 and $73 and the stock currently trades at $88.49.Devon Energy (DVN): DVN is a small 0.50% of the US long portfolio position established last quarter at prices between $58 and $67. This quarter, the position was eliminated at prices between $67 and $80. The stock currently trades at $73.85.Marvell Technology (MRVL) PUTS: MRVL Puts were a nominal 0.62% of the US long portfolio position established when the share price varied between $14 and $16. It was disposed of this quarter. The stock currently trades at $13.54.Stake Increases:YPF SA (YPF): YPF is the largest equity long position at 3.39% of the US long portfolio. The original position was a small 0.87% stake established in Q3 2013 at prices between $14.80 and $21.57. It has since been consistently bought every quarter at prices between $20 and $36. The stock currently trades at $32.20 and has returned ~90% over the last year.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. In Q3 2013, the position was increased by just over 15% to a 1.26% of the US long portfolio position at prices between $52 and $77.50. Q4 2013 saw another 50% stake increase at prices between $66 and $85. Last quarter, ~10% of the position was sold at prices between $66 and $83. There was marginal buying this quarter. The stock currently trades at $76 and returned ~55% in 2013 and ~9% YTD.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position in Q4 2013 at prices between $34 and $42. Last quarter, the position was reduced by around 46% at prices between $34 and $41. This quarter, the position was increased by ~15% at prices between $31.93 and $37.09. The stock currently trades at $34.53.Microsoft Corporation (MSFT): MSFT was a fairly large 4.63% of the US long portfolio stake established in Q3 2013 at prices between $31 and $36.50. It was reduced to a small 0.85% of the US long portfolio position in Q4 2013 at prices between $33 and $39. Last quarter saw further selling as the position was almost eliminated at prices between $35 and $41. This quarter saw an about-turn as the stake was increased by over 400% at prices between $39 and $42. As a percentage of the portfolio, the position is still minute at 0.70%. The stock currently trades at $44.95.S&P 500 SPDR (SPY) PUTS: SPY Puts were increased by over 150% in Q4 2013 as SPY price-per-share varied between $165 and $185 - it was Soros’ largest 13F position by far at 11.12% (nominal value) of the US long portfolio. Last quarter, the position was reduced by ~77% as SPY price-per-share varied between $174 and $188. This quarter, the position was built back up again to a whopping 16.65%. A similar pattern of trading happened last year as well. The trade this quarter indicates an overall shift in bias to the short-side.S&P 500 SPDR (SPY) Calls: SPY Calls are a 3.10 % of the US long portfolio position first established in Q4 2013. This quarter, the position was substantially increased. It partially offsets the huge SPY Puts position.Select Section SPDR Energy (XLE) Puts: The large 3.38% XLE Puts position established in Q4 2013 was reduced to an insignificantly small 0.24% position last quarter. This quarter, the position was built back up to 2.04% of the portfolio. The stake increase indicates a shift to the short-side.Apple Inc. (AAPL): AAPL position was reduced from 1.38% to 0.47% of the US long portfolio last quarter. It was built back up to 1.28% of the portfolio this quarter at prices between $74 and $94. The stock currently trades at around $100.Zoetis (ZTS) & Polycom Inc. (PLCM): These are small positions (1 to 2% of the US long portfolio) that were increased marginally this quarter. Soros is building stakes anticipating uptrends in these businesses.Phillips 66 (PSX), Market Vectors Gold Miner ETF (GDX), Mack Cali Realty (CLI), Level 3 Communications (LVLT), Facebook Inc. (FB), & Intel Corporation (INTC), American Airlines (AAL), American International Group (AIG), Penn Virginia (PVA), Caesars Entertainment (CZR), Loral Space & Communications (LORL), Nice Systems (NICE), Stryker Corporation (SYK), Tibco Software (TIBX), Walgreen Company (WAG), & Western Refining (WNR): These are very small (less than 1% of the US long portfolio) positions that were increased this quarter. The position sizes are still too small to have much of a portfolio impact.Stake Decreases:Baker Hughes (BHI): BHI is a small 0.67% of the US long portfolio stake established last quarter at prices between $52 and $65. It was reduced by around two-thirds this quarter at prices between $63.37 and $74.63. The stock currently trades at $69.26. BHI is an actively traded stock for Soros - he had a similarly sized position in Q2 2013 which was disposed of the following quarter.Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. In Q1 2013, the position was increased by around 16% and the following quarter the stance reversed as the stake was reduced by ~20%. Q3 2013 saw further selling: ~14% stake reduction at prices between $120 and $136. Last quarter saw a ~10% increase at prices between $121 and $139. The pattern reversed again this quarter: ~19% reduction at prices between $118 and $158. The stock currently trades at around $156. The current position is at 1.54% of the US long portfolio. Soros is successfully navigating the trends.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. In Q4 2013, there was an additional ~45% stake increase at prices between $45 and $58. Last quarter saw an about turn as ~26% of the position was sold at prices between $54 and $62 and this quarter saw an additional ~32% reduction at prices between $56 and $66. The stock currently trades at $64.31. It now accounts for 0.83% of the US long portfolio. Soros is starting to move on after having played the uptrend successfully.EQT Corporation (EQT): The original position in EQT was established in Q2 2012 at prices between $44 and $54.07. It was roughly doubled in Q4 2012 at prices between $56 and $63. In Q1 2013, the stake was again increased by 50% at prices between $57 and $69. By Q3 2013, the position was reduced by over one-third at prices between $65 and $93. Q4 2013 saw an about-turn as the position was increased by ~34% at prices between $81 and $91. The pattern reversed again this quarter - one-third reduction at prices between $97 and $110. The stock currently trades at $94.90.Google Inc. (GOOG) (GOOGL): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 0.85% stake was first purchased in Q3 2012 at prices between $285 and $378 (split-adjusted) and was increased by close to 80% in Q1 2013 at prices between $350 and $420. Q2 2013 saw a 17.5% stake increase at prices between $382 and $458. Q3 2013 saw a turnaround, as ~60% of the position was eliminated at prices between $423 and $463. Last quarter, around one-fourth of the remaining shares were sold at prices between $550 and $610. This quarter saw a marginal reduction. The stock currently trades at around $584. Soros is harvesting gains and continuing to move on.Halliburton Co. (HAL): HAL is a 1.21% of the US long portfolio position established in Q3 2013 at prices between $41.50 and $50.50. Last quarter, the position was reduced by 14% at prices between $48 and $60 and this quarter saw a further 37% stake reduction at prices between $57.36 and $70.37. The stock currently trades at $68.78.Herbalife (HLF): HLF is a 2.30% of the US long portfolio position purchased in Q2 2013 at prices between $35 and $50. The stake was reduced by 36% in Q4 2013 at prices between $61 and $81. Last quarter saw a 53% increase at prices between $50 and $82 and this quarter saw a marginal reduction. The stock currently trades at $50.10. Soros appears to be opportunistically trading the volatility in this position.There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long ~17M shares. The company disclosed in March that they are being investigated by the FTC (Civil Investigative Demand - CID).iShare Russell 2000 ETF (IWM) PUTS: The 0.45% of the US long portfolio nominal short position was established last quarter when IWM shares traded between $109 and $120. It was reduced by 26% this quarter. The ETF currently trades at $115.The last time Soros had a significantly large short position in IWM through put options was in 2011 - the nominal size of that position peaked at almost 30% of the entire portfolio in Q3 2011 - most of that was liquidated in Q1 2012.Liberty Global (LBTYA) (LBTYK): Liberty Global is a 0.86% of the US long portfolio position that was increased by ~75% in Q2 2013 as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). The combined stake was reduced by around one-third in the last three quarters (after accounting for stock-splits). It was further reduced by 45% this quarter indicating a clear bearish bias.Teva Pharmaceuticals (TEVA): TEVA is a 2.87% of the US long portfolio position established in Q3 2013 at prices between $37.50 and $41.50. The position was increased by almost 200% in Q4 2013 at prices between $36.59 and $41.70. This quarter, the position was reduced by 30% at prices between $48.69 and $54.06. The stock currently trades at $53. TEVA was in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stood at a depressing 33% as of Q1 2014. Soros was near perfect in anticipating and catching the uptrend with this trade.Motorola Solutions Inc. (MSI), SolarWinds (SWI), SemGroup (SEMG), SBA Communications (SBAC), Monsanto (MON), Magnum Hunter Resources (MHR) & Calls, Exar Corporation (EXAR), Delta Airlines (DAL), Comcast Corporation (CMCSA), Citrix Systems (CTXS), Barrick Gold (ABX), Cameco (CCJ), and & Calls: These are very small positions (less than ~1% of the US long portfolio) that were further reduced this quarter. As the stakes are too small, they do not indicate a shift in bias.Kept Steady:Adecoagro S A (AGRO): AGRO is a 1.84% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $9.47, well below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.Vipshop Holdings (VIPS), Leucadia National (LUK), Essent Group (ESNT), Churchill Downs (CHDN) & Caesars Acquisition (CACQ): These are very small positions (less than 1% of the US long portfolio) that were kept steady this quarter. The stakes are too small to indicate a bias.The spreadsheet below highlights Soros’s significant US long stock positions as of Q2 2014:"
"Tracking George Soros’s Portfolio – Q1 2014 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2014. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2013.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio decreased this quarter from $11.77B to $10.12B. The number of positions increased from 237 to 305. Very small stock positions and large debt holdings together account for ~39% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a few large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just four remained untouched during the quarter. Seven of the larger positions that figured in the Q4 2013 report were eliminated this quarter and four new positions were added. To learn about his distinct trading style and philosophy, check out his “” and other works.New stakes:Baker Hughes (BHI): BHI is a small 0.67% of the US long portfolio stake established this quarter at prices between $52 and $65. The stock currently trades at $69.21. BHI is an actively traded stock for Soros - he had a similarly sized position in Q2 2013 which was disposed of the following quarter.Devon Energy (DVN): DVN is a small 0.50% of the US long portfolio position established this quarter at prices between $58 and $67. The stock currently trades at $72.55.iShare Russell 2000 ETF (IWM) PUTS: The 0.78% of the US long portfolio nominal short position was established this quarter when IWM shares traded between $109 and $120. The ETF currently trades at $109. The activity indicates a mild bearish bias toward US small caps.The last time Soros had a significantly large short position in IWM through put options was in 2011 - the nominal size of that position peaked at almost 30% of the entire portfolio in Q3 2011 - most of that was liquidated in Q1 2012.Marvell Technology (MRVL) PUTS: MRVL Puts are a nominal 0.62% of the US long portfolio position established when the share price varied between $14 and $16. The stock currently trades at $15.27.Stake Disposals:J C Penney (JCP) & Calls: JCP was a 1.08% of the US long portfolio position that was reduced by just over 30% last quarter at prices between $6.42 and $10.19. This quarter, the position was eliminated at prices between $5 and $9. The position was first established in Q2 2013 at prices between $13.93 and $19.39. The stock currently trades at $8.93. Soros lost money on this trade.Pershing Square (Bill Ackman) established a large (17.7% of the business) activist stake in this name in 2010 at a cost-basis of around $25. But, Ackman resigned from JC Penney board on 8/12/2013 and disposed of his stake at $12.90 later that month. The share price has been in an extended downtrend. Other hedge funds have also taken positions on either side of this trade.Citigroup (C) & JPMorgan Chase (JPM): C & JPM were 1.01% and 1.41% of the US long portfolio stakes respectively established last quarter and disposed of this quarter. Soros has traded Citigroup before - in 2009, it was huge 10% position and was eliminated before the year ended.Alcoa (AA) Puts, LyondellBasell Industries (LYB), & Red Hat Inc. (RHAT): These were very small (less than ~1% of the US long portfolio) positions that were eliminated this quarter. AA Puts and LYB saw quick turnarounds as the original positions were established just last quarter. The majority of the RHAT position was purchased last quarter as well.Stake Increases:Herbalife (HLF): HLF is a 2.77% of the US long portfolio position purchased in Q2 2013 at prices between $35 and $50. The stake was reduced by 36% last quarter at prices between $61 and $81. This quarter saw a 53% increase at prices between $50 and $82. The stock currently trades at $62.22. Soros appears to be opportunistically trading the volatility in this position.There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long ~17M shares. The company disclosed in March that they are being investigated by the FTC (Civil Investigative Demand - CID).EQT Corporation (EQT): EQT is a 2.47% position that was roughly doubled in Q4 2012 at prices between $56 and $63. In Q1 2013, the stake was increased by almost 50% at prices between $57 and $69. The original position was established in Q2 2012 at prices between $44 and $54.07. In Q2 2013, the position was reduced by ~20% at prices between $65 and $84 and Q3 2013 saw another ~24% stake reduction at prices between $79.50 and $92.50. Last quarter saw an about-turn as the position was increased by ~34% at prices between $81 and $91 and this quarter saw a marginal increase. The stock currently trades at $103.Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. In Q1 2013, the position was increased by around 16% and the following quarter the stance reversed as the stake was reduced by ~20%. Q3 2013 saw further selling: ~14% stake reduction at prices between $120 and $136. This quarter saw a ~10% increase at prices between $121 and $139. The stock currently trades at around $139. The current position is at 1.93% of the US long portfolio. Soros is successfully navigating the trend.Polycom Inc. (PLCM), Penn Virginia (PVA), Motorola Solutions Inc. (MSI), Monster Beverage (MNST), Citrix Systems (CTXS), Caesars Entertainment (CZR), Cameco (CCJ), YPF SA (YPF) and Zoetic (ZTS) & Calls: These are small positions (1 to 2% of the US long portfolio) that were increased this quarter. Soros is building stakes anticipating uptrends in these businesses.Magnum Hunter Resources (MHR) & Calls, Loral Space & Commn. (LORL), Comcast Corporation (CMCSA), Nice Systems (NICE), Stryker Corporation (SYK), SemGroup (SEMG), Tibco Software (TIBX), Vipshop Holdings (VIPS), Walgreen Company (WAG), and Western Refining (WNR): These are very small (less than 1% of the US long portfolio) positions that were increased this quarter. The position sizes are still too small to have much of a portfolio impact.Stake Decreases:Teva Pharmaceuticals (TEVA): TEVA is a large 5.38% of the US long portfolio position established in Q3 2013 at prices between $37.50 and $41.50. The position was increased by almost 200% last quarter at prices between $36.59 and $41.70. This quarter saw a 4% trimming at prices between $39.88 and $52.44. The stock currently trades at $49.62. TEVA was in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stood at a depressing 33% as of last quarter. The pattern of trades indicates that Soros was near perfect in anticipating and catching the uptrend with this trade.General Motors (GM) & Calls: GM & Calls were a minutely small position in Q3 2013. It was increased to a fairly significant 2.19% position last quarter at prices between $34 and $42. This quarter, the position was reduced by around 46% at prices between $34 and $41. The stock currently trades at $33.FedEx Corporation (FDX): FDX is a 1.62% of the US long portfolio position established in Q3 2013 at prices between $98 and $117. The stake was decreased by 14% last quarter at prices between $112 and $144. This quarter saw an additional 24% stake reduction at prices between $129 and $144. The stock currently trades at around $137. The stock was in an uptrend and returned ~56% in 2013. The selling pattern indicates a bearish bias.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. Last quarter, there was an additional ~45% stake increase at prices between $45 and $58. This quarter saw an about turn as ~26% of the position was sold at prices between $54 and $62. The stock currently trades at $57.53. It now accounts for 1.53% of the US long portfolio. Soros is starting to move on after having played the uptrend successfully.Google Inc. (GOOG): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 1.27% stake was first purchased in Q3 2012 at prices between $285 and $378 (split-adjusted) and was increased by close to 80% in Q1 2013 at prices between $350 and $420. Q2 2013 saw a 17.5% stake increase at prices between $382 and $458. Q3 2013 saw a turnaround, as ~60% of the position was eliminated at prices between $423 and $463 and last quarter saw another 6% trimming at prices between $426 and $561. This quarter, around one-fourth of the remaining shares were sold at prices between $550 and $610. The stock currently trades at around $530. Soros is harvesting gains and continuing to move on.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. In Q3 2013, the position was increased by just over 15% to a 1.26% of the US long portfolio position at prices between $52 and $77.50. Last quarter saw another 50% stake increase at prices between $66 and $85. This quarter, ~10% of the position was sold at prices between $66 and $83. The stock currently trades at $84. The stock returned ~55% in 2013 and ~20% YTD.Liberty Global (LBTYA) (LBTYK): Liberty Global is a 1.97% of the US long portfolio position that was increased by ~75% in Q2 2013 as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). The combined stake was reduced by around one-third in the last three quarters (after accounting for stock-splits).Microsoft Corporation (MSFT): MSFT was a fairly large 4.63% of the US long portfolio stake established in Q3 2013 at prices between $31 and $36.50. It was reduced to a small 0.85% of the US long portfolio position last quarter at prices between $33 and $39. This quarter saw further selling as most of the position was sold at prices between $35 and $41. The stock currently trades at $40.Halliburton Co. (HAL): HAL is a 2.09% of the US long portfolio position established in Q3 2013 at prices between $41.50 and $50.50. This quarter, the position was reduced by 14% at prices between $48 and $60. The stock currently trades at $62.88. Soros is starting to harvest gains from this position.S&P 500 SPDR (SPY) PUTS: SPY Puts were increased by over 150% last quarter as SPY price-per-share varied between $165 and $185 - it was Soros’s largest 13F position by far at 11.12% of the US long portfolio. This quarter, the position was reduced by ~77% as SPY price-per-share varied between $174 and $188. The nominal value of the remaining position currently stands at 2.96% of the portfolio. A similar pattern of stake build-up and elimination happened in the Q1 to Q3 2013 period as well. The trade this quarter indicates an overall shift in bias away from the short-side.S&P 500 SPDR (SPY) Calls: SPY Calls are a very small 0.66% of the US long portfolio position established last quarter. This quarter, around 10% of the position was liquidated. The remaining stake partially offsets the 2.96% SPY Puts position.Select Section SPDR Energy (XLE) Puts: The large 3.38% XLE Puts position established last quarter was reduced to an insignificantly small 0.24% position this quarter. Soros was short Chevron through Puts in Q3 2013 but last quarter that stake was sold and replaced with these Puts. The stake reduction indicates a clear shift away from the short-side.Pioneer Natural Resources (PXD) and Apple Inc. (AAPL): These positions were reduced significantly this quarter. PXD stake was reduced from 1.89% to 0.18% and AAPL from 1.38% to 0.47% of the US long portfolio. The large stake reductions indicate a bearish bias.Exar Corporation (EXAR), American Tower (AMT), Abbvie (ABBV), Barrick Gold (ABX), Crown Castle (CCI), Delta Airlines (DAL), Monsanto (MON), SBA Communications (SBAC), and SolarWinds (SWI): These are very small positions (less than 1% of the US long portfolio) that were reduced this quarter. As the stakes are too small, they do not indicate a shift in bias.Kept Steady:Adecoagro S A (AGRO): AGRO is a 2.09% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $9.13, well below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.Essent Group (ESNT) and Leucadia National (LUK): These are small (less than ~1.5% of the US long portfolio) positions established last quarter. The stake establishments indicate a mild bullish bias.Churchill Downs (CHDN) and Caesars Acquisition (CACQ): These are very small positions (less than 1% of the US long portfolio) that were kept steady this quarter. The positions are too small to indicate a bias.The spreadsheet below highlights Soros’s significant US long stock positions as of Q1 2014:"
"Tracking George Soros’s Portfolio – Q4 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/14/2014. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2013.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased this quarter from $9.14B to $11.77B. The number of positions increased from 232 to 237. Very small stock positions and large debt holdings together account for ~40% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just three remained untouched during the quarter. Ten of the larger positions that figured in the Q3 2013 report were eliminated this quarter and eleven new positions were added. To learn about his distinct trading style and philosophy, check out his “” and other works.New stakes:Select Section SPDR Energy (XLE) Puts: XLE Puts are a 3.38% of the US long portfolio position established this quarter. Soros was short Chevron through Puts last quarter but this quarter that stake was sold and replaced with these Puts.S&P 500 SPDR (SPY) Calls: SPY Calls are a very small 0.64% of the US long portfolio position established this quarter. It partially offsets a huge 11.12% SPY Puts position. Overall, Soros has a huge short position in SPY.Citigroup (C), Essent Group (ESNT), JPMorgan Chase (JPM), Leucadia National (LUK), and Monsanto (MON): These are small (less than ~1.5% of the US long portfolio) positions established this quarter. The stake establishments indicate a mild bullish bias.Alcoa (AA) Puts, Caesars Acquisition (CACQ), Citrix Systems (CTXS), and Polycom Inc. (PLCM): These are very small (less than ~1% of the US long portfolio) positions established this quarter. As the position sizes are very small, the stake establishments do not indicate a clear bias.Stake Disposals:American International Group (AIG): AIG was Soros’s largest equity long position in the 13F portfolio as of Q3 2012 but it was reduced by over 40% in Q4 2012 to a still substantial 3.74% stake. The stake was further reduced by two-thirds in Q1 2013 at prices between $35 and $40. The pattern continued in Q2 2013 as it saw a further reduction of 22% at prices between $37.68 and $46.21. Last quarter saw almost the entire remaining position disposed of at prices between $45.50 and $50.50 and this quarter the position was finally eliminated. The position was established at prices between $30.15 and $35.02. Soros moved on after having profitably played the uptrend.Chevron Corporation (CVX) PUTS: CVS Puts were a large leveraged short position for Soros. It was an insignificantly small 0.33% position in Q2 2013 but was increased to a fairly significant 2.56% position last quarter. The stake was eliminated this quarter but an even larger short position in the energy sector was established through XLE Puts (see above).Constellation Brands (STZ): The 1.38% of the US long portfolio position was reduced marginally in Q2 2013 and was reduced by ~45% last quarter at prices between $50 and $60. The remaining position was eliminated this quarter at prices between $57 and $72. The stock currently trades at $79.37. The original position was established in Q1 2013 at prices between $47.30 and $54.36.Johnson & Johnson (JNJ): The 1.20% of the US long portfolio stake was reduced by 50% last quarter at prices between $86 and $94.50. The original position was purchased in Q3 2012 at prices between $67.43 and $69.09 and since then only minor adjustments had been made. The position was eliminated this quarter at prices between $85.61 and $95.63. The stock currently trades at $92.76. Soros played the uptrend very profitably and has moved on.MeadWestvaco (MWV), Hertz Global (HTZ) & Calls, Baker Hughes (BHI), Cemex SAB de CV (CX), Spreadtrum (SPRD), and Yandex (YNDX): These are very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. As the position sizes were very small, the activity does not indicate a change in bias. Some of these positions were established just last quarter - the trading is however very consistent with his very active trend-following style.Stake Increases:S&P 500 SPDR (SPY) PUTS: SPY Puts were increased by over 150% at prices between $165 and $185 this quarter - it is currently Soros’s largest 13F position by far at 11.12% of the US long portfolio. In Q1 2013, a 4.79% position was built at prices between $142 and $157. The following quarter saw the position increased by another 200% at prices between $154 and $168. Last quarter saw an about-turn, as around two-thirds of the position was eliminated at prices between $160 and $173. SPY currently trades at $184. The trade this quarter indicates an overall shift in bias to the short-side.DISH Network (DISH) & Calls: DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. In Q2 2013, the stake was increased substantially to a 1.83% position at prices between $36 and $42.50. Last quarter saw a minor stake reduction. This quarter, the buying resumed as the stake was increased by ~45% at prices between $45 and $58. The stock currently trades at $56.90. It now accounts for 2.69% of the US long portfolio.EQT Corporation (EQT): EQT is a 1.90% position that was roughly doubled in Q4 2012 at prices between $56 and $63. In Q1 2013, the stake was increased by almost 50% at prices between $57 and $69. The original position was established in Q2 2012 at prices between $44 and $54.07. In Q2 2013, the position was reduced by ~20% at prices between $65 and $84 and last quarter saw another ~24% stake reduction at prices between $79.50 and $92.50. This quarter saw an about-turn as the position was increased by ~34% at prices between $81 and $91. The stock currently trades at $97.67.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. Last quarter, the position was increased by just over 15% to a 1.26% of the US long portfolio position at prices between $52 and $77.50. This quarter saw another 50% stake increase at prices between $66 and $85. The stock currently trades at $75.59. The stock returned ~55% in 2013.General Motors (GM) & Calls: GM & Calls were a minutely small position last quarter. It was increased to a fairly significant 2.19% position this quarter at prices between $34 and $42. The stock currently trades at $35.95. The significant stake increase indicates a bullish bias. For investors attempting to follow Soros, GM is a good option to consider.Teva Pharmaceuticals (TEVA): TEVA is a large 3.66% of the US long portfolio position established last quarter at prices between $37.50 and $41.50. The position was increased by almost 200% this quarter at prices between $36.59 and $41.70. The stock currently trades at $44.19. TEVA has been in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stands at a depressing 33%. Soros aggressively building the position is an indication that he is sensing a turnaround in the company’s prospects. For investors attempting to follow Soros, TEVA is a good option to consider.Barrick Gold (ABX), Apple Inc. (AAPL), Caesars Entertainment (CZR), Cameco (CCJ), Pioneer Natural Resources (PXD), and YPF SA (YPF): These are small positions (1% to 2% of the US long portfolio) that were increased this quarter. Soros is building stakes anticipating uptrends in these businesses.American Tower (AMT), Churchill Downs (CHDN), Crown Castle (CCI), Loral Space & Commn. (LORL), Red Hat Inc. (RHAT), SBA Communications (SBAC), SemGroup (SEMG), SolarWinds (SWI), and Zoetic (ZTS) & Calls: These are very small positions (less than 1% of the US long portfolio) that were increased this quarter. As the position sizes are still very small, the activity does not indicate a clear bias.Stake Decreases:Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. In Q1 2013, the position was increased by around 16% and the following quarter the stance reversed as the stake was reduced by ~20%. Last quarter saw further selling: ~14% stake reduction at prices between $120 and $136 and this quarter saw a minor stake reduction. The stock currently trades at around $129.35. The remaining position is still very significant at 1.67% of the US long portfolio. Soros is continuing to exit after having played the uptrend successfully.FedEx Corporation (FDX): FDX is a 1.98% of the US long portfolio position established last quarter at prices between $98 and $117. The stake was decreased by 14% this quarter at prices between $112 and $144. The stock currently trades at $133.92. The stock was in an uptrend and returned ~56% in 2013.Google Inc. (GOOG): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 1.48% stake was first purchased in Q3 2012 at prices between $570.48 and $756.50 and was increased by close to 80% in Q1 2013 at prices between $700 and $840. Q2 2013 saw a 17.5% stake increase at prices between $765 and $916. Last quarter saw a turnaround, as ~60% of the position was eliminated at prices between $847 and $925 and this quarter saw another 6% trimming at prices between $853 and $1121. The stock currently trades at around $1205. Soros is harvesting gains and continuing to move on.Herbalife (HLF): HLF is a 2.14% of the US long portfolio position purchased in Q2 2013 at prices between $35 and $50. The stake was reduced by 36% this quarter at prices between $61 and $81. The stock currently trades at around $66.39. There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long ~17M shares.Liberty Global (LBTYA) (LBTYK): Liberty Global is a 2.11% of the US long portfolio position that was increased by ~75% in Q2 2013 as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). Last quarter saw a 12% stake reduction and it was followed by a 5% stake reduction this quarter.Microsoft Corporation (MSFT): MSFT was a fairly large 4.63% of the US long portfolio stake established last quarter at prices between $31 and $36.50. It was reduced to a very small 0.85% of the US long portfolio position this quarter at prices between $33 and $39. The stock currently trades at $37.62.J C Penney (JCP) & Calls: JCP is a 1.08% of the US long portfolio position that was reduced by just over 30% this quarter at prices between $6.42 and $10.19. The position was first established in Q2 2013 at prices between $13.93 and $19.39. The stock currently trades at $6.14. Pershing Square (Bill Ackman) established a large (17.7% of the business) activist stake in this name in 2010 at a cost-basis of around $25. But, Ackman resigned from JC Penney board on 8/12/2013 and disposed of his stake at $12.90 later that month. The share price has been in an extended downtrend. Other hedge funds have also taken positions on either side of this trade.Schlumberger Ltd. (SLB): SLB was a 2.41% of the US long portfolio position established last quarter at prices between $71.50 and $89. It was reduced to an insignificantly small 0.23% of the US long portfolio position this quarter at prices between $85.54 and $94.46. The stock currently trades at $90.45. Here again, Soros played the cycle by riding the uptrend in oil field services. SLB returned ~30% in 2013.Motorola Solutions Inc. (MSI), Netapp Inc. (NTAP), Mosaic Inc. (MOS), Abbvie (ABBV), Brocade Communications (BRCD), and CF Industries (CF): These are very small positions (less than 1% of the US long portfolio) that were reduced this quarter. As the stakes are too small, they do not indicate a clear bias.Kept Steady:Halliburton Co. (HAL): HAL is a 2.41% of the US long portfolio position established last quarter at prices between $41.50 and $50.50. The stock currently trades at $53.57.Adecoagro S A (AGRO): AGRO is a 1.78% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $8, well below the IPO price of $11. The position was marginally increased in Q2 2013 at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.Exar Corporation (EXAR): EXAR is a very small position that was left untouched this quarter.The spreadsheet below highlights Soros’s significant US long stock positions as of Q4 2013:"
"Tracking George Soros’s Portfolio – Q3 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2013. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2013.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio decreased this quarter from $9.22B to $9.14B. The number of positions increased from 201 to 232. Very small stock positions and large debt holdings together account for ~40% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just four remained untouched during the quarter. Six of the larger positions that figured in the Q2 2013 report were eliminated this quarter and nine new positions were added. To learn about his distinct trading style and philosophy, .New stakes:Microsoft Corporation (MSFT): MSFT is a fairly large 4.63% of the US long portfolio established this quarter at prices between $31 and $36.50. The stock currently trades at $37.84. The large stake establishment indicates a bullish bias.Fedex Corporation (FDX): FDX is a 2.36% of the US long portfolio established this quarter at prices between $98 and $117. The stock currently trades at $139. The stock has been in an uptrend and has returned over 50% YTD.Halliburton Co. (HAL) & Schlumberger Ltd. (SLB): HAL is a 2.20% of the US long portfolio position established this quarter at prices between $41.50 and $50.50. The stock currently trades at $56.23. SLB is a 2.41% of the US long portfolio position established this quarter at prices between $71.50 and $89. The stock currently trades at $93. Here again, Soros is playing the cycle by riding the uptrend in oil field services. HAL is up over 60% YTD and SLB is up around 35% YTD.Teva Pharmaceuticals (TEVA): TEVA is a 1.49% of the US long portfolio position established this quarter at prices between $37.50 and $41.50. The stock currently trades at $38.28. TEVA has been in an extended slump due to “patent cliff” concerns and other issues - its ten-year stock performance stands at a depressing 33%. Soros initiating the position is an indication that he is sensing a turnaround in the company’s prospects. For investors attempting to follow Soros, TEVA is a good option to consider.Hertz Global (HTZ) & Calls, Mosaic Inc. (MOS), Yandex (YNDX), and YPF SA (YPF): These are very small positions (less than 1% of the US long portfolio) established this quarter. As the position sizes are small, the activity does not indicate a clear bias.Stake Disposals:Acacia Research Corporation (ACTG): ACTG was a small 0.56% position as of last quarter. The stake disposal this quarter happened at prices between $21 and $26. It was reduced by 36% last quarter to a small 0.56% position at prices between $21.49 and $30.29. The bulk of the original stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at around $15 - this was a timely exit for Soros as the stock plunged in October following Q3 results.Delta Air Lines (DAL): DAL stake was reduced by 43% last quarter to a 1.05% position at prices between $14.31 and $18.79 and was disposed of this quarter at prices between $18.41 and $24. The position was acquired in Q3 2012 at prices between $8.56 and $11.12 and increased by around 50% in Q4 2012. Soros is moving on after playing the uptrend in airline majors.Shutterfly Inc. (SFLY), United-Continental Holdings (UAL), and NRG Resources (NRG): These were very small positions (less than ~1% of the US long portfolio) that were disposed of this quarter. As the position sizes were small, the activity does not indicate a clear bias.IShares MSCI Emerging Market (EEM) Puts & IShares Russell 2000 (IWM) Puts: These leveraged short positions were disposed of this quarter. EEM puts were a 1.55% position while the IWM puts were at 1.09%. The activity indicates a mild shift in bias away from the short-side.Stake Increases:Chevron Corporation (CVX) PUTS: CVS Puts are a fairly large leveraged short position for Soros. It was an insignificantly small 0.33% position last quarter but was increased to a fairly significant 2.56% position this quarter. The large position indicates a clear bearish bias.Energen Corporation (EGN): EGN has been in the portfolio since Q1 2013. This quarter, the position was increased by just over 15% to a 1.26% of the US long portfolio position at prices between $52 and $77.50. The stock currently trades at $76. The stock has returned over 75% YTD.Baker Hughes (BHI), CF Industries (CF), and Churchill Downs (CHDN): These are very small positions (less than 1% of the US long portfolio) that were increased this quarter. But, as the position sizes are still very small, they do not indicate a clear bias.Stake Decreases:J C Penney (JCP) & Calls: JCP is a 1.93% of the US long portfolio position that was reduced marginally this quarter. The position was first established last quarter at prices between $13.93 and $19.39. The stock currently trades at $9. The relatively large stake establishment indicates a clear bullish bias. Pershing Square (Bill Ackman) established a large (17.7% of the business) activist stake in this name in 2010 at a cost-basis of around $25. But, Ackman resigned from JC Penney board on August 12th and disposed of his stake at $12.90 later that month. The share price has been in an extended downtrend. Other hedge funds have also taken positions on either side of this trade.S&P 500 SPDR (SPY) PUTS: SPY PUTS was increased by a whopping 250% to a 4.79% position in Q1 2013 at prices between $142 and $157. Last quarter, the position was increased by another 200% to a huge 13.54% stake at prices between $154 and $168. This quarter saw an about-turn, as ~two-thirds of the position was eliminated at prices between $160 and $173. SPY currently trades at $180. The trade indicates a shift in bias from the short-side.Google Inc. (GOOG): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 1.58% stake was first purchased in Q3 2012 at prices between $570.48 and $756.50 and was increased by close to 80% in Q1 2013 at prices between $700 and $840. Last quarter saw a 17.5% stake increase at prices between $765 and $916. This quarter saw a turnaround, as ~60% of the position was eliminated at prices between $847 and $925. The stock currently trades at around $1034. Soros is harvesting gains and moving on.American International Group (AIG): AIG was Soros’s largest equity long position in the 13F portfolio as of Q3 2012 but it was reduced by over 40% in Q4 2012 to a still substantial 3.74% stake. The stake was further reduced by two-thirds in Q1 2013 at prices between $35 and $40. The pattern continued last quarter as it saw a further reduction of 22% at prices between $37.68 and $46.21. This quarter saw almost the entire remaining position disposed of at prices between $45.50 and $50.50. The position was established at prices between $30.15 and $35.02. Soros is moving on after having profitably played the uptrend.Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. In Q1 2013, the position was increased by around 16% and last quarter the stance reversed as the stake was reduced by ~20%. This quarter saw further selling - ~14% stake reduction at prices between $120 and $136. The stock currently trades at around $129. The remaining stake is still very significant at 2.28% of the US long portfolio. Here again, Soros is starting to exit after having played the uptrend successfully.Constellation Brands (STZ): The 1.38% of the US long portfolio position was reduced marginally last quarter and was reduced by ~45% this quarter at prices between $50 and $60. The original position was established in Q1 2013 at prices between $47.30 and $54.36. The stock currently trades at $69.DISH Network (DISH): DISH was a minute 0.20% of the US long portfolio position as of Q1 2013. It was increased substantially last quarter to a 1.83% stake at prices between $36 and $42.50. This quarter saw minor selling at prices between $41.50 and $48. The stock currently trades at $51.EQT Corporation (EQT): EQT is a 1.80% position that was roughly doubled in Q4 2012 at prices between $56 and $63. In Q1 2013, the stake was increased by almost 50% at prices between $57 and $69. The original position was established in Q2 2012 at prices between $44 and $54.07. Last quarter, the position was reduced by ~20% at prices between $65 and $84 and this quarter saw another ~24% stake reduction at prices between $79.50 and $92.50. The stock currently trades at $85.Johnson & Johnson (JNJ): The 1.20% of the US long portfolio stake was reduced by 50% this quarter at prices between $86 and $94.50. The original position was purchased in Q3 2012 at prices between $67.43 and $69.09 and since then only minor adjustments had been made. The stock currently trades at just over $94. Soros is harvesting large gains from this position.Liberty Global (LBTYA) (LBTYK): Liberty Global is a 2.55% of the US long portfolio position that was increased by ~75% last quarter as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). This quarter saw a 12% stake reduction.Caesers Entertainment (CZR), Motorola Solutions Inc. (MSI), Netapp Inc. (NTAP), and Pioneer Natural Resources (PXD): These are small positions (1% to 2% of the US long portfolio) that were marginally reduced this quarter. As the activity was minor, it does not indicate a shift in bias.Abbvie (ABBV), Brocade Communications (BRCD), Cameco (CCJ), Cemex SAB de CV (CX), Exar Corporation (EXAR), Macys Inc. (M), & Zoetis (ZTS): These are very small positions (less than 1% of the US long portfolio) that were reduced this quarter. As the position sizes are small, the activity does not indicate a clear bias.Kept Steady:Herbalife (HLF): HLF is a 3.84% of the US long portfolio position purchased last quarter at prices between $35 and $50. The stock currently trades at around $69. Soros is playing the uptrend with this name. There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long ~17M shares.Adecoagro S A (AGRO): AGRO is a 2.10% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $8, well below the IPO price of $11. The position was marginally increased last quarter at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.MeadWestvaco (MWV) & Spreadtrum (SPRD): These are very small (less than 1% of the US long portfolio) stakes that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights Soros’s significant US long stock positions as of Q3 2013:"
"Tracking George Soros’s Portfolio – Q2 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2013. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2013.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased this quarter from $8.56B to $9.22B. The number of positions decreased from 209 to 201. Very small stock positions and large debt holdings together account for 38% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just three remained untouched during the quarter. Four of the larger positions that figured in the Q1 2013 report were eliminated this quarter and three new positions were added. To learn about his distinct trading style and philosophy, check-out his “” and other works.New stakes:J C Penney (JCP) & Calls: JCP is a 3.79% of the US long portfolio position established this quarter at prices between $13.93 and $19.39. The stock currently trades at $13.40. The relatively large stake establishment indicates a clear bullish bias. Pershing Square (Bill Ackman) established a large (17.7% of the business) activist stake in this name in 2010 at a cost-basis of around $25. But, Ackman resigned from JC Penney board on August 12th as a result of a disagreement with the CEO succession plan and indicated in a regulatory filing that he might sell the stake. The share price has been in an extended downtrend and Soros appears to be setting up to play the eventual turnaround.Herbalife (HLF): HLF is a 2.47% of the US long portfolio position purchased this quarter at prices between $35 and $50. The stock currently trades at around $65. Soros is playing the uptrend with this name. There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long over 16M shares.IShares MSCI Emerging Market (EEM) Puts: EEM Puts are a small 1.55% of the US long portfolio position established this quarter. The position indicates a mild negative bias toward emerging markets.Stake Disposals:SPDR Gold ETF (GLD) & Market Vectors Junior Gold Trust ETF (GDXJ) & Calls: The ~1% GLD position was trimmed by 10% last quarter and eliminated this quarter at prices between $115.94 and $155. The stock currently trades at around $132. GDXJ (and calls) accounted for 0.53% of the US long portfolio as of last quarter but was eliminated this quarter at prices between $33 and $67. The stock currently trades at around $49. Soros turned bearish on gold this quarter. Soros has said previously that Gold is the ultimate bubble when it was trading below $1300 in September 2010 and so the reversal to the bearish camp indicates Soros was playing the cycles in the interim.U S Airways Group Inc. (LCC): LCC stake was reduced by around 37% in Q4 2012. Last quarter saw a turnaround, as the position was doubled to a 1.56% stake at prices between $13 and $17.50. This quarter, the position was eliminated at prices between $15.50 and $19.35. The stock currently trades at around $16. LCC position was eliminated while simultaneously adding to the United Continental (UAL) position.Virgin Media (VMED): The ~1% position in VMED was eliminated this quarter as a result of the acquisition of VMED by Liberty Global. As such, the activity does not indicate a change in bias.Stake Increases:S&P 500 SPDR (SPY) PUTS: SPY PUTS was increased by a whopping 250% to a 4.79% position last quarter at prices between $142 and $157. This quarter, the position was increased by another 200% to a huge 13.54% stake at prices between $154 and $168. The position now rivals the 12% short position he had in Q1 2012 (SPY and QQQ puts at that time). The pattern of trades indicates a clear bearish bias toward US large-caps.Google Inc. (GOOG): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 3.79% stake was first purchased in Q3 2012 at prices between $570.48 and $756.50 and was increased by close to 80% last quarter at prices between $700 and $840. This quarter saw a 17.5% stake increase at prices between $765 and $916. The stock currently trades at around $857. Soros is sitting on good gains and believes the uptrend is still in place as is evidenced by the significant stake increase.Liberty Global (LBTYA) (LBTYK): Liberty Global is a 2.63% of the US long portfolio position that was increased by ~75% this quarter as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). As such, the activity does not indicate a change in bias.Netapp Inc. (NTAP): NTAP is a 1.99% of the US long portfolio position that was increased by ~37% this quarter at prices between $33 and $39.39. The stock currently trades outside that range at $42.20. The stake increase represents a bullish bias.Adecoagro S A (AGRO): AGRO is a 1.76% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $6.60, well below the IPO price of $11. The position was marginally increased this quarter at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.DISH Network (DISH): DISH was a minute 0.20% of the US long portfolio position as of last quarter. It was increased substantially this quarter to a 1.83% stake at prices between $36 and $42.50. The stock currently trades outside that range at $44.50.Motorola Solutions Inc. (MSI): MSI stake was increased by ~14.6% this quarter at prices between $55.50 and $64.69. The stock currently trades near the low end of that range at $57.15 and the position stands at 1.21%.IShares Russell 2000 (IWM) Puts: IWM puts were increased substantially to a 1.09% position this quarter. The activity indicates a bearish bias towards US small-caps.United-Continental Holdings (UAL): UAL was a minute position last quarter. It was increased to a 1.04% stake this quarter at prices between $28.66 and $35. The stock currently trades at $30.86.Caesers Entertainment (CZR), Brocade Communications (BRCD) & Cemex SAB de CV (CX), Energen Corporation (EGN), Macys Inc. (M), Abbvie (ABBV), Cameco (CCJ), Churchill Downs (CHDN), NRG Resources (NRG), SPDR Energy (XLE) Puts, & Zoetis (ZTS): These are very small positions (less than 1% of the US long portfolio) that were increased this quarter. But, as the position sizes are still very small, they do not indicate a clear bias.Stake Decreases:Pioneer Natural Resources (PXD): PXD is a 1.54% of the US long portfolio position that was increased by around 50% in Q4 2012 at prices between $102 and $110. It was upped by another 11% last quarter at prices between $106 and $133. The original stake was established in Q3 2012 at prices between $82 and $113. This quarter saw a reversal as the position was reduced by ~58% at prices between $110 and $155. The stock currently trades at around $170. Soros played the uptrend successfully and is starting to move on.Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. Last quarter, the position was increased by around 16% and this quarter the stance was reversed as the stake was reduced by ~20%. The stock currently trades well above that range at around $123. Here again, Soros is starting to exit after having played the uptrend successfully.EQT Corporation (EQT): EQT is a 2.11% position that was roughly doubled in Q4 2012 at prices between $56 and $63. Last quarter, the stake was increased by almost 50% at prices between $57 and $69. The original position was established in Q2 2012 at prices between $44 and $54.07. This quarter, the position was reduced by ~20% at prices between $65 and $84. The stock currently trades near the top-end of that range at $83.69. The same pattern of liquidating at substantially higher price ranges is seen with this position as well.Market Vectors Gold Miner ETF (GDX): The 1.18% of the US long portfolio stake in GDX was reduced to an insignificantly small 0.12% position at prices between $22 and $38. Last quarter saw a substantial increase in GDX stake. The activity indicates a clear shift in bias to the bearish camp.Acacia Research Corporation (ACTG): ACTG was a 1.28% position as of last quarter. It was reduced by 36% this quarter to a small 0.56% position at prices between $21.49 and $30.29. The position was marginally reduced last quarter after increasing it marginally in Q4 2012. The stake was increased by around 20% in Q3 2012 and 30% in Q2 2012. The bulk of the current stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at around $21.89, well below the lowest price Soros could have acquired the bulk of the stake at. For those attempting to follow Soros’ moves, ACTG is a good position to consider for further research.American International Group (AIG): AIG was Soros’s largest equity long position in the 13F portfolio as of Q3 2012 but it was reduced by over 40% in Q4 2012 to a still substantial 3.74% stake. The stake was further reduced by two-thirds last quarter at prices between $35 and $40. The pattern continued this quarter as it saw a further reduction of 22% at prices between $37.68 and $46.21. The position was established at prices between $30.15 and $35.02. Soros is moving on after having profitably played the uptrend.Apple Inc. (AAPL): The AAPL stake was reduced substantially this quarter to a minute 0.29% position this quarter. The stake was reduced last quarter as well. APPL is a good trading stock for Soros and the position size has fluctuated for several quarters.Delta Air Lines (DAL): DAL stake was reduced by 43% this quarter to a 1.05% position at prices between $14.31 and $18.79. It was marginally reduced last quarter as well. The position was acquired in Q3 2012 at prices between $8.56 and $11.12 and increased by around 50% in Q4 2012. Soros is moving on after playing the uptrend in airline majors.Constellation Brands (STZ): The 1.38% of the US long portfolio position was reduced marginally this quarter. It was established last quarter at prices between $47.30 and $54.36. The stock currently trades at $53.94.Shutterfly Inc. (SFLY): The position was reduced by 37% this quarter to a ~1% stake at prices between $42 and $58. The position was first established in Q1 2012 and the bulk of the stake was purchased in Q2 2012 at prices between $23.75 and $33.12. Soros harvested substantial gains from this position.Citrix Systems (CTXS), Exar Corporation (EXAR), General Motors (GM), Red Hat Inc. (RHT), SPDR Homebuilder (XHB) PUTS, Spreadtrum (SPRD), and Wal-Mart Stores Inc. (WMT): These are very small positions (less than 1% of the US long portfolio) that were reduced this quarter. As the position sizes are small, the activity does not indicate a clear bias.Kept Steady:Johnson & Johnson (JNJ): The 2.36% of the US long portfolio stake was kept steady this quarter. The original position was purchased in Q3 2012 at prices between $67.43 and $69.09 and since then only minor adjustments have been. The stock currently trades at just over $89. Soros is sitting on substantial gains on this position and believes the uptrend is still in place.MeadWestvaco (MWV) & Manchester United PLC (MANU): These are very small (less than 1% of the US long portfolio) stakes that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights Soros’s significant US long stock positions as of Q2 2013:"
"Tracking George Soros’s Portfolio – Q1 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 05/15/2013. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2012.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased this quarter from $8.36B to $8.56B. The number of positions also went up 181 to 209. Very small stock positions and large debt holdings together account for the vast majority of the portfolio holdings. US long stock holdings of significant size (>0.5%) represent about 49% of the 13F portfolio. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just three remained untouched during the quarter. Seven of the larger positions that figured in the Q4 2012 report were eliminated this quarter and ten new positions were added.New stakes:Caesers Entertainment (CZR), Constellation Brands (STZ), Liberty Global (LBTYA) (LBTYK): These are small (between 1% and 2% of the US long portfolio) stakes established this quarter. The positions seem consistent with Soros’s trend following philosophy as the shorter-term (3-6 month) price-charts for each of these businesses show a clear uptrend.Brocade Communications (BRCD), Cemex SAB de CV (CX), Energen Corporation (EGN), MeadWestvaco (MWV), Red Hat Inc. (RHT) & CALLS, SPDR Homebuilder (XHB) PUTS, and Virgin Media (VMED): These are very small (between 0.5% and 1% of the US long portfolio) stakes established this quarter. As the position sizes are very small, they do not indicate a clear bias. The small short position in XHB is interesting as Soros is anticipating a correction in homebuilder stocks. Many of those stocks have had stunning returns in the last one year and Soros is positioning to profit from an inevitable price-correction that should follow.Stake Disposals:Anadarko Petroleum (APC): The APC position was purchased last quarter at prices between $66 and $76 and disposed of this quarter at prices between $74 and $89. Soros appears to have executed his playbook perfectly as he followed the uptrend and exited before the ~10% price-drop that followed in April.CF Industries (CF): CF position was exited at prices between $190 and $231. It was reduced by over 40% to a 1.09% position last quarter at prices between $195 and $225. The position was established in Q3 2012 at prices between $190.97 and $223.69. Here again, his acumen exiting positions before the trend reverses is apparent, as the price corrected by 25% in April from the peak reached in Q1 2013.Capital One Financial (COF), JP Morgan Chase (JPM), Morgan Stanley (MS), & Suntrust Banks (STI): COF, JPM, and MS are small (less than 1%) stakes established last quarter and exited this quarter. The COF position was established at prices between $54.77 and $61.50 and exited at prices between $51 and $63. JPM position was purchased at prices between $39 and $45 and exited at prices between $44 and $51. MS position was purchased at prices between $16 and $19.50 and exited at prices between $19 and $25. STI position was established in Q1 2012 at prices between $18 and $24 and exited at prices between $27 and $30. Soros played the uptrend in financials with these positions and has moved on.General Electric (GE): GE position was reduced by more than 50% last quarter in the $20 to $23 price range and eliminated this quarter at prices between $21 and $24. The original position was established in Q2 2012 at prices between $18.15 and $20.84.Stake Increases:Charter Communications, Inc. (CHTR), Google Inc. (GOOG), and EQT Corporation (EQT): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. This quarter, the position was increased by around 16%. The stock currently trades well above that range at around $115. GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 3.13% stake was first purchased in Q3 2012 at prices between $570.48 and $756.50 and was increased by close to 80% this quarter at prices between $700 and $840. The stock currently trades at around $912. EQT is a 2.44% position that was roughly doubled last quarter at prices between $56 and $63. This quarter, the stake was increased by almost 50% at prices between $57 and $69. The original position was established in Q2 2012 at prices between $44 and $54.07. The stock currently trades at $77. Soros is sitting on good gains on these and believes the uptrend is still in place as is evidenced by the significant stake increases.Market Vectors Gold Miner ETF (GDX) and Market Vectors Junior Gold Trust ETF (GDXJ): Combined, GDX, GDXJ, and GLD account for ~2.67% of the US long portfolio, up marginally from ~2.5% as of last quarter. GDX and GDXJ stakes were increased substantially this quarter. Soros has said previously that Gold is the ultimate bubble when it was trading below $1300 in September 2010 and so this stake increase is perplexing - Soros may be attempting to profit from the inevitable trend-reversals that happen periodically.Pioneer Natural Resources (PXD): PXD is a 3.37% of the US long portfolio position that was increased by around 50% last quarter at prices between $102 and $110. It was upped by another 11% this quarter at prices between $106 and $133. The original stake was established in Q3 2012 at prices between $82 and $113. The stock currently trades at $140.S&P 500 SPDR (SPY) PUTS: SPY PUTS, the only substantially large short position was increased by a whopping 250% to a 4.79% position this quarter at prices between $142 and $157. Despite the huge increase, the position size is nowhere near the 12% short position he had in Q1 2012 (SPY and QQQ puts at that time). Even so, the pattern of trades indicates an increasing bearish bias toward US equities.U S Airways Group Inc. (LCC): LCC stake was reduced by around 37% last quarter. This quarter saw a turnaround, as the position was doubled to 1.56% at prices between $13 and $17.50. The stock currently trades at around $19.50. Soros continues to play the uptrend in Airlines sector using long positions in LCC and DAL (see below).Stake Decreases:Acacia Research Corporation (ACTG): ACTG is a 1.28% position that was marginally reduced this quarter after increasing it marginally last quarter. The stake was increased by around 20% in Q3 2012 and 30% in Q2 2012. The bulk of the current stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at around $23.73, well below the lowest price Soros could have acquired the bulk of the stake at. For those attempting to follow Soros’s moves, ACTG is a good position to consider for further research.American International Group (AIG): AIG was Soros’s largest equity long position in the 13F portfolio as of Q3 2012 but it was reduced by over 40% last quarter to a still substantial 3.74% stake. The stake was further reduced by two-thirds this quarter at prices between $35 and $40. The position was established last quarter at prices between $30.15 and $35.02. Soros is moving on after having profitably played the uptrend.Apple Inc. (AAPL) & CALLS: The AAPL stake was reduced substantially this quarter to a 0.66% stake after having more than doubled the stake in the last quarter. APPL is a good trading stock for Soros and the position size has fluctuated for several quarters.Citigroup Inc. (C) & CALLS: C stake was reduced to an insignificant 0.28% position this quarter. It was his largest position last quarter at 4.46% - the bulk of that position was purchased at prices between $32 and $40. The stake reduction this quarter happened at prices between $40 and $48. As with COF, JPM, MS, and STI (see above under Stake Disposals), he played the up-trend in financials successfully and is moving on.Citrix Systems (CTXS): The 0.49% CTXS position was established at prices between $57 and $73 last quarter and reduced by around 38% this quarter at prices between $65 and $75.Delta Air Lines (DAL): DAL stake was reduced marginally this quarter to a 1.74% position. The stake was acquired in Q3 2012 at prices between $8.56 and $11.12 and increased by around 50% last quarter. The minor stake reduction does not indicate a change in bias - Soros is still playing the uptrend in airlines as is evidenced by his activity in DAL and LCC.Freeport-Mcmoran Copper (FCX): FCX stake was reduced to an insignificantly small 0.15% position this quarter at prices between $31.50 and $36. The position was purchased in Q3 2012 at prices between $31 and $43. The activity indicates a clear bearish bias.General Motors (GM), Home Depot (HD), Motorola Solutions Inc. (MSI), Netapp Inc. (NTAP), Wal-Mart Stores Inc. (WMT), Shutterfly Inc. (SFLY), and Manchester United PLC (MANU): These positions were reduced substantially this quarter at higher prices compared to his cost basis. Soros is successfully playing the trends in these businesses.Johnson & Johnson (JNJ) and Plains Exploration (PXP): These positions were reduced marginally this quarter. The minor activity does not indicate a clear bias.SPDR Gold ETF (GLD): GLD position was trimmed by 10% although other gold positions (GDX and GDXJ) were increased substantially (see above under Stake Increases).Kept Steady:Adecoagro S A (AGRO): AGRO is a fairly large 2.33% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $7.94, well below the IPO price of $11. The large position size indicates a bullish bias.Exar Corporation (EXAR) & Macys Inc. (M): These are very small stakes (less than 1% of the US long portfolio) that were kept steady in the quarter. EXAR is a longer term holding that was marginally reduced in Q3 2012 but has been kept steady since. M stake was purchased in Q1 2012 at prices between $35 and $40 and the stock currently trades at around $48. As the position sizes are very small, they do not indicate any clear bias.The spreadsheet below highlights Soros’s significant US long stock positions as of Q1 2013:"
"Tracking George Soros’s Portfolio – Q4 2012 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 02/14/2013. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2012.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio decreased this quarter from $ $9.27B to $8.36B. The number of positions went up slightly from 179 to 181. Very small stock positions and large debt holdings together account for the vast majority of the portfolio holdings. US long stock holdings of significant size (>0.5%) represent about 46% of the 13F portfolio. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Just three positions remained untouched during the quarter and six new positions figure among his substantial holdings.New stakes:Capital One Financial (COF), JP Morgan Chase (JPM), and Morgan Stanley (MS): COF, JPM, and MS are small (less than 1%) stakes established this quarter. The COF position was established at prices between $54.77 and $61.50 and it currently trades just below that range at $54. JPM position was purchased at prices between $39 and $45 and it trades currently outside that range at $49. MS position was purchased at prices between $16 and $19.50 and it trades currently at $24. Soros anticipated an uptrend in financials and it has worked for him as only COF is trading below his purchase price range.Anadarko Petroleum (APC), Plains Exploration (PXP), and Citrix Systems (CTXS): These are small stakes established this quarter. With APC & PXP, Soros appears to have successfully anticipated an uptrend in select areas of the energy space. He made several other adjustments to his positions in this area this quarter - Cheniere Energy & Denbury Resources stakes were eliminated, EQT Corp & Pioneer Natural Resources stakes were increased, and Peabody Energy stake was reduced. The APC position was purchased at prices between $66 and $76 and it currently trades at $82. The PXP stake was purchased at prices between $34 and $47 and it currently trades at $48. CTXS position was established at prices between $57 and $73 and it currently trades at $72.62.Stake Disposals:Dish Network (DISH): DISH was a 1.32% position that was disposed of this quarter at prices between $30 and $38. The position was decreased by around 10% last quarter. Soros doubled his stake in Q1 2012 and doubled it again in Q2 2012 at prices between $26.85 and $33.58. The original position was built in Q1 2011 when the share-price ranged between $19.66 and $24.40.Express Scripts (ESRX): ESRX was a 1.47% position that was built-up over several quarters starting with a very small stake in Q3 2011 at prices between $35.71 and $64.25. The stake elimination this quarter happened at prices between $50 and $66. The stock currently trades at around $56.Linkedin Corp. (LNKD) & Amazon.com (AMZN): LNKD was a 1.53% of the US long portfolio stake purchased between $93.51 and $123.23 last quarter and eliminated this quarter at prices between $95 and $122. It will be interesting to see whether Soros got back in to catch the 30% price-spike LNKD experienced this month. AMZN was a 0.7% of the US long portfolio position established last quarter at prices between $215.36 and $261.68 and disposed of this quarter at prices between $220 and $262. Soros has a history of trading AMZN’s price-trends and this was another of such foray.Cheniere Energy (LNG), Denbury Resources (DNR), Target Corporation (TGT), and Tyco International (TYC): These are small stakes (below 1% of the US long portfolio) purchased last quarter and disposed of this quarter.Stake Increases:Acacia Research Corporation (ACTG): ACTG is a 1.22% position that was marginally increased this quarter. The stake was increased by around 20% last quarter and 30% in Q2 2012. The bulk of the current stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at around $29.50, well below the lowest price Soros could have acquired the bulk of the stake at. For those attempting to follow Soros’s moves, ACTG is a good position to consider for further research.Apple Inc. (AAPL): The AAPL stake was more than doubled this quarter to a significant 1.17% stake. APPL is a good trading stock for Soros and the position size has fluctuated for several quarters.Delta Air Lines (DAL) and EQT Corporation (EQT): These are positions that were increased substantially this quarter. DAL position was increased by ~50% to a 1.36% position this quarter at prices between $9.16 and $12. The stake was acquired last quarter at prices between $8.56 and $11.12. It currently trades outside that range at $14.45. EQT is a 1.46% position that was roughly doubled this quarter at prices between $56 and $63. The original position was established in Q2 2012 at prices between $44 and $54.07. The stock currently trades at around $60. Airlines and Natural Gas are volatile areas of the market and Soros tends to position himself to profit from trading the cycles.Citigroup Inc. (C) & CALLS: C was a small ~0.5% stake established last quarter and increased to a large 4.46% stake this quarter at prices between $32 and $40. The stock currently trades at $44. It is currently Soros’s largest US long portfolio stake. He anticipated the up-trend in financials successfully - C, JPM and MS are trading well above his purchase price range.Johnson & Johnson (JNJ): JNJ is a 2.17% position that was marginally increased this quarter. The position was established last quarter at prices between $67.21 and $69.53. The stock currently trades well outside that range at around $76.Pioneer Natural Resources (PXD): PXD is a 2.66% of the US long portfolio position that was increased by around 50% this quarter at prices between $102 and $110. The original stake was established last quarter at prices between $82 and $113. The stock currently trades at $131.Freeport-Mcmoran Copper (FCX): FCX is a small 0.56% position that was increased marginally this quarter. The position was purchased last quarter at prices between $31 and $43 and the stock currently trades at $35. For investors attempting to follow Soros, FCX is a good stock to consider for further research, as it is trading near the low-end of his purchase price-range.Stake Decreases:American International Group (AIG): AIG was Soros’s largest equity long position in the 13F portfolio as of last quarter but it was reduced by over 40% this quarter to a still substantial 3.74% stake. The stake reduction happened at prices between $30.68 and $37.21. The position was established last quarter at prices between $30.15 and $35.02 and it currently trades at $38.35.CF Industries (CF): CF stake was reduced by over 40% to a 1.09% position this quarter. It was purchased last quarter at prices between $190.97 and $223.69. The stake reduction happened at prices between $195 and $225. The stock currently trades at $217.Charter Communications, Inc. (CHTR), Google Inc. (GOOG), Macys Inc. (M), Manchester United PLC (MANU): These positions were only marginally decreased this quarter and as such do not indicate a clear bias. The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78 and it currently trades at around $80. GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current stake was purchased last quarter at prices between $570.48 and $756.50 and the stock currently trades at around $793. M & MANU are smaller ~0.5% stakes. The original M stake was purchased in Q1 2012 at prices between $35 and $40 and the stock currently trades at $39. MANU stake was purchased last quarter at prices between $12 and $14 and the stock currently trades above $18. Soros is sitting on good gains on CHTR, GOOG, and MANU. It will be interesting to see how he plays them going forward.Peabody Energy (BTU), General Motors (GM), Suntrust Banks (STI), U S Airways Group Inc. (LCC), and Walgreen Company (WAG): These positions were reduced substantially to very small stakes this quarter. BTU and WAG stakes were reduced to minute stakes this quarter. The sizable stake reductions indicate a clear bearish bias toward these companies. GM, STI, and LCC stakes were also reduced by over 50%, over 60%, and over 37% respectively this quarter. Soros is successfully playing the trends in these businesses - the exits happened at higher price-points compared to his cost-basis.Motorola Solutions Inc. (MSI), Netapp Inc. (NTAP), Wal-Mart Stores Inc. (WMT), General Electric (GE), and S&P 500 SPDR (SPY) PUTS: These are medium-sized (1% to 3%) positions that were reduced substantially this quarter. MSI stake has fluctuated in the last few quarters. NTAP stake was reduced by one-third this quarter after a 35% stake increase last quarter and stake initiation in Q2 2012. WMT position was reduced by 50% to a 1.02% stake this quarter after reducing the stake by the same amount last quarter. It was Soros’s largest 13F position as of Q2 2012. WMT has stagnated since making a 30% move in 2012 and Soros is scaling out of that position, after having played the trend successfully. GE position was reduced by more than 50% this quarter in the $20 to $23 price range, slightly above his purchase price range of $18.15 to $20.84 in Q2 2012. SPY PUTS, the only substantial short position was reduced by 10% to a 1.28% position this quarter, a far cry from the 12% short position he had in Q1 2012 (SPY and QQQ puts at that time). The pattern of trades indicates a clear bullish bias toward US equities.SPDR Gold ETF (GLD), Market Vectors Gold Miner ETF (GDX), and Market Vectors Junior Gold Trust ETF (GDXJ): Combined, GDX, GDXJ, and GLD account for ~2.5% of the US long portfolio, down from ~4.5% as of last quarter. The stakes in all three of these gold related ETFs were reduced substantially, indicating a clear bearish bias toward gold prices. This is an about-turn for Soros as he was aggressively buying these stocks earlier in 2012. That stake build-up was rather unusual as he has said that Gold is the ultimate bubble when it was trading below $1300 in September 2010.The only other stake reduction among his significant positions was in Exar Corporation (EXAR). It is a longer term holding which was marginally reduced this quarter.Kept Steady:Adecoagro S A (AGRO): AGRO is a fairly large 2.63% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $8.31, well below the IPO price of $11. The large position indicates a bullish bias.Shutterfly Inc. (SFLY): SFLY is a 1.09% position established in Q1 2012 and increased by ~70% in Q2 2012. Last quarter, the position was increased by around 25% at prices between $28.68 and $34.18. The stock currently trades well above that range at $42.Home Depot (HD): HD is a 0.70% stake established last quarter at prices between $50 and $57. The stock currently trades at $67.52.The spreadsheet below highlights Soros’s significant US long stock positions as of Q4 2012:"
"Tracking George Soros’s Portfolio – Q3 2012 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 11/14/2012. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2012.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased substantially this quarter from $6.92B to $9.27B. The number of positions also went up from 168 to 179. Very small stock positions and large debt holdings together account for the vast majority of the portfolio holdings. US long stock holdings of significant size (>0.5%) represent about 52% of the 13F portfolio. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Just two positions remained untouched during the quarter and nineteen new positions figure among his large holdings. This is not a surprise as Soros follows a trend-following philosophy.New stakes:American International Group (AIG): AIG is Soros’s largest equity long position in the 13F portfolio. It accounts for around 5.4% of the US long portfolio. The stake was established this quarter at prices between $30.15 and $35.02. The stock had a low of around $30 in the quarter followed by an uptrend that lifted the share price over $37 by mid-October. It will be interesting to see whether he exited before the downtrend that followed.CF Industries (CF) & Johnson & Johnson (JNJ: CF and JNJ are ~2% of the US long portfolio stakes each initiated this quarter. CF was purchased at prices between $190.97 and $223.69. The stock currently trades at around $195. JNJ was purchased at prices between $67.21 and $69.53. The stock currently trades at around $69.Google Inc. (GOOG), Linkedin Corp. (LNKD), Pioneer Natural Resources (PXD), and Walgreen Company (WAG): GOOG and LNKD are ~1.5% of the US long portfolio stakes each purchased this quarter. GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The stake was purchased this quarter at prices between $570.48 and $756.50 and the stock currently trades at around $647. LNKD stake was purchased between $93.51 and $123.23 and it currently trades at $103.General Motors (GM), Peabody Energy (BTU), Amazon.com (AMZN), Cheniere Energy (LNG), Citigroup Inc. (C), Delta Air Lines (DAL), Denbury Resources (DNR), Freeport-Mcmoran Copper (FCX), Home Depot (HD), Target Corporation (TGT), Manchester United PLC (MANU), and Tyco International (TYC): These are very small stakes (below 1% of the US long portfolio) purchased this quarter. As the stakes are small, they do not signify a clear bias. AMZN is a 0.7% of the US long portfolio position established this quarter at prices between $215.36 and $261.68. The stock currently trades at around $221. Soros has a history of trading AMZN’s price-trends successfully and this is likely another of such forays.Stake Disposals:Comverse Technology (CMVT): CMVT is a 1.4% position that was reduced marginally last quarter before the elimination this quarter. The original stake was established in Q4 2011 at prices between $6.34 and $7 and the stake disposal this quarter happened at prices between $5.22 and $6.49. Soros probably realized some losses on this transaction. The stock currently trades well below that range at around $3 - the low price is because Comverse Inc. (CNSI) was spun-off in October which resulted in CMVT shareholders receiving one share of CNSI for every ten shares of CMVT held. CNSI started trading in late October at $27.80 per share, meaning CMVT shareholders received $2.78 worth of CNSI shares in the transaction. CNSI currently trades at around $27.20.Powershares (QQQ) PUTS: QQQ puts was a fairly large 4.3% position that was reduced to an insignificantly small stake last quarter and was eliminated this quarter. The cuts in the put positions along with the increase in the long portfolio positions indicate Soros has become progressively bullish on US equities in the last two quarters.Clorox Company (CLX) and PepsiCo Inc. (PEP): These are small (~0.5% of the US long portfolio) positions that were established last quarter and disposed-off this quarter. CLX was entered at prices between $67.03 and $73.06 and exited between $70.10 and $73.44. The stock currently trades at $74.29. PEP was purchased at prices between $68.79 and $73.58 and sold between $64.85 and $70.66. The stock currently trades at $68.31. The stake eliminations indicate a mild bearish bias.Stake Increases:Acacia Research Corporation (ACTG): ACTG is a ~1.2% position that was increased by around 20% this quarter. The stake was increased by 30% last quarter as well. The original stake was a very small position in the portfolio as of Q4 2011. The bulk of the current stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at around $23.5, well below the lowest price Soros could have acquired the bulk of the stake at. For those attempting to follow Soros’s moves, ACTG is a good position to consider for further research.Adecoagro S A (AGRO): AGRO is a fairly large ~3% of the US long portfolio position that was established prior to its IPO. The position was increased marginally in the last two quarters. The stock currently trades at around $8.60, well below the IPO price of $11. The large position indicates a bullish bias.Charter Communications, Inc. (CHTR): CHTR is a ~1.6% position that was roughly doubled last quarter and increased by around 5% this quarter. The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012. The stock traded between $56.15 and $70.78 during that time. It currently trades at around $69.27. The sector pick is in an uptrend and Soros is trading that trend. The pick is a good option to consider for following Soros although investors will have to wait for better entry points.General Electric (GE): GE is a 2.5% of the US long portfolio position established last quarter and increased incrementally by around 22% this quarter. The stock traded between $18.15 and $20.84 last quarter when the bulk of the stake was established and it currently trades at around $20.15. The stake build-up indicates a bullish bias.SPDR Gold ETF (GLD), Market Vectors Gold Miner ETF (GDX), and Market Vectors Junior Gold Miners ETF (GDXJ): Combined, GDX, GDXJ, and GLD account for ~4.5% of the US long portfolio. The stakes in GDX and GLD were increased substantially this quarter while the GDXJ stake was kept steady. The GDX stake was more than doubled this quarter at prices between $40.70 and $54.81 and the stock currently trades at around $46.50. The GLD stake was increased by around 50% at prices between $152.15 and $172.36 and the stock currently trades at around $166. The stake build-up in gold is an interesting trade for Soros as he has said that Gold is the ultimate bubble when it was trading below $1300 in September 2010. The trade becomes easier to digest when considering the fact that Soros is never afraid to play the up-cycle when he sees a bubble.Motorola Solutions Inc. (MSI): MSI is a ~1.5% of the US long portfolio stake that was increased by around 19% this quarter after having been decreased by around 10% last quarter. The stake increase represents a mild bullish bias.Netapp Inc. (NTAP): NTAP is a 2% position established last quarter and increased by around 35% this quarter. The stock is very volatile and traded between $28.37 and $45.57 during the period. It currently trades at around $30. The substantial stake build-up indicates a bullish bias. It is trading at the low end of the range Soros acquired the bulk of his stake at. It is a good option to consider for anyone following Soros’s trades.S&P 500 SPDR (SPY) PUTS: SPY puts, a ~1.3% position is his only substantial short position in his 13F portfolio. As of Q1 2012, SPY and QQQ puts together accounted for around 12% of the 13F portfolio. The relatively minor short stance at the moment indicates a clear bullish bias toward US equities.Suntrust Banks (STI): STI is a ~1.25% position that was increased by around 70% this quarter after reducing it by around 30% last quarter. The original stake was purchased in Q1 2012 at prices between $17.70 and $25 and the stake increase this quarter happened at prices between $22.75 and $29.91. It currently trades at around $26.Express Scripts (ESRX): ESRX is a ~1.4% position that has been built-up over several quarters starting with a very small stake in Q3 2011. During the period, the stock price has ranged between $35.71 and $64.25 and it trades currently at around $52.Shutterfly Inc. (SFLY): SFLY is a ~1% position established in Q1 2012 and increased by ~70% last quarter. This quarter, the position was increased by around 25% at prices between $28.68 and $34.18. The stock currently trades below that range at around $26.Macys Inc. (M), Apple Inc. (AAPL), DaVita Inc. (DVA), U S Airways Group Inc. (LCC): These are very small (<0.5% of the US long portfolio) positions that were increased slightly this quarter. The trading activity does not indicate a clear bias as the position sizes are too small.Stake Decreases:Dish Network (DISH): DISH is a ~1.3% position that was decreased by around 10% this quarter. The position was doubled during Q1 2012 and doubled again last quarter. The bulk of that buy activity happened at prices between $26.85 and $33.58. The stock traded between $26.31 and $33.15 this quarter and it currently trades outside that range at $35.55.Wal-Mart Stores Inc. (WMT): WMT was Soros’s largest position in the 13F portfolio as of last quarter and was reduced by ~50% this quarter to a 2% stake at prices between $69.35 and $75.14. The original position was established last quarter at prices between $57.36 and $69.72. The stock had a substantial 30% move this year after flat-lining for over a decade. Soros appears to be expertly trading the trend.Westport Innovations (WPRT): WPRT was a ~2.5% stake that was reduced to an insignificantly small stake this quarter at prices between $26.37 and $40.16. The bulk of the position was built between Q2 2010 and Q1 2011 at prices between $15.15 and $20.25. The stock currently trades at $25.57. Soros purchased the position by anticipating the uptrend in WPRT (speculation about the adoption of natural gas vehicles), rode it up by following the trend, and exited with handsome profits just as the trend started to reverse - a classic Soros transaction!EQT Corporation (EQT) & Elan PLC (ELN): These are small positions (less than 1% of US long portfolio) that were reduced substantially this quarter. EQT was a 1.2% position initiated last quarter at prices between $44 and $54.07. It was reduced this quarter by ~25% at prices between $52.99 and $59.25. The stock currently trades just outside that range at around $60. Natural gas related businesses are a volatile area of the market and Soros tends to position himself to profit from trading the cycles. ELN was a ~1% position that was reduced to an insignificantly small position this quarter at prices between $10.70 and $14.46. The stock currently trades just below that range at $10.35. The stake reductions indicate a mild bearish bias.Exar Corporation (EXAR) and Market Vectors Junior Gold Trust ETF (GDXJ) were the only sizable (more than 0.5%) positions that were left untouched during the quarter. The rest of the stocks are very small positions (less than 0.5%) and so the activity does not indicate any clear bias.Some options activity, although minor is worth a mention: Soros has put options on a couple of home builders - Pulte Group Inc. (PHM) & KB Home (KBH). Also, he has purchased call options on SPDR Metals Mining ETF (XME) and SPDR Materials ETF (XLB). The stakes are very small and so do not indicate a clear bias yet.The spreadsheet below highlights Soros’s significant US long stock positions as of Q3 2012:"
"Tracking George Soros’s Portfolio – Q2 2012 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory filed on 08/14/2012. Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2012.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~20% of the overall portfolio. The 13F portfolio increased marginally this quarter from $6.84B to $6.92B. The number of positions came down from 201 to 168. Very small stock positions and large debt holdings together account for the vast majority of the portfolio holdings. US long stock holdings of significant size (>0.5%) represent about 40% of the 13F portfolio. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Soros’s active trend-following philosophy is pretty evident from the activity this quarter as just one of his larger positions was left untouched during the quarter:New stakes:Wal-Mart Stores Inc. (WMT): WMT is Soros’s largest position in the 13F portfolio. It was initiated this quarter at prices between $57.36 and $69.72. The stock had a substantial 20% move this year after flat-lining for over a decade. Soros appears to be trading the uptrend in this position.General Electric (GE): GE is a 2.6% of the US long portfolio position established this quarter. The stock traded in a tight $18.15 to $20.84 trading range during the quarter. It currently trades just above that range at around $21. The sizable stake indicates a bullish bias.Netapp Inc. (NTAP): NTAP is a 2% position established this quarter. The stock had a very volatile quarter trading at prices between $28.61 and $45.57. It currently trades at around $33. The substantial new stake indicates a bullish bias.EQT Corporation (EQT): EQT is a 1.2% position initiated this quarter at prices between $44 and $54.07. The stock currently trades just outside that range at around $56. Natural gas related businesses are a volatile area of the market and Soros tends to position himself to profit from trading the cycles.Market Vectors Gold Miner ETF (GDX) and Market Vector Junior Gold Miner ETF (GDXJ): Together, GDX and GDXJ account for about 1.5% of the US long portfolio. Soros also has a significantly large ~2% position in SPDR Gold ETF (SPY). The stake build-up in gold is an interesting trade for Soros as he has said that Gold is the ultimate bubble when it was trading below $1300 in September 2010. The trade becomes easier to digest when considering the fact that Soros is never afraid to play the up-cycle when he sees a bubble.Clorox Company (CLX), PepsiCo Inc. (PEP), and Mosaic Company (MOS): These are small positions (<1%) established this quarter. Such positions do not indicate a clear bias.Stake Disposals:CVR Energy Inc. (CVI): CVI was a significant 1.5% stake established last quarter at prices between $18 and $30. It was disposed-off this quarter at prices between $23.95 and $31.35. The stock currently trades at around $29. Carl Icahn, the majority owner of CVI had plans to sell the company in the $36 per share price range. It did not pan out as no credible offers were received. Icahn became the majority owner of the company with ~82% of the shares outstanding in May 2012 following his tender offer at $30 per share.Chevron Corporation (CVX): CVX is a ~1.1% stake established last quarter at prices between $102 to $111 price-range. It was disposed-off this quarter at prices between $96.49 and $108.30. CVX currently trades at around $112.50.Interoil Corporation (IOC): IOC was a 1.2% stake that was eliminated this quarter at prices between $50.65 and $72.43. The stake was reduced by over 65% last quarter at prices between $51.41 and $74.73. The stock currently trades at around $78. The significant stake reduction followed by the elimination this quarter of a good-sized position indicates a clear bearish bias. IOC had a price-spike of around 30% in the last 45-days before settling back as Royal Dutch Shell Plc (RDS.A) said it was in talks to buy into IOC’s assets in Papua New Guinea (PNG). It will be interesting to see whether Soros participated in that price-action.SPDR Consumer Staples ETF (XLP) and SPDR Healthcare (XLV) PUTS: The short position in XLV and a long position in XLP were established last quarter but were promptly disposed-off this quarter. Both the stakes were small (less than 1%). XLP position was established at prices between $32 and $34 and was sold at prices between $33.16 and $34.77. The expiry date and the strike price for the XLV put positions are not in the 13F but the XLV ticker traded at prices between $34.69 and $37.50 last quarter and between $35.53 and $38 this quarter.Tesoro Corporation (TSO): TSO was a small 0.5% of the US long portfolio stake purchased last quarter at prices between $22 and $30. It was disposed-off this quarter at prices between $21.25 and $26.80. The stock currently trades at around $39.50. Here again, there was a price-spike this month and it will be interesting to see whether Soros re-entered and participated in the upward momentum.Medco Health (MHS), Medicines Inc. (MDCO), and Wells Fargo (WFC): These are minute (<0.2% of the US long portfolio) stakes that were disposed-off this quarter. They were trimmed drastically last quarter and the activity indicates a bearish bias. These stocks are currently trading near the highs for the year. It looks like Soros played the uptrend successfully with these positions.Stake Increases:Acacia Research Corporation (ACTG): ACTG is a ~2% position that was increased by around 30% this quarter. The original stake was a very small position in the portfolio as of Q4 2011. The bulk of the stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at $25, well below the lowest price Soros could have acquired the bulk of the stake at. For those attempting to follow Soros’s moves, ACTG is a good position to consider for further research.Charter Communications, Inc. (CHTR) and Dish Network (DISH): These ~2% positions were roughly doubled this quarter. The bulk of the CHTR stake was purchased last quarter before the stake doubling this quarter. The stock traded between $56.15 and $70.78 during this time. It currently trades at around $78. DISH position was doubled during Q1 2012 and doubled again this quarter. The stock traded between $26.85 and $33.58 during this time and it currently trades at $31.79. The sector picks have been in an uptrend and Soros is trading that trend. The picks are good options to consider for following Soros although investors will have to wait for better entry points.SPDR Gold ETF (GLD): GLD was a very small position in Q4 2011. It was increased by around 275% in Q1 2012 and around 175% in Q2 2012. GLD was trading between $149.46 and $173.49 during the period. It currently trades at around $157. The huge stake increase to a roughly 2% position indicates a clear bullish bias.Westport Innovations (WPRT): WPRT is a ~2.5% stake that was increased by around 40% this quarter. The position was built between Q2 2010 and Q1 2011 at prices between $15.15 and $20.25. The stock currently trades at around $39. It had a low of around $22 during the quarter. Soros is very bullish on the position as he increased the stake substantially this quarter at much higher prices compared to his cost-basis on the previous purchases.Elan PLC (ELN), Express Scripts (ESRX), and Shutterfly Inc. (SFLY): These are small positions (~1%) that were increased significantly this quarter. ELN and ESRX were increased last quarter as well and SFLY was a new position established last quarter and increased by ~70% this quarter. Despite the small position sizes, the trading activity indicates Soros is bullish on these businesses. SFLY and ESRX has had strong ~40% moves this year and so investors attempting to follow him will have to wait for better entry points. ELN is trading at around $11.5, just off the lows for the year.Adecoagro S A (AGRO): AGRO is a fairly large 3.5% of the US long portfolio position that was established prior to its IPO. The position was increased marginally this quarter. The stock currently trades at around $11.5, just above the IPO price of $11. The large position indicates a bullish bias.Stake Decreases:S&P 500 SPDR (SPY) PUTS & Powershares (QQQ) PUTS: The SPY puts were a huge 7.5% stake that was reduced to a less than 2% stake in Q2 2012. Similarly, QQQ puts was a fairly large 4.3% position that was reduced to an insignificantly small stake this quarter. The drastic cuts in the short positions in these market indexes indicate that Soros has become a lot less bearish on the market as of Q2 2012.Comverse Technology (CMVT): CMVT is a 1.4% position that was reduced marginally this quarter. The original stake was established in Q4 2011 at prices between $6.34 and $7. The stock currently trades below that range at around $6.10. For investors attempting follow Soros, CMVT is a good option to consider - despite the stake decrease, Soros still holds a significant stake and his cost-basis on the bulk of the holdings is higher than the current market price.Motorola Solutions Inc. (MSI): MSI is a ~2% of the US long portfolio stake that was reduced by around 10% this quarter. The stake is being decreased consistently over several quarters and the trading activity indicates a clear bearish bias.Suntrust Banks (STI): STI was reduced by around 30% to a less than 1% position this quarter. The stake was purchased last quarter at prices between $17.70 and $25. STI currently trades outside that range at around $25.50.Macys Inc. (M): M was reduced by almost 50% this quarter to a very small stake of less than 0.5%. The position was established last quarter at prices between $32 and $41 and it trades currently at around $39. The stake reduction indicates a mild bearish bias.Apple Inc. (AAPL), DaVita Inc. (DVA), Extreme Networks (EXTR), iShares Russell 2000 (IWM) PUTS, Mercury Computer (MRCY): These are very small (<0.5% of the US long portfolio) positions that were trimmed this quarter. The trading activity does not indicate a clear bias as the position sizes are too small.Exar Corporation (EXAR) was the only sizable (more than 0.5%) position that was left untouched during the quarter. The number of shares he holds in EXAR continues to raise some eyebrows - 6,666,666 - good fodder for conspiracy theorists. The spreadsheet below highlights Soros’s significant US long stock positions as of Q1 2012:"
"Tracking George Soros’s Portfolio – Q1 2012 Update"	"This article is part of a series that provide an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~20% of the overall portfolio. The US investments are diversified with a large number of very small positions and a small number of very large positions. As the small positions (<0.5%) are not an indication of a clear bias, the focus of the article is on the larger US long-portfolio positions.New stakes:CVR Energy Inc (CVI): CVI, a significant 1.5% stake, was purchased this quarter in the $18 to $30 price range. Carl Icahn agreed to buy the company at $30 per share and the majority of the shareholders accepted the deal as of early May. On a related note, investor John Paulson had positive remarks on CVI – he thinks Carl Icahn may be able to resell the company at ~$36 per share.Chevron Corp (CVX): CVS, a ~1.1% stake, was initiated this quarter in the $102 to $111 price-range. CVX currently trades at ~$98. The significant new stake signals a bullish bias.Macys Inc (M): M, a ~0.9% stake, was initiated this quarter in the $32 to $41 price range. M currently trades at around $35. The significant new stake indicates a bullish bias.SPDR Consumer Staples (XLP): XLP, a 0.5% position, was established this quarter when the price-per-share varied between $32 and $34. XLP currently trades at $33.50. The stake is too small to show any clear bias.Suntrust Banks (STI): STI, a 1.1% position, was introduced this quarter when the price-per-share varied between $17.70 and $25. STI currently trades at ~ $21.75. The noteworthy new stake indicates a bullish bias.Tesoro Corp (TSO): TSO, a 0.5% position, was picked up this quarter when the price-per-share varied between $22 and $30. TSO currently trades at the low end of that range. The stake is too slight to show any clear bias.Powershares QQQ Trust (QQQ) & SPDR Healthcare (XLV) PUTS: QQQ Puts, a large 4.3% position, was established this quarter when the price-per-share varied between $55.83 and $68.21. QQQ currently trades at ~$61. XLV Puts, a 1% position, was established this quarter when the price-per-share varied between $34.69 and $37.5. XLV currently trades at ~$36.Stake Disposals:Google Inc (GOOG): GOOG, a large ~3.5% stake, was eliminated this quarter when the price-per-share varied between $568 and $655. It currently trades at $600. GOOG had figured many times in the portfolio since 2008. The bulk of the most recent stake was established in Q4 2011 when the price-per-share varied between $495 and $646. The stake disposal points to a bearish bias.YPF Sociedad Anonima (YPF): YPF, 0.65% stake built up during 2011 when the price-per-share varied between $31 and $46.31, plunged sharply following the YPF nationalization announcement by the Argentine government. It currently trades well outside his purchase range at ~$12.50. Soros made his exit when YPF traded between $26 and $41 before the crippling price movement in mid-April following the announcement.Stake Increases:Comverse Technology (CMVT): CMVT, a 1.6% position, was increased by 10% during the quarter when the price-per-share varied between $6.03 and $6.91. It currently trades at around $6.20. The original stake was established in Q4 2011 when the price-per-share varied between $6.34 and $7. Soros is building a strong technology company bias into his portfolio and CMVT is an example of that trend – the small-cap software company ($1.33B market cap) is focused in billing and customer management of wireless, wire line, and cable services. For investors attempting to follow Soros, CMVT is a good option to consider.Express Scripts (ESRX): ESRX, a ~0.75% stake, was increased by around a third during the quarter when the price-per-share varied between $44.67 and $54.95. It was enhanced by a whopping 3.5 times in Q4 2011 when the price-per-share varied between $35.71 and $48.32. Protective puts placed for around 40% of the position as of Q4 2011 has also since been removed. ESRX currently trades at around $50. The significant stake enhancement along with the removal of the puts indicates a clear bullish bias.Dish Network (DISH): DISH, a 1% stake, was roughly doubled this quarter when the price-per-share varied between $27.64 and $33. It started out as a very small position in 2009 and was enhanced significantly to a 1% stake in Q1 2011 when the share-price ranged between $19.66 and $24.40. The stock currently trades at $28.48 which is at the low-end of the price-range Soros could have acquired the stake increase. Soros is definitely very bullish on DISH and for investors attempting to follow Soros DISH is a good stock to consider.Extreme Networks (EXTR): EXTR, a 0.5% stake established between Q2 2009 and Q4 2009 from a very low base when the share price varied between $1.61 and $3, was marginally increased this quarter when the price-per-share varied between $2.91 and $3.96. Currently it trades at $3.43. The minor stake increase does not represent a clear bias as the overall stake is still very small.S&P 500 SPDR (SPY) PUTS: The SPY puts are a huge 7.5% stake that was increased by around 150% this quarter. The original stake was built during Q1 and Q2 2011. It was trimmed down to a ~3% stake as of Q4 2011. The large stake increase indicates that Soros has become bearish on the S&P 500, as that index and overall market rallied ~10%.Stake Decreases:Apple Inc (AAPL): AAPL, a ~0.4% stake that had been in the portfolio since 2005, was reduced by 58% during the quarter. It was actively traded and in the last two years, the long position has varied between a low of 40K shares this quarter and a high of 305K shares in Q4 2010. The sizeable stake reduction reveals a bearish bias.Medco Health (MHS): MHS, a minute 0.2% stake, was reduced by around two-thirds during the quarter when the price-per-share varied between $55.90 and $67.64. The bulk of the original stake was established in Q4 2011 when the price-per-share varied between $45.64 and $58.11. The stock currently trades at around $70. The stake reduction signifies a mild bearish bias.Mercury Computer (MRCY): MRCY, a ~0.4% stake, was reduced by ~17% this quarter. It was built-up over the last four years and accounted for 0.67% of the US long portfolio in Q4 2011. MRCY traded between $13.29 and $15 during the quarter and is currently trading at around $11.80. The stake reduction shows a mild bearish bias.Wells Fargo (WFC): WFC, a ~0.2% stake, was reduced by over 60% this quarter when the price-per-share varied between $27.56 and $34.57. WFC stake was built to a sizeable ~2.5% of the US long portfolio stake in Q1 2011 when the price-per-share varied between $30.99 and $33.76. Around 80% of that was liquidated in Q2 2011 when the price-per-share varied between $25.36 and $32.40. WFC is currently trading at around $31. The major stake reduction indicates a bearish bias.Westport Innovations (WPRT): WPRT, a 1.8% stake aggressively built from Q2 2010 to Q1 2011 when the share price ranged between $15.15 and $20.25, was reduced by ~10% during the quarter. It currently trades at around $24, well outside the range Soros could have purchased the bulk of the stake at. The minor stake reduction suggests a mild bearish bias.DaVita Inc (DVA): DVA, a petite ~0.2% stake, was reduced by over 40% during the quarter. The bulk of the stake was established in Q1 2011 but was reduced by ~38% in Q4 2011. The significant stake reduction denotes a bearish bias.Interoil Corp (IOC): IOC, a 1.2% stake, was reduced by ~65%. The original stake was built between Q2 2009 and Q4 2010 and was trimmed by ~10% in Q4 2011. IOC traded in the $51.41 to $74.73 price range during the quarter and it currently trades around $55. The major stake reduction definitely points towards a bearish bias.Medicines (MDCO): MDCO, a minute stake established in Q3 2011 when the price-per-share varied between $12.52 and $17, was reduced by 80% during the quarter. During the quarter, the price-per-share varied between $18.29 and $22.28. It currently trades at around $21. The stake disposal implies a bearish bias.Motorola Solutions Inc (MSI): MSI, a 3.3% stake the bulk of which was acquired in Q1 2011 when the price-per-share varied between $37.15 and $44.40, was trimmed by ~25% this quarter when the price-per-share varied between $40.94 and $51.75. MSI currently trades at around $47. The position was trimmed by roughly the same percentage amount last quarter when the price-per-share varied between $40.62 and $47.41. The consistent stake disposal over two quarters indicates a bearish bias.iShares Russell 2000 (IWM) PUTS: This huge ~10% stake purchased in Q2 2011 was enhanced by ~20% in Q3 2011. The position was trimmed down to just ~1% of the US long portfolio in Q4 2011 and further reduced to just 0.5% this quarter. The share price varied between $60.97 and $84.41 during the last two quarters and currently trades at around $74.50. It is clear that Soros has become less bearish on IWM since Q4 2011.Adecoagro (AGRO), a pre-IPO investment was left untouched this quarter after a slight trimming in Q4 2011. It is a fairly large ~4% stake. The current share price is at $8.77 which is well below the IPO price of $11. EXAR Corp (EXAR) is a ~1% position that remained untouched during the quarter. The position was established in 2009 and was doubled in 2010 when the share price ranged in the $5 to $8 range. The stock trades now around $7.90. The rest of the positions are very small and as such does not signify a clear bias. The spreadsheet below shows 31 out of around 200 long positions that have an allocation greater than 0.5% of Soros’s US long portfolio as of Q1 2012:Please visit our for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2011.02/19/2012"
"Tracking George Soros’s Portfolio – Q4 2011 Update"	"This series of articles are an ongoing analysis of the changes made to George Soros’s stock portfolio on a quarterly basis. Soros Fund Management invests globally and long positions in the market reported in the 13F filings represent only ~20% of the overall portfolio. The investments are diversified with a large number of very small positions and a small number of very large positions. As the small positions (<0.5%) are not an indication of a clear bias, the focus is on the larger positions.New stakes:Comverse Technology (CMVT): CMVT, established this quarter when the price-per-share varied between $6.34 and $7, is a 2% of the US long portfolio stake. Currently the stock trades at $6.38. The portfolio is experiencing a strong technology company bias and CMVT acquisition highlights that trend – this small-cap software company ($1.33B market cap) is focused in billing and customer management of wireless, wireline, and cable services. For investors attempting to follow Soros’s trades, CMVT is a good option to consider.Stake Disposals:Amazon.com Inc (AMZN): AMZN, a ~1% of the US long portfolio stake, was liquidated in the quarter when the price-per-share varied between $173 and $247. The stock has been in the portfolio since early on and was actively traded. 2011 started with the fund holding a ~1% position and then it was trimmed down to a ~0.1% position in Q2 2011 and upped again to a ~1% position in Q3 2011. Soros essentially employed AMZN as a trading stock during the year.Emdeon Inc (EM): The bulk of the ~2% of the US long portfolio stake was purchased in Q3 2009 when the price-per-share varied between $15.23 and $17.49. The stake was established immediately after the IPO of EM (August 12, 2009). The company was acquired by Blackstone Group on August 4, 2011 at $19 per share in cash and so the stake disposal.Stake Increases:Apple Inc (AAPL): AAPL, a ~0.5% of the US long portfolio stake, has consistently figured in the portfolio since 2005 and has been actively traded. As of Q4 2010, the fund held about 305K shares. The stake reduced to ~83K shares by Q3 2011 and has since mustered vigor and as of Q4 2011is at 95K shares. Between Q3 2011 and Q4 2011, the fund’s long exposure to AAPL reduced substantially as the fund liquidated a fairly large stake (~1.5% of the US long portfolio) in Apple Calls.Express Scripts (ESRX): ESRX, a ~0.7% of the US long portfolio stake, was enhanced 3.5-times this quarter. Protective puts are in place for around 40% of that position. The initial long position was established in Q3 and Q4 of 2009 when the price-per-share varied between $32.36 and $52.67. In Q4 2011, the price-per-share varied between $35.71 and $48.32. The stock currently trades at $52.01. The significant stake enhancement this quarter indicates a mild bullish bias.Google Inc (GOOG): GOOG, a fairly large ~3.5% of the US long portfolio, has played peek-a-boo with the portfolio since 2008. In Q1 2011, a ~2% position was held in GOOG stock which was sold in Q2 2011 and an insignificantly small stake was reestablished in Q3 2011. The large stake increase this quarter when the price-per-share varied between $495 and $646 signifies a strong bullish bias.Medco Health (MHS): Since 2010 a very small stake in MHS was present in the portfolio. In Q4 2011, a more significant 0.6% stake was added when the price-per-share varied between $45.64 and $58.11. The stock currently trades at $64.01. Soros is hedged against down-side risk in MHS through protective puts on 38% of the shares. The stake building signifies a mild bullish bias.Mercury Computer (MRCY): MRCY, consistently built-up from a very low base in 2007, now accounts for 0.67% of the long portfolio. As the stake has almost doubled in the last two years it is clear Soros is very bullish on this position. The stock traded between $10.85 and $21.73 during the period and is currently trading at $14.95. For investors attempting to shadow Soros, MRCY is a respectable option and is trading at the mid-point of the range of prices Soros could have paid in the last two years.Wells Fargo (WFC): WFC has been in the portfolio since 2009 though insignificant positions were also held prior to this date. A comparatively large ~2.5% of the US long portfolio stake was established in Q1 2011 when the price-per-share varied between $30.99 and $33.76. Around 80% of that stake was liquidated in Q2 2011 when the price-per-share varied between $25.36 and $32.40. A 0.7% stake was reestablished in Q4 2011 when the price-per-share varied between $23.18 and $27.79. The stock is currently trading outside that range at around $31. The stake reestablishment indicates a mild bullish bias.Westport Innovations (WPRT): WPRT, a significant 2.3% of the US long portfolio stake, was incrementally increased this quarter. The stake was aggressively built from Q2 2010 to Q1 2011 from 2.34M shares to a high of 5.5M shares when the share price ranged between $15.15 and $20.25. Since then the position was trimmed to ~3.16M shares by Q3 2011 when the share price ranged between $20 and $31.63. The slight stake increase in the price-range $25.20 to $33.65 indicates a mild bullish bias. The stock currently trades at $44.90, well above the range Soros acquired the shares at.YPF Sociedad Anonima (YPF): YPF, a 0.65% stake, is being built up since Q1 2011 when the price-per-share varied between $31 and $46.31. The stock is currently trading in the low-end of that price range. For investors seeking to shadow Soros, YPF is a good option to consider.Stake Decreases:Adecoagro (AGRO): AGRO, a pre-IPO investment, was slightly reduced to a ~4.6% of the US long portfolio stake this quarter. It ranks among his largest investments and as such he is quite bullish. The share price at $9.60 is well below the IPO price of $11 and the 52-week ranges from $7.16 to $13.91.DaVita Inc (DVA): DVA, a ~1% stake established in Q1 2011 from a very small base, was thinned by ~38% in the quarter and it now accounts for ~0.5% of the US long portfolio. The significant stake reduction in the quarter clearly indicates a bearish bias.Dish Network (DISH): DISH, a very small position established in 2009, was enhanced significantly to a 1% of the US long portfolio stake in Q1 2011 when the share-price ranged between $19.66 and $24.40. The stock currently trades at $29.02. Soros is bullish on DISH, but as the stock is trading well outside his Q1 2011 purchase price-range, investors wishing to follow Soros should wait for a better entry point.Extreme Networks (EXTR): EXTR is a 0.5% stake established between Q2 2009 and Q4 2009 from a very low base when the share price varied between $1.61 and $3. Currently it trades at $3.46. The stake was trimmed slightly in the last two quarters. As such, the trades do not indicate a clear bearish bias.Interoil Corp (IOC): IOC, a large 4.9% of the long portfolio built from Q2 2009 and Q4 2010, was trimmed by ~10% during the quarter. Despite this, the fairly large stake indicates a bullish bias. IOC traded in the $24.75 to $83.65 price range during the period and it currently trades around $65.iShares Russell 2000 (IWM) PUTS and S&P 500 SPDR (SPY) PUTS: The bulk of the huge ~10% of the US long portfolio stake in IWM puts were purchased in Q2 2011 and was enhanced by ~20% in Q3 2011. It was trimmed down to just ~1% of the long portfolio this quarter. The share price varied between $64.25 and $94.35 during those two quarters and currently trades at $82.79. The SPY puts are a similarly huge stake built during Q1 and Q2 2011. It was trimmed down to a ~3% of the long portfolio this quarter. It is clear that Soros has become less bearish as of Q4 2011. As the expiry dates and exact transaction dates are not disclosed, it is unclear how the transactions worked out for Soros.Medicines (MDCO): MDCO, a 0.5% of the long portfolio stake, was reduced by 26.5% during the quarter. The stake was established in Q3 2011 when the price-per-share varied between $12.52 and $17. In Q4 2011, the price-per-share varied between $14.88 and $19.91 and currently trades at around $21. The stake disposal indicates a mild bearish bias.Motorola Solutions Inc (MSI): The bulk of the large MSI stake (4.9% of the long portfolio) was built in Q1 2011 when the price-per-share varied between $37.15 and $44.40. The position was trimmed by around 24.25% this quarter when the price-per-share varied between $40.62 and $47.41. Given the large remaining position, the stake disposal does not indicate a clear bearish bias.Visteon (VC): VC, a large ~2.8% of the long portfolio stake, was established in Q1 2011 when the price-per-share varied between $69.68 and $74.99. It was trimmed down to just a ~0.25% of the long portfolio stake during the quarter. During Q4 2011, the price-per-share varied between $40.68 and $58.16. Even in the best-case-scenario, Soros must have realized losses on this transaction. The significant stake disposal indicates a clear bearish bias.EXAR Corp (EXAR): EXAR, a relatively large (~1% of the US long portfolio) position, remained untouched during the quarter. The stake established in 2009 was doubled in 2010 when the share price ranged in the $5 to $8 range. Since then, the position has remained almost steady. The stock trades now around $7. The current share count reads “6,666,666” – fodder for conspiracy theorists.The rest of the positions were very small and as such does not signify a clear bias. The spreadsheet below shows 22 out of the 145 long positions that have an allocation greater than 0.5% of Soros’s US long portfolio as of Q4 2011:Please visit our for an idea on how his holdings have progressed over the years."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q2 2023 Update"	"….….….This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 8/14/2023. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2023.Greenlight Capital’s 13F portfolio value stood at $2.13B this quarter. It is up ~16% compared to $1.84B as of last quarter. Einhorn’s Q2 2023 letter reported that the fund returned 14.5% for Q2 2023 vs 8.7% for the S&P 500 Index. Since 1996 inception, Greenlight has returned ~12.6% annualized vs 9.1% annualized for S&P 500 index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Net Power Inc. (NPWR): NPWR is a 1.53% of the portfolio position purchased this quarter at a cost-basis of $10.10 per share. The stock currently trades at $15.58.Activision Blizzard (ATVI), First Horizon Corp (FHC), and Seadrill Ltd. (SDRL): These are very small (less than ~1% of the portfolio each) new stakes established this quarter.Stake Disposals:Global Payments (GPN): GPN was a 3.43% of the portfolio stake. It was established in Q4 2021 at prices between ~$118 and ~$161. Q3 2022 saw the stake sold down by ~47% at prices between ~$108 and ~$137. There was a ~120% stake increase in the last two quarters at prices between ~$93 and ~$125. The disposal this quarter was at prices between ~$96 and ~$113. The stock is now at ~$126.Note: Greenlight’s Q2 2023 letter mentioned a ~6% IRR on this holding. They exited as they were uncomfortable with the company’s increasingly large adjustments to reported numbers and an abrupt CEO change.Civitas Resources (CIVI): The 1.70% CIVI stake saw a roughly two-thirds increase during Q4 2022 at prices between ~$56 and ~$71 and it is now at $85.24. The position was sold this quarter at prices between ~$65 and ~$74.Note: The investment had a ~35% IRR. The stake came about through purchasing distressed debt of Extraction Oil & Gas before it’s bankruptcy in June 2020.Concentrix Corp (CNXC): The small 1.37% CNXC position saw a ~150% stake increase during Q3 2022 at prices between ~$110 and ~$137. That was followed with a ~115% increase this quarter at prices between ~$118 and ~$151. The disposal this quarter was at prices between ~$81 and ~$122. The stock currently trades at ~$72.Stake Increases:Consol Energy (CEIX): CEIX is a large (top three) ~9% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December 2020. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. The three quarters through Q4 2022 saw a ~23% net increase at prices between ~$35.50 and ~$77.50. There was another ~50% increase last quarter at prices between ~$51 and ~$64. This quarter also saw a minor ~5% further increase. CEIX currently trades at ~$93.Black Knight Inc. (BKI): BKI was a merger-arbitrage stake established last quarter at a cost-basis of $60.59. Intercontinental Exchange (ICE) acquired them for a $75 per share cash-and-stock deal that closed last week.Capri Holdings (CPRI): The 2.77% CPRI position was purchased in 2021 at prices between ~$40.50 and ~$67. Q1 2022 saw a ~12% trimming while next quarter there was a ~20% stake increase. That was followed by a ~75% increase in the last two quarters at prices between ~$34 and ~$68. The stock is now at $52.78.Southwestern Energy (SWN): SWN is a 2.60% of the portfolio stake established in Q1 2022 at an average price of $6.58. The stock currently trades at $6.66. There was a ~48% stake increase during Q3 2022 at prices between ~$5.60 and ~$8.10. That was followed by a similar increase in the next quarter at prices between ~$5.50 and ~$7.25. The last two quarters saw only minor adjustments.Graphic Packaging Holding (GPK): The small ~2% stake in GPK saw a two-thirds increase this quarter at prices between ~$23.50 and ~$27. The stock currently trades at $22.10.Stake Decreases:Tenet Healthcare (THC) and Gulfport Energy (GPOR): THC is a 3.56% of the portfolio position purchased during Q4 2022 at a cost-basis of $48.61. The stock currently trades at $74.73. There was a ~117% stake increase last quarter at prices between ~$49 and ~$62. This quarter saw a one-third reduction at prices between ~$58 and ~$82. GPOR is a ~1% of the portfolio stake built in the last two quarters at prices between ~$61 and ~$97. It is now at ~$121. There was a ~25% selling this quarter at prices between ~$76 and ~$108.The ODP Corp (ODP): ODP is a 3.33% of the portfolio position primarily built over the three quarters through Q4 2021 at prices between ~$36 and ~$50. The stock currently trades at ~$48. There was a ~20% stake increase in Q2 2022 at prices between ~$29 and ~$46. The last three quarters saw minor trimming.Note: Greenlight’s cost-basis is ~$44.Kyndryl Holdings (KD): KD is a 2.77% of the portfolio position built over the five quarters through Q4 2022 at prices between ~$8.25 and ~$41 and the stock is now at ~$17. There was a ~50% selling this quarter at prices between ~$11.50 and ~$15.Teck Resources (TECK): TECK is a 2.66% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 had seen a stake doubling at prices between ~$19.50 and ~$26.80. There was ~55% selling over the next three quarters at prices between ~$26 and ~$46. The last three quarters had seen a ~25% increase at prices between ~$26 and ~$44. This quarter saw a ~45% reduction at prices between ~$36.50 and ~$49. The stock currently trades at $40.31.Weatherford plc (WFRD): The 1.35% of the portfolio position in WFRD was purchased in Q1 2022 at an average price of $32.27 and it is now at ~$94. Q4 2022 saw a ~22% reduction at prices between ~$32 and ~$51. That was followed by similar selling this quarter at prices between ~$56 and ~$66.iShares Silver Trust (SLV): SLV is a 1.21% of the portfolio position established in Q3 2021 at prices between ~$20 and ~$24.50 and the stock currently trades at ~$21. There was a ~17% trimming this quarter.New York Community Bancorp (NYCB): The 0.90% NYCB stake was established last quarter at prices between ~$6.40 and ~$10.40. It was sold down by ~25% this quarter at prices between ~$8.50 and ~$11. The stock is now at $11.88.Resideo Technologies (REZI): The 0.65% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 saw a one-third increase at prices between ~$10 and ~$22.50 while the next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming in Q4 2021. Next quarter saw a ~30% stake increase at prices between ~$23 and ~$27. There was a two-thirds reduction in the last two quarters at prices between ~$16 and ~$20. The stock is now at ~$16.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~44% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. The stock currently trades at $45.61.Note: Regulatory filings since the quarter ended show them owning ~13.1M shares (~29% of the business). This is compared to 16.6M shares in the 13F report. The reduction was primarily due to in-kind distributions to redeeming shareholders rather than actual sales in the open market.Brighthouse Financial (BHF): BHF is a large (top three) stake at ~7% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. The stock is currently at $49.69.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.LivaNova plc (LIVN): The 2.50% of the portfolio stake in LIVN was built over the six quarters through Q3 2022 at prices between ~$44 and ~$92. The stock is now at $53.64. There was a ~23% stake increase last quarter at prices between ~$41 and ~$58.SPDR Gold Trust (GLD): The 1.91% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. H1 2022 had seen a ~140% stake increase at prices between ~$167 and ~$192. The next two quarters saw a ~24% reduction at prices between ~$151 and ~$170. It currently trades at ~$178.First Citizens BancShares (FCNCA): FCNCA is a small 1.36% of the portfolio position purchased last quarter at prices between ~$509 and ~$973 and the stock currently trades well above that range at ~$1327.GoPro Inc. (GPRO): The 0.50% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50. There was a ~20% selling in Q4 2021 at prices between ~$8.50 and ~$11.60. The stock currently trades at $3.44.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q1 2023 and Q2 2023.Info from Q1 2023 Letter – Performance – negative 1.3% through Q1 2023 vs 7.5% for S&P. ~12.6% annualized since 1996 inception vs 9.1% annualized for S&P 500 index. Commentary – POSTURE: likely change in Fed policy post SVB might be bullish for both inflation and stocks. Hence switched from bearish to neutral stance – shorts were mostly covered – net long back at long-term average. GRBK – biggest loser in 2022 is now the biggest winner – highest gross margins in the industry. Also enviable land position in the most desirable markets. Single-digit P/E needs should get rerated. KD – “bad business” spinoff is second-biggest winner in the quarter. Has no-margin contracts (IBM allowed it to be a loss leader to sell more hardware for years) that would take several years to work through. Should rerate eventually as KD closes the margin gap with its peers. OSH – bearish commentary on CVS acquisition & VBCs in general – assumptions are outrageous - $1M adjusted revenue per doctor is what they get now with zero margins – to justify price, have to triple doctor count while increasing margins from below 0 to 100% ($1M per doctor EBITDA). Further, the proxy revealed that CVS raised its uncontested bid several times in the auction for OSH. BHF – went down with banks – they own bonds but they are ultra-long duration and so is a beneficiary of higher rates. Short Portfolio – liquidated a bunch. Closed bubble basket shorts. Macro - small detractor . Winners: . Detractors: . New Positions: BKI, NYCB, and FCNCA – NYCB and FCNCA are similar. Beneficiaries of Signature and Silicon Valley Bank liquidations. BKI is merger arbitrage. FTC has sued to block deal. Deal break value is conservatively $51. Cost-basis is $60.59. Market thinks there is only 25% chance deal will go through while they believe it is closer to 75%. . Exits: . Exposure - 106% long and 50% short. Largest Long Positions –Brighthouse Financial, CONSOL Energy, Green brick Partners, Kyndryl Holdings, and Teck Resources.Regulatory filings from 3/5/2023 to 5/22/2023: None."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q1 2023 Update"	"David Einhorn's 13F stock portfolio value increased from $1.44B to $1.84B this quarter.Greenlight added First Citizens BancShares and New York Community Bancorp. They also increased Consol Energy, Tenet Healthcare, Concentrix Corp, and Gulfport Energy substantially this quarter.The largest three positions are at ~48% of the portfolio. As of Q1 2023, the overall portfolio is 106% long and 50% short. The short portfolio was substantially reduced from 84% as of Q3 2022.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 5/15/2023. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2022.Greenlight Capital’s 13F portfolio value stood at $1.84B this quarter. It is up ~27% compared to $1.41B as of last quarter as they increased their net-long position. Einhorn’s Q1 2023 letter reported that the fund returned negative 1.3% for Q1 2023 vs 7.5% for the S&P 500 Index. Since 1996 inception, Greenlight has returned ~12.6% annualized vs 9.1% annualized for S&P 500 index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Black Knight Inc. (BKI), First Citizens BancShares (FCNCA), and New York Community Bancorp (NYCB): BKI is a merger-arbitrage stake established this quarter at a cost-basis of $60.59. Intercontinental Exchange (ICE) is acquiring them for a $75 per share cash-and-stock deal. FTC has sued to block the merger. The stock currently trades at $56.12. FCNCA is a small 1.19% of the portfolio position purchased this quarter at prices between ~$509 and ~$973 and the stock currently trades well above that range at ~$1285. The 1.12% NYCB stake was established at prices between ~$6.40 and ~$10.40 and the stock is now above that range at $10.95.Stake Disposals:Victoria’s Secret (VSCO): The ~1% stake in VSCO was built during Q4 2021 at prices between ~$47 and ~$59. There was a ~70% stake increase in Q2 2022 at prices between ~$28 and ~$51. Last quarter saw a ~40% reduction at prices between ~$29 and ~$48. The disposal this quarter was at prices between ~$30 and ~$46. The stock is now at ~$18.Note: VSCO is a spinoff from Bath & Body Works (previously L Brands) that started trading in August 2021 at ~$46 per share. Greenlight’s Q1 2023 letter had the following regarding this position: they exited with a small loss over an 18-month holding period.Stake Increases:Consol Energy (CEIX): CEIX is a large (top three) 8.60% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December 2020. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. The last three quarters saw a ~23% net increase at prices between ~$35.50 and ~$77.50. There was another ~50% increase this quarter at prices between ~$51 and ~$64. CEIX currently trades at ~$63.Teck Resources (TECK): TECK is a large (top five) ~5% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock currently trades at $42.51. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 had seen a stake doubling at prices between ~$19.50 and ~$26.80. There was ~55% selling over the next three quarters at prices between ~$26 and ~$46. The last three quarters have seen a ~25% increase at prices between ~$26 and ~$44.Global Payments (GPN): GPN is a now at 3.43% of the portfolio stake. It was established in Q4 2021 at prices between ~$118 and ~$161. Q3 2022 saw the stake sold down by ~47% at prices between ~$108 and ~$137. There was a ~120% stake increase in the last two quarters at prices between ~$93 and ~$125. The stock is now at ~$100.Capri Holdings (CPRI): The 3.18% CPRI position was purchased in 2021 at prices between ~$40.50 and ~$67. Q1 2022 saw a ~12% trimming while next quarter there was a ~20% stake increase. That was followed by a one-third increase this quarter at prices between ~$41 and ~$68. The stock is now at ~$37.Note: Greenlight’s cost-basis is ~$56.LivaNova plc (LIVN): The 2.45% of the portfolio stake in LIVN was built over the six quarters through Q3 2022 at prices between ~$44 and ~$92. The stock is now at $47.43. There was a ~23% stake increase this quarter at prices between ~$41 and ~$58.SPDR Gold Trust (GLD): The 2.27% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. H1 2022 had seen a ~140% stake increase at prices between ~$167 and ~$192. The last two quarters saw a ~24% reduction at prices between ~$151 and ~$170. It currently trades at ~$182. This quarter saw a ~9% increase.Concentrix Corp (CNXC): The small 1.37% CNXC position saw a ~150% stake increase during Q3 2022 at prices between ~$110 and ~$137. That was followed with a ~115% increase this quarter at prices between ~$118 and ~$151. The stock currently trades at $83.44.Tenet Healthcare (THC) and Gulfport Energy (GPOR): THC is a 2.23% of the portfolio position purchased last quarter at a cost-basis of $48.61. The stock currently trades at $72.81. There was a ~117% stake increase this quarter at prices between ~$49 and ~$62. GPOR is a 1.23% of the portfolio stake built in the last two quarters at prices between ~$61 and ~$97. It is now at ~$101.Stake Decreases:Green Brick Partners (GRBK): GRBK is currently the largest position at ~32% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. The stock currently trades at $55.69. They own ~38% of the business. There was a minor ~2% trimming this quarter.Note: Their Q1 2023 letter had the following regarding GRBK. It was their biggest winner this quarter. This followed significant underperformance last year.Brighthouse Financial (BHF): BHF is a large (top three) stake at 7.49% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. The stock is currently at $44.42. The last six quarters have seen minor trimming.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Kyndryl Holdings (KD): KD is a large (top five) 6.82% of the portfolio position built over the last five quarters at prices between ~$8.25 and ~$41 and the stock is now at $12.43. There was a minor ~6% trimming this quarter.The ODP Corp (ODP): ODP is a ~4% of the portfolio position primarily built over the three quarters through Q4 2021 at prices between ~$36 and ~$50. The stock currently trades at ~$43.80. There was a ~20% stake increase in Q2 2022 at prices between ~$29 and ~$46. The last two quarters saw minor trimming.Note: Greenlight’s cost-basis is ~$44.Southwestern Energy (SWN): SWN is a 2.42% of the portfolio stake established in Q1 2022 at an average price of $6.58. The stock currently trades at $5.26. There was a ~48% stake increase during Q3 2022 at prices between ~$5.60 and ~$8.10. That was followed with a similar increase last quarter at prices between ~$5.50 and ~$7.25. This quarter saw marginal trimming.Weatherford plc (WFRD): The 1.87% of the portfolio position in WFRD was purchased in Q1 2022 at an average price of $32.27 and it is now at $65.29. The last quarter saw a ~22% reduction at prices between ~$32 and ~$51. There was marginal trimming this quarter.iShares Silver Trust (SLV): SLV is a 1.79% of the portfolio position established in Q3 2021 at prices between ~$20 and ~$24.50 and the stock currently trades at $22.27. There was a minor ~5% trimming in the last two quarters.Civitas Resources (CIVI): The 1.70% CIVI stake saw a roughly two-thirds increase last quarter at prices between ~$56 and ~$71 and it is now at $71.24. There was marginal trimming this quarter.GoPro Inc. (GPRO): The 0.70% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50. There was a ~20% selling in Q4 2021 at prices between ~$8.50 and ~$11.60. The stock currently trades at $4.18. The last few quarters have seen minor trimming.Resideo Technologies (REZI): The 0.65% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 saw a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming in Q4 2021. Next quarter saw a ~30% stake increase at prices between ~$23 and ~$27. There was a ~55% selling this quarter at prices between ~$16.75 and ~$20. The stock is now at $17.42.Kept Steady:Graphic Packaging Holding (GPK): The small 1.48% stake in GPK was kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q4 2022 and Q1 2023.Info from Q4 2022 Letter – Performance – positive 36.6% in 2022 vs negative 18.1% for S&P. ~12.8% annualized since 1996 inception vs 8.9% annualized for S&P 500 index. Sticking with value helped in 2022 – still may have some more as growth is still up since EOY 2016. Commentary – Long book was profitable for the year. POSTURE: bullish on inflation and bearish on stocks. GRBK – suffered due to macro (housing market) and estimates coming down. Should perform better in 2023 as it should trade at a multiple of trough earnings as they have favorable land position and conservative balance sheet. DNMR – switched most of holding from common to convertibles in 2021. Later in 2022, added again to common. Converts at 40c on the dollar provides optionality. Opportunity, if we are proven correct. CEIX– $22.71 to $65 in the year at $2.05 in dividends No net debt. Hedges gone and so should earn higher from mhere on. Pricing of 2023 and some of 2024 locked in. Should generate free-cash-flow equal to today’s market cap in next two years CEIX should continue to be hot. TECK – Advanced from $28.82 to $37.82 with 2022 earnings projected at ~$7.15, well above BOY $4.68 estimate. 2023 estimate is $4.13 – should be upside surprises. But, inexpensive without that. Expects large capital returns in near term. Short Portfolio – no losses and two big winners – but fairly diversified. BUBBLE BASKET – Current - ~31 stock in early 2022 - ~6% of capital – still in place after large drop. Overall has generated 6.8% alpha in the 2014-22 timeframe. Previous - ~66 stocks in 2014 - premise to short stocks that they think will be expensive even if they drop 80% - was still premature as it lost money – cumulative 11.3% loss over several years – liquidated in March 2020. Macro – Best year – wagered Fed would tighten more than anticipated. Also inflation swaps – inflation + expectation would increase more than anticipated . Winners: . Detractors: . New Positions: THC – Shift to ambulatory surgery centers (ASC) should generate sustainable cashflows. 50% pullback due to COVID related lowered guidance. This gave us an opportunity – acquired in December and January at $48.61 cost-basis – 8.7x 2023 estimates – also repurchase of 20% of shares by EOY 2024 announced should be a tailwind. Exits: . Exposure - 96% long and 56% short. Largest Long Positions –Brighthouse Financial, CONSOL Energy, Green brick Partners, Kyndryl Holdings, and Teck Resources.Regulatory filings from 12/22/2022 to 3/5/2023: 13G/A – 2/14 – CEIX – 1.81M shares – 5.2% of business, TLIS – Talis Bio – 2.24M shares – 8.3% of business, . Form 4 – ¼ - GRBK – in-kind distribution of ~310K shares that did not change ownership profile."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q4 2022 Update"	"David Einhorn's 13F stock portfolio value increased from $1.41B to $1.44B this quarter.Greenlight added Tenet Healthcare and increased Kyndryl Holdings, Southwestern Energy, and Global Payments during the quarter.The largest three positions are at ~48% of the portfolio. As of EOY 2022, the overall portfolio is 96% long and 56% short. The short portfolio was substantially reduced from 84% as of last quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 2/14/2023. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2022.Greenlight Capital’s 13F portfolio value stood at $1.44B this quarter. It is up ~2% compared to $1.41B as of last quarter. Einhorn’s Q4 2022 letter reported that the fund had a stellar year: positive 36.6% in 2022 vs negative 18.1% for S&P. Since 1996 inception, Greenlight has returned ~12.8% annualized vs 8.9% annualized for S&P 500 index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Their Q4 2022 letter had the following regarding Danimer Scientific (DNMR). They switched most of their position from common to converts in 2021. Later in 2022, they also increased the position in common as the stock crashed.New Stakes:Tenet Healthcare (THC) and Gulfport Energy (GPOR): These are the new positions this quarter. THC is a 2.23% of the portfolio position purchased at a cost-basis of $48.61. The stock currently trades at $61.20. GPOR is a very small 0.64% of the portfolio stake established during the quarter.Stake Disposals:Twitter Inc.: The large merger-arbitrage stake was established last August at a cost-basis of ~$37. The stake got disposed as the deal closed at $54.20 per share last October.Note: This merger-arbitrage stake was disclosed as the third largest contributor to 2022 performance.Intel Corp (INTC): INTC was a 1.30% of the portfolio position purchased last quarter at prices between ~$26 and ~$41. The disposal this quarter was at prices between ~$25 and ~$31. The stock currently trades at $26.40.Change Healthcare: Change Healthcare was a 1.56% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24 and further selling since. UnitedHealth (UNH) bought Change Healthcare in a $25.75 all-cash deal that closed last October.Stake Increases:Consol Energy (CEIX): CEIX is a large (top three) 8.16% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. Last three quarters saw a ~23% net increase at prices between ~$35.50 and ~$77.50. CEIX currently trades at $64.13.Note: Greenlight’s Q4 2022 letter had the following regarding Consol Energy - expects CEIX to generate free-cash-flow equal to their market-cap over the next two years.Kyndryl Holdings (KD): KD is a large (top five) 6.93% of the portfolio position built over the last five quarters at prices between ~$8.25 and ~$41 and the stock is now at $15.75.Teck Resources (TECK): TECK is a 5.86% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock currently trades at ~$38. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 had seen a stake doubling at prices between ~$19.50 and ~$26.80. There was ~55% selling over the next three quarters at prices between ~$26 and ~$46. Last two quarters have seen a ~12% increase.Southwestern Energy (SWN): SWN is a 3.64% of the portfolio stake established in Q1 2022 at an average price of $6.58. The stock currently trades at $5.67. There was a ~48% stake increase last quarter at prices between ~$5.60 and ~$8.10. That was followed with a similar increase this quarter at prices between ~$5.50 and ~$7.25.Global Payments (GPN): GPN is a now at 3.25% of the portfolio stake. It was established in Q4 2021 at prices between ~$118 and ~$161. Greenlight’s cost-basis is ~$126 per share. Last quarter saw the stake sold down by ~47% at prices between ~$108 and ~$137. There was a ~73% stake increase this quarter at prices between ~$93 and ~$125. The stock is now at ~$113.LivaNova plc (LIVN): The 3.22% of the portfolio stake in LIVN was built over the last six quarters at prices between ~$44 and ~$92. The stock is now at ~$46.25. There was a minor ~3% stake increase this quarter.Galapagos NV (GLPG): The very small 0.48% of the portfolio stake in GLPG saw a minor increase this quarter. Greenlight’s cost-basis was ~$53 per share and the stock currently trades at $36.84.Civitas Resources (CIVI) and Graphic Packaging Holding (GPK): These small (less than ~2% of the portfolio each) stakes saw substantial buying this quarter. The CIVI stake saw a roughly two-thirds increase at prices between ~$56 and ~$71 and it is now at ~$73. GPK stake saw a ~30% increase at prices between ~$19.70 and ~$23.50 and the stock is now at $24.58.Stake Decreases:Brighthouse Financial (BHF): BHF is a large (top three) stake at 11.34% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $58.45. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. Last five quarters have seen minor trimming.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.The ODP Corp (ODP): ODP is a 5.21% of the portfolio position primarily built over the three quarters through Q4 2021 at prices between ~$36 and ~$50. The stock currently trades at ~$50. There was a ~20% stake increase in Q2 2022 at prices between ~$29 and ~$46. This quarter saw a minor ~2% trimming.Note: Greenlight’s cost-basis is ~$44.Capri Holdings (CPRI): The 3.75% CPRI position was purchased in 2021 at prices between ~$40.50 and ~$67. Q1 2022 saw a ~12% trimming while next quarter there was a ~20% stake increase. The stock is now at $49.78. Last two quarters saw only minor adjustments.Note: Greenlight’s cost-basis is ~$56.SPDR Gold Trust (GLD): The 2.46% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. H1 2022 had seen a ~140% stake increase at prices between ~$167 and ~$192. Last two quarters saw a ~24% reduction at prices between ~$151 and ~$170. It currently trades at ~$173.iShares Silver Trust (SLV): SLV is a 2.32% of the portfolio position established in Q3 2021 at prices between ~$20 and ~$24.50 and the stock currently trades at $19.55. There was a minor ~2% trimming this quarter.Weatherford plc (WFRD): The ~2% of the portfolio position in WFRD was purchased in Q1 2022 at an average price of $32.27 and it is now at $68.95. This quarter saw a ~22% reduction at prices between ~$32 and ~$51.Resideo Technologies (REZI): The 1.68% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming in Q4 2021. Next quarter saw a ~30% stake increase at prices between ~$23 and ~$27. The stock is now at $18.77. Last few quarters have seen only minor adjustments.Victoria’s Secret (VSCO): The ~1% stake in VSCO was primarily built in Q4 2021 at prices between ~$47 and ~$59. There was a ~70% stake increase in Q2 2022 at prices between ~$28 and ~$51. The stock is now at $35.78. This quarter saw a ~40% reduction at prices between ~$29 and ~$48.Note: VSCO is a spinoff from Bath & Body Works (previously L Brands) that started trading in August 2021 at ~$46 per share.GoPro Inc. (GPRO): The 0.92% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50. There was a ~20% selling in Q4 2021 at prices between ~$8.50 and ~$11.60. The stock currently trades at $5.37. This quarter saw marginal trimming.Concentrix Corp (CNXC): The small 0.89% CNXC position saw a ~150% stake increase last quarter at prices between ~$110 and ~$137. The stock currently trades at ~$138. This quarter saw a ~13% trimming.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~28% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. The stock currently trades at ~$33. They own ~38% of the business.Note: Their Q4 2022 letter had the following regarding GRBK. It underperformed due to the macro situation. They expect GRBK to perform well in 2023 as the stock rerates to a fair multiple of trough earnings. The thesis is based on GRBK’s favorable land position, conservative balance sheet, and concentration in low-cost growing areas.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q3 2022 and Q4 2022.Info from Q3 2022 Letter – Performance – positive 17.7% in YTD through Q3 2022 vs negative 23.87% for S&P. ~12.3% annualized since 1996 inception. Commentary – our pivot in January from ‘cautious’ to ‘bearish’ helped performance. POSTURE: bullish on inflation and bearish on stocks. AAWW – exited after 102.50 buyout announcement – 80% IRR over two year period. GRBK – added to S&P smallcap index – housing market/mortgages hurting – hedged with a basket of housing sensitive equities. GRBK has outperformed peers because of its superior competitive position. CEIX – Still Expects them to generate $50 after-tax free cash flow by end of 2023. First dividend of $1 in August. 2024 might be another strong year. Short Eurodollar since January – market expectations for rate hikes match their own now and so exited. TWTR – expects deal to close at or near $54.20. BHF – At $41.02, 25% of BV and 3x earnings. Expects 10-20% repurchase this year. Gold – concerned that the current inflation problem might evolve into a currency and/or sovereign debt crisis – so, maintaining gold exposure. TECK – At $30.57, 85% of BV and 4x earnings. Also starting buybacks. The CEO said “I’d like to buy the whole company back myself” . Short Portfolio – not much comment. Winners: . Detractors: . New Positions: None other than TWTR. Expects we are in a bear market – “buy-the-dip” may no longer work – continuing to build dry powder. Thinks fed wants to deflate market. Fed policy mistake – supply and demand difference is not really the cause of inflation – productive investments rather than policies for demand destructions is what is required Exits: Change Healthcare (42% IRR over 32-month holding period), Chemours (concerned about deteriorating economic cycle – exited with 3-year mid-single digit IRR), International Seaways (exited with 40% gain over half a year holding period), Playboy (50% loss – corporate transformation failure), and Warner Brothers Discovery (40% loss in half a year – more challenging path to executing integration plan). Exposure - 94% long and 84% short. Largest Long Positions –Brighthouse Financial, CONSOL Energy, Green brick Partners, Teck Resources, and TwitterRegulatory filings from 9/4/2022 to 12/22/2022: ."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q3 2022 Update"	"David Einhorn's 13F stock portfolio value increased from $1.29B to $1.41B this quarter.Greenlight increased Kyndryl Holdings, Livanova plc, and Southwestern Energy while dropping Chemours, International Seaways, and Warner Brothers Discovery.The largest three positions are at ~49% of the portfolio. As of Q3 2022, the overall portfolio is 94% long and 84% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2022. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2022.Greenlight Capital’s 13F portfolio value stood at $1.41B this quarter. It is up ~10% compared to $1.29B as of last quarter. Einhorn’s Q3 2022 letter reported that the fund returned 17.7% for YTD through Q3 2022. This is compared to negative 23.87% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Twitter Inc.: The large (top three) merger-arbitrage stake was established in August at a cost-basis of ~$37. The stake got disposed as the deal closed at $54.20 per share in October.Intel Corp (INTC): INTC is a 1.30% of the portfolio position purchased this quarter at prices between ~$26 and ~$41 and the stock currently trades at ~$26.Stake Disposals:Atlas Air Worldwide (AAWW): AAWW was a large (top three) 6.37% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. There was a ~45% selling in Q4 2021 at prices between ~$77.50 and ~$95. Last quarter saw a ~57% stake increase at prices between ~$59 and ~$73. The stock currently trades at ~$101. In August, an investor group led by Apollo agreed to acquire AAWW at $102.50 per share cash. The position was closed soon after at a ~80% IRR over the two-year holding period.Chemours (CC): CC was a 1.74% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The five quarters through Q1 2021 had seen a two-thirds reduction at prices between ~$7 and ~$28.75. That was followed with a ~25% selling in Q4 2021 at prices between ~$28 and ~$34. Next quarter saw a similar increase at prices between ~$23 and ~$36. There was a two-thirds reduction last quarter at prices between ~$29.40 and ~$45. The remainder stake was sold this quarter. The stock is currently at $29.63.Note: The exit was at a 3-year mid-single-digit IRR. Greenlight had a highly successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.International Seaways (INSW):. INSW was a 0.74% stake established in Q1 2022 at an average price of $15.30 and it currently trades at $37.84. There was a ~55% selling last quarter at prices between ~$19.50 and ~$25. The disposal this quarter was at prices between ~$18 and ~$36.Note: the position realized gains of ~40% in a six-month holding period.Warner Bros. Discovery (WBD): WBD was a 1.72% of the portfolio position built over the last two quarters at prices between ~$22 and ~$31. It was sold this quarter at prices between ~$11.30 and ~$17.50. The stock is now at $9.23.Note: the position realized losses of ~40% in a six-month holding period.Stake Increases:Consol Energy (CEIX): CEIX is a large (top five) 7.80% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. The two quarters through Q1 2022 had seen another ~30% selling at prices between ~$20.50 and ~$40.50 while last quarter saw a ~11% increase. CEIX currently trades at ~$71. This quarter also saw a ~5% increase.Note: Greenlight’s Q3 2022 letter had the following regarding Consol Energy - still Expects them to generate $50 after-tax free cash flow by end of 2023. Also thinks 2024 could be another strong year.Teck Resources (TECK): TECK is a 4.66% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock currently trades at ~$38. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 had seen a stake doubling at prices between ~$19.50 and ~$26.80. There was ~55% selling over the last three quarters at prices between ~$26 and ~$46. This quarter saw a ~8% stake increase.Kyndryl Holdings (KD): KD is a 4.25% of the portfolio position built over the last four quarters at prices between ~$8.25 and ~$41 and the stock is now at $11.36.LivaNova plc (LIVN): The 2.92% of the portfolio stake in LIVN was built over the last six quarters at prices between ~$44 and ~$92. The stock is now at ~$54.Capri Holdings (CPRI): The 2.69% CPRI position was purchased last year at prices between ~$40.50 and ~$67. Q1 2022 saw a ~12% trimming while last quarter there was a ~20% stake increase. The stock is now at ~$56. There was a minor ~5% further increase this quarter.Note: Greenlight’s cost-basis is ~$56.Southwestern Energy (SWN): SWN is a 2.64% of the portfolio stake established in Q1 2022 at an average price of $6.58. The stock currently trades at $5.88. There was a ~48% stake increase this quarter at prices between ~$5.60 and ~$8.10.Resideo Technologies (REZI): The 2.12% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming in Q4 2021. Next quarter saw a ~30% stake increase at prices between ~$23 and ~$27. The stock is now at $16.26. There were minor increases in the last two quarters.Concentrix Corp (CNXC): The small 0.87% CNXC position saw a ~150% stake increase this quarter at prices between ~$110 and ~$137. The stock currently trades at ~$130.Stake Decreases:Green Brick Partners (GRBK): GRBK is currently the largest position at ~26% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. The stock currently trades at $24.53. They own ~38% of the business. There was marginal trimming this quarter.Brighthouse Financial (BHF): BHF is a large (top three) stake at ~10% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at ~$51. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. Last four quarters have seen minor trimming.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.SPDR Gold Trust (GLD): The 2.74% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. Last two quarters had seen a ~140% stake increase at prices between ~$167 and ~$192. It currently trades at ~$167. There was a ~9% trimming this quarter.Global Payments (GPN): GPN is a now a small ~2% of the portfolio stake. It was established in Q4 2021 at prices between ~$118 and ~$161. Greenlight’s cost-basis is ~$126 per share. This quarter saw the stake sold down by ~47% at prices between ~$108 and ~$137. The stock is now at $94.55.Change Healthcare: Change Healthcare was a 1.56% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24. That was followed with a ~80% reduction in the last two quarters. UnitedHealth (UNH) bought Change Healthcare in a $25.75 all-cash deal that closed in October.Victoria’s Secret (VSCO): The 1.41% stake in VSCO was primarily built in Q4 2021 at prices between ~$47 and ~$59. There was a ~70% stake increase last quarter at prices between ~$28 and ~$51. The stock is now at $38.90. This quarter saw a ~8% trimming.Note: VSCO is a spinoff from Bath & Body Works (previously L Brands) that started trading in August 2021 at ~$46 per share.Kept Steady:The ODP Corp (ODP): ODP is a ~4% of the portfolio position primarily built over the three quarters through Q4 2021 at prices between ~$36 and ~$50. The stock currently trades at $45.26. There was a ~20% stake increase last quarter at prices between ~$29 and ~$46.Note: Greenlight’s cost-basis is ~$44.iShares Silver Trust (SLV): SLV is a 1.93% of the portfolio position established in Q3 2021 at prices between ~$20 and ~$24.50 and the stock currently trades at $21.69.Weatherford plc (WFRD): The 1.72% of the portfolio position in WFRD was purchased in Q1 2022 at an average price of $32.27 and it is now at $48.52. There was a ~7% stake increase last quarter.GoPro Inc. (GPRO): The 0.94% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50. There was a ~20% selling in Q4 2021 at prices between ~$8.50 and ~$11.60. The stock currently trades at ~$5.Galapagos NV (GLPG): The very small 0.44% of the portfolio stake in GLPG was reduced in the last two quarters. Greenlight’s cost-basis was ~$53 per share and the stock currently trades at $42.27.Civitas Resources (CIVI) and Graphic Packaging Holding (GPK): These small (less than ~1.20% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q2 2022 and Q3 2022.8/1/2022 – – Greenlight has built a position in TWTR at 37.24. This is based on their estimation of value if the deal doesn’t go through as ~$20. At ~17 upside & downside optionality, it means the market is assigning 50-50 odds that the deal should go through for something that should happen 95% of the time.Info from Q2 2022 Letter – 8/1/2022 – Performance – 13.2% in H1 2022 vs negative 20% for S&P. ~12.3% annualized since 1996 inception. Commentary – best relative performance in the history of the partnerships. Value Investing still in the doldrums – many left or scaled back research. Also short sellers significantly diminished. Market still dominated by people who do not do valuation. In this context, buybacks are a critical factor. Believes still in bear market. AAWW – At $61.71, trading at 65% of BV and 4x earnings. Bought back 4% and another 6% authorized. BHF – At $41.02, 25% of BV and 3x earnings. Expects 10-20% repurchase this year. CEIX – At $49.38, 2.6x BV. Expects them to generate $50 after-tax free cash flow by end of 2023. Capital returns to begin shortly. GRBK – At $19.57, it is at 1.1x BV and less than 4x earnings. 5% bought back and another 10% authorized. TECK – At $30.57, 85% of BV and 4x earnings. Also starting buybacks. The CEO said “I’d like to buy the whole company back myself” . Short Portfolio did well. Closed 4.5 short position in CH Robinson Worldwide – modest overall loss Winners: . Detractors: . New Positions: None for long-term, building dry powder. But, added TWTR – believes Chancery Court will apply the law and force Musk to close. Exits: Rheinmetall with 125% gain over a few months. Exposure - 86% long and 68% short. Largest Long Positions – Atlas Air Worldwide, Brighthouse Financial, CONSOL Energy, Green brick Partners, and Teck Resources.Regulatory filings from 5/18/2022 to 9/4/2022: 13D/A – 8/5 – GRBK – 17.43M shares – 37.9% of business, Form 4 – 7/5 – 132K shares disposed."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q2 2022 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.57B to $1.29B this quarter.Greenlight increased Atlas Air Worldwide, Kyndryl Holdings, and Victoria’s Secret while decreasing Teck Resources, Change Healthcare, Chemours, and International Seaways. They also dropped Gulfport Energy, Intel Corp, and TD SYNNEX.The largest three positions are at ~44% of the portfolio. As of Q2 2022, the overall portfolio is 86% long and 68% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 8/15/2022. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2022.Greenlight Capital’s 13F portfolio value stood at $1.29B this quarter. It is down ~18% compared to $1.57B as of last quarter. Einhorn’s Q2 2022 letter reported that the fund returned 13.2% for H1 2022. This is compared to negative 20% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: It was reported in early August that Einhorn had built a merger-arbitrage stake in Twitter (TWTR) at a cost-basis of ~$37. Their estimated value if the $54.20 deal from Elon Musk doesn’t go through is ~$20. At ~17 upside & ~17 downside, it means the market at the time was assigning 50-50 odds that the deal should go through for something that should happen 95% of the time.Stake Disposals:TD SYNNEX Corp (SNX): The 1.10% SNX stake was purchased last quarter at an average price of $105.33. It was sold this quarter at prices between ~$90 and ~$107. It now goes for $82.84.Gulfport Energy (GPOR) and Intel Corp (INTC): These small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Atlas Air Worldwide (AAWW): AAWW is a large (top three) 6.37% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. There was a ~45% selling in Q4 2021 at prices between ~$77.50 and ~$95. This quarter saw a ~57% stake increase at prices between ~$59 and ~$73. The stock currently trades at ~$98.Note: In August, an investor group led by Apollo agreed to acquire AAWW at $102.50 per share cash.Consol Energy (CEIX): CEIX is a 6.29% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. Last two quarters had seen another ~30% selling at prices between ~$20.50 and ~$40.50 while this quarter saw a ~11% increase. CEIX currently trades at $70.30.Global Payments (GPN): GPN is a fairly large 4.43% of the portfolio stake established in Q4 2021 at prices between ~$118 and ~$161 and the stock currently trades at ~$112. Greenlight’s cost-basis is ~$126 per share. There was a marginal increase this quarter.Note: Their Q4 2021 letter had the following regarding GPN: the ~45% drop due to fintech disruption worries is overdone. There is also a chance that they might get acquired.Kyndryl Holdings (KD): KD is a ~4% of the portfolio position built over the last three quarters at prices between ~$9 and ~$41 and the stock is now at $8.49.The ODP Corp (ODP): ODP is a ~4% of the portfolio position primarily built over the three quarters through Q4 2021 at prices between ~$36 and ~$50. The stock currently trades at $35.33. There was a ~20% stake increase this quarter at prices between ~$29 and ~$46.Note: Greenlight’s cost-basis is ~$44.SPDR Gold Trust (GLD): The 3.60% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. Last two quarters have seen a ~140% stake increase at prices between ~$167 and ~$192. It currently trades at ~$158.Capri Holdings (CPRI): The ~3% CPRI position was purchased last year at prices between ~$40.50 and ~$67. Last quarter saw a ~12% trimming while this quarter there was a ~20% stake increase. The stock is now at ~$42.Note: Greenlight’s cost-basis is ~$56.Resideo Technologies (REZI): The 2.37% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming in Q4 2021. Last quarter saw a ~30% stake increase at prices between ~$23 and ~$27. The stock is now at $21.38. There was a minor ~4% increase this quarter.LivaNova plc (LIVN): The 2.18% of the portfolio stake in LIVN was built over the last three quarters at prices between ~$71 and ~$93. The stock is now well below that range at $48.50. This quarter saw a marginal increase.Victoria’s Secret (VSCO): The 1.61% stake in VSCO was primarily built in Q4 2021 at prices between ~$47 and ~$59. There was a ~70% stake increase this quarter at prices between ~$28 and ~$51. The stock is now at $33.90.Note: VSCO is a spinoff from Bath & Body Works (previously L Brands) that started trading in August 2021 at ~$46 per share.Weatherford plc (WFRD): The 1.24% of the portfolio position in WFRD was purchased last quarter at an average price of $32.27 and it is now at $34.68. There was a ~7% stake increase this quarter.Stake Decreases:Brighthouse Financial (BHF): BHF is a large (top three) stake at ~11% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at ~$47. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. Last three quarters have seen minor trimming.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Teck Resources (TECK): TECK is a 4.78% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock currently trades at ~$32. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 had seen a stake doubling at prices between ~$19.50 and ~$26.80. There was ~55% selling over the last three quarters at prices between ~$26 and ~$46.Change Healthcare (CHNG): CHNG was a 2.63% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24. That was followed with a ~60% reduction this quarter at prices between ~$22.50 and ~$24. UnitedHealth (UNH) bought Change Healthcare in a $25.75 all-cash deal that closed earlier this month.Chemours (CC): CC is a 1.74% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The five quarters through Q1 2021 had seen a two-thirds reduction at prices between ~$7 and ~$28.75. That was followed with a ~25% selling in Q4 2021 at prices between ~$28 and ~$34. Last quarter saw a similar increase at prices between ~$23 and ~$36. There was a two-thirds reduction this quarter at prices between ~$29.40 and ~$45. The stock is currently at $26.37.Note: Greenlight had a highly successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.International Seaways (INSW):. INSW is a 0.74% stake established last quarter at an average price of $15.30 and it currently trades at $34.26. There was a ~55% selling this quarter at prices between ~$19.50 and ~$25.Galapagos NV (GLPG): The very small 0.64% of the portfolio stake in GLPG was reduced in the last two quarters. Greenlight’s cost-basis was ~$53 per share and the stock currently trades at $42.30.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~26% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. The stock currently trades at $22.49. They own ~38% of the business.iShares Silver Trust (SLV): SLV is a 2.26% of the portfolio position established in Q3 2021 at prices between ~$20 and ~$24.50 and the stock currently trades at $18.50.Southwestern Energy (SWN): SWN is a ~2% of the portfolio stake established last quarter at an average price of $6.58. The stock currently trades at $6.78.Warner Bros. Discovery (WBD): WBD is a 1.72% of the portfolio position built over the last two quarters at prices between ~$22 and ~$31 and the stock is now well below that range at $11.98.GoPro Inc. (GPRO): The 1.16% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50. There was a ~20% selling in Q4 2021 at prices between ~$8.50 and ~$11.60. The stock currently trades at $5.01.Civitas Resources (CIVI), Graphic Packaging Holding (GPK), News Corp (NWS), and PLBY Group (PLBY): These small (less than ~1.10% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q1 2022 and Q2 2022.Info from Q1 2022 Letter – 7/26/2021 – Performance – 4.4% in Q1 2022 vs negative 4.6% for S&P. ~12.3% annualized since 1996 inception. Commentary – doesn’t believe fed is serious about fighting inflation. Therefore bullish on future upside to inflation. BHF – thinks they will continue repurchasing shares based on the rising discount to book value. There is a chance they can transfer interest rate risk by hedging or transferring legacy business to a third party reinsurer. Short Portfolio did well benefiting from the basket which fell overall and a single-name short on a medical device business. Sees possible end to bull market and so have added hedges and increased macro positions in CDS and inflation swaps. Winners: Rheinmetall (outlook for European defense spending), TECK, and CEIX. Detractors: GRBK – sector outlook. Consensus seems to be that housing will collapse but they don’t think so – only 870K homes for sale, mortgage at 5%, underwriting standards are tight, speculation is minimal, and homebuilders have low financial leverage. Also homebuilders did well during inflationary second half of the 1970s. New Positions: small new positions – INSW (oil tankers business acquired at $15.30, 60% below their liquidation value. Expects tighter market going forward), RYAAY (improved fuel efficiency, lowering airport costs, and hedging near-term fuel prices should result in exceeding earnings expectations. Established at Euro 13.93), SNX (merger with Tech Data created the top global IT distributor – EPS accretion through cost synergy should result – sees $20 EPS in a few years. Established at $105.33), SWN (second largest producer of natural gas in US. PV-10 value was $13.83 at $3.60/MMBtu long-term natural gas price. Now it is much higher and a lot higher internationally. Expects convergence. Acquired at $6.58), and WFRD (oilfield services. Emerged from 2019 bankruptcy less levered. Should benefit from increase in exploration and production capex. Acquired at $32.27). Exits: Echostar – SATS (held a year for 22% IRR – exited as it seems to have trouble growing subscribers) and JACK – held 2 years for a 55% IRR – exited as they became concerned due to focus shifting to a recent acquisition and more challenging comparisons going forward). Exposure - 113% long and 81% short. Largest Long Positions –Brighthouse Financial, Change Healthcare, Global Payments, Green brick Partners, and Teck Resources.Regulatory filings from 2/26/2022 to 5/18/2022: 13D/A – 5/6 – GRBK – 17.43M shares – 36% of business."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q1 2022 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.75B to $1.57B this quarter.Greenlight increased Chemours, Warner Bros. Discovery, Resideo, Livanova, Kyndryl, and PLBY while dropping Jack in the Box and EchoStar. They also added Southwestern Energy, Weatherford plc, International Seaways, and TD SYNNEX.The largest three positions are at ~41% of the portfolio. As of Q1 2022, the overall portfolio is 113% long and 81% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 5/16/2022. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2021.Greenlight Capital’s 13F portfolio value stood at $1.57B this quarter. It is down ~10% compared to $1.75B as of last quarter. Einhorn’s Q1 2022 letter reported that the fund returned 4.4% for Q1 2022. This is compared to negative 4.6% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note 1: Greenlight’s Q1 2022 Letter disclosed a small stake in Ryanair Holdings (RYAAY) that is not in the 13F report. The stake was acquired at an average price of €13.93.Note 2: Greenlight has several minutely small stakes primarily in SPAC units, shares, and warrants.New Stakes:Southwestern Energy (SWN), Weatherford plc (WFRD), International Seaways (INSW), and TD SYNNEX Corp (SNX): SWN is a 1.88% of the portfolio stake established at an average price of $6.58. The stock currently trades at $7. The 1.49% of the portfolio position in WFRD was purchased at an average price of $32.27 and it is now at $29.76. INSW is a 1.17% stake established at an average price of $15.30 and it currently trades at $23.77. The 1.10% SNX stake was purchased at an average price of $105.33 and it now goes for ~$98.Stake Disposals:Tesla (TSLA) Puts: The large ~6% of the portfolio short position in TSLA through Puts was established last quarter as the underlying traded between ~$775 and ~$1230. The position was disposed this quarter when the underlying traded between ~$764 and ~$1200. It currently trades at ~$710.Note: Greenlight previously had a short position in Tesla. In December 2020 just before Tesla’s inclusion in the S&P 500 index, Greenlight switched their position to owning Puts instead of a direct short position. That stake was disposed at a loss in Q1 2021.Jack in the Box (JACK): JACK was a ~1% position purchased in Q2 2020 at prices between $32 and $73. There was a ~40% selling in Q4 2020 at prices between ~$80 and ~$95 while next quarter saw a similar increase at prices between ~$91 and ~$117. Q2 2021 saw a ~22% selling at prices between ~$109 and ~$123 while last quarter saw a ~40% stake increase at prices between ~$79 and ~$105. The elimination this quarter was at prices between ~$79 and ~$97. The stock currently goes for $73.56.Sonos Inc. (SONO): The 0.75% stake in SONO was purchased in Q4 2020 at prices between ~$14 and ~$24.50. The stake was sold down next quarter but was rebuilt over the last three quarters at prices between ~$29 and ~$44. The stake was disposed this quarter at prices between ~$22 and ~$31. The stock currently trades at ~$20.Concentrix (CNXC): CNXC is a spinoff from SYNNEX that started trading in December. Terms called for SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$141. Q1 2021 saw a ~40% stake increase at prices between ~$100 and ~$150 while next quarter there was a ~18% trimming at prices between ~$149 and ~$160. That was followed with a ~85% reduction over the last two quarters at prices between ~$156 and ~$188. The remainder stake was disposed this quarter.EchoStar Corp (SATS): The SATS position was built over the three quarters through Q2 2021 at prices between ~$19.95 and ~$28.70. There was a ~20% selling next quarter at prices between ~$21.50 and ~$27. The stake was almost sold out last quarter at prices between ~$23 and ~$30. The remainder stake was sold this quarter. The stock is now at $21.02.Twitter Inc. (TWTR): The small 0.60% TWTR stake was purchased in Q3 2020 at prices between $31 and $45. There was a ~50% selling last quarter at prices between ~$42 and ~$66. This quarter saw the position disposed at prices between ~$32 and ~$41. The stock is now at $36.85.Stake Increases:Change Healthcare (CHNG): CHNG is a large (top five) 5.19% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $23.01. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24. Last three quarters have seen minor increases.Note: UnitedHealth (UNH) is buying Change Healthcare in a $25.75 all-cash deal announced in January 2021. In February, the DOJ sued to block the merger. In April, the merger deadline was extended to December 2022 by mutual agreement and there is now a fee of $650M due to Change Healthcare if the merger cannot be completed because of the court’s decision.Atlas Air Worldwide (AAWW): AAWW is a large (top five) 4.64% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. There was a ~45% selling last quarter at prices between ~$77.50 and ~$95. The stock currently trades at $69.10. This quarter saw a minor increase.Chemours (CC): CC is a 4.28% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The five quarters through Q1 2021 had seen a two-thirds reduction at prices between ~$7 and ~$28.75. That was followed with a ~25% selling last quarter at prices between ~$28 and ~$34. This quarter saw a similar increase at prices between ~$23 and ~$36. The stock is currently at $41.35.Note: Greenlight had a highly successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Warner Bros. Discovery (WBD): WBD is a 2.62% of the portfolio position built over the last two quarters at prices between ~$22 and ~$31 and the stock is now well below that range at $17.46.Resideo Technologies (REZI): The 2.29% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming last quarter. This quarter saw a ~30% stake increase at prices between ~$23 and ~$27. The stock is now at $23.20.LivaNova plc (LIVN): The 2.29% of the portfolio stake in LIVN was built over the last three quarters at prices between ~$71 and ~$93. The stock is now at $64.44.SPDR Gold Trust (GLD): The 2.10% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. It currently trades at ~$169. Last two quarters have seen a ~60% stake increase at prices between ~$164 and ~$192.Kyndryl Holdings (KD): KD is a ~2% of the portfolio position built over the last two quarters at prices between ~$11 and ~$41 and the stock is now near the low end of that range at $13.19.Gulfport Energy (GPOR) and PLBY Group (PLBY): These two small (less than ~0.70% of the portfolio each) stakes were increased this quarter.Stake Decreases:Green Brick Partners (GRBK): GRBK is currently the largest position at ~21% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. The stock currently trades at $22.57. There was minor trimming this quarter. They own ~36% of the business.Brighthouse Financial (BHF): BHF is a large (top three) stake at ~12% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $46.81. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. Last two quarters have seen minor trimming.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Teck Resources (TECK): TECK is a 7.64% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock has tripled and currently trades at $39.16. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 The two quarters through Q3 2021 have seen a stake doubling at prices between ~$19.50 and ~$26.80. There was a roughly one-third selling over the last two quarters at prices between ~$24 and ~$44.The ODP Corp (ODP): ODP is a ~4% of the portfolio position primarily built over the last three quarters at prices between ~$36 and ~$50. The stock currently trades at $40.55. There was minor trimming this quarter.Note: Greenlight’s cost-basis is ~$44.Consol Energy (CEIX): CEIX is a 3.53% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. Last two quarters have seen another ~30% selling at prices between ~$20.50 and ~$40.50. CEIX currently trades at $49.91.Capri Holdings (CPRI): The 2.55% CPRI position was purchased last year at prices between ~$40.50 and ~$67. This quarter saw a ~12% trimming. The stock is now at $42.50Note: Greenlight’s cost-basis is ~$56.GoPro Inc. (GPRO): The 1.46% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50. There was a ~20% selling last quarter at prices between ~$8.50 and ~$11.60. The stock currently trades at $6.79. This quarter also saw minor trimming.Victoria’s Secret (VSCO): The 1.42% stake in VSCO was primarily built last quarter at prices between ~$47 and ~$59. The stock is now at $46.84. There was minor trimming this quarter.Note: VSCO is a spinoff from Bath & Body Works (previously L Brands) that started trading in August 2021 at ~$46 per share.Galapagos NV (GLPG): The very small 0.63% of the portfolio stake in GLPG was reduced this quarter. Greenlight’s cost-basis was ~$53 per share and the stock currently trades at $55.59.Kept Steady:Global Payments (GPN): GPN is a fairly large 4.40% of the portfolio stake established last quarter at prices between ~$118 and ~$161 and the stock currently trades at ~$120. Greenlight’s cost-basis is ~$126 per share.Note: Their Q4 2021 letter had the following regarding GPN: the ~45% drop due to fintech disruption worries is overdone. There is also a chance that they might get acquired.iShares Silver Trust (SLV): SLV is a 2.27% of the portfolio position established in Q3 2021 at prices between ~$20 and ~$24.50 and the stock currently trades at $19.73.Graphic Packaging Holding (GPK), Intel Corp (INTC), and News Corp (NWS): These small (less than ~1.10% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q4 2021 and Q1 2022.Info from Q4 2021 Letter – 7/26/2021 – Performance – 11.9% in 2021 vs 28.7% for S&P. ~12.3% annualized since 1996 inception. Commentary – inflation is “embedded” opinion piece – fed wants to fight inflation without disrupting markets which is a “no-go”. Without action, pricing for critical feedstocks like oil and corn can go substantially higher. Young speculators preferring to “trade from home” rather than take a job is one of the drivers of labor shortage. We believe eventually inflation will cause a recession regardless of Fed – higher prices of necessities will ultimately cause low-income consumers to cut back on other things. We have begun to position for that scenario . Winners: BHF – still bullish despite 43% return in 2021 as street is still unimpressed despite ~12% buyback of outstanding shares in 2021 and adjusted earnings at $18.52 compared to $11.45 expectation (mainly due to strong investment performance). Expects another double-digit percentage of the float to retire in 2022 due to buybacks. GRBK – advanced 48% to $30.33 in the quarter. $3.65 expected earnings in 2021 and $4.28 in 2022. Although 32% advance in year, PE shrank as earnings grew faster than PPS . RIVN – material gain as a result of IPO from a mid-2020 small investment at a $10B valuation. Was hedged to lock in ~$120B minimum valuation. Not material exposure now although they are believers in the business. Bubble basket shorts contributed during quarter – believes these stocks could get cut in half again and fall further from there as “half a silly price is not deep value”. TECK – advanced 16% to $28.82. New copper mine scheduled for H2 2022 is a tailwind. Met coal mining is the main reason for EPS expectations to go up form $1.67 to $3.49 and $4.50 now. Next year’s is now at $5.52 – we believe this would be easily beat. Management is evaluation splitting met-coal business from “green metals” business – should unlock value. Detractors: DNMR – was cut in half to $8.52. Primary driver is inexplicable mismanagement of capital situation. Plan to bring online a large new plant in late 2023 was projected as fully funded. But, they doubled the size of the plant and simultaneously did a large cash acquisition of an adjacent product. Investors were told the expansion will be funded by debt thru govt-spoonsored-programs which turned out to be NOT TRUE. In response, we invested in the convert and sold our common. We continue to believe that there will be enormous demand for its biodegradable plastic. An equity index hedge and an undisclosed short were the two other material detractors. New Positions: GPN – Acquired at $126.27 average price. electronic payments behemoth – benefits from ongoing consumer preference shifts. Also benefits from inflation as it generally charges a percentage of merchant dollar volume. Worries of fintech disruption resulted in a 46% drop in the April-December timeframe which we think is overdone. Thinks they may be acquired. CPRI – average entry price is $55.86 - re-entered after the 2016 successful exit (successful turnaround) when it was Michael Kors. Since then, they rebranded and acquired Versace and Jimmy Choo brands – they are transforming into a full-scale luxury platform. With cuts in wholesale business (30%) and 10% in US retail, they are no longer over-distributed and is enjoying pricing power. Share repurchase of 11% of float announced and expects 10% of market-cap cash generation this year. GLPG – began building position at 47 Euro average price compared to 73 Euro net-cash. small molecule medicines – dropped 47% thru Nov-2021 after several late-stage trial disappointments taking valuation below net-cash position. Jysleca (approved in EU & Japan to treat inflammatory disorders) & rest of pipeline should be worth a lot more than the negative 2B Euros the market values it at. ODP – Acquired at average price of $43.69. Holding company of Office Depot and OfficeMax – also B2B distribution platform – retail and business services divisions expected to separate over the next year. Strong cash positions and low valuation. Also buying back 20% of shares by mid-2022. Sum-of-parts comes up at $55 (based partly on $1B that Saples offered for retail division in June 2021) which doesn’t include Varis (digital commerce SaaS and procurement business – potentially valuable option for investors). Rheinmetall AG – acquired at average price of 82.49 euros - producer of land-based military vehicles – sold off based on lower defense spending projection. Believes 8-10% annual growth based on NATO orders. Exits: AER – 9% compounded return. Countryside Properties – changed our mind. FUBO – invested prior to public listing in 2020. Excellent compounded return. Exposure - 127% long and 71% short. Largest Long Positions –Brighthouse Financial, Change Healthcare, Global Payments, Green brick Partners, and Teck Resources.Regulatory filings from 11/17/2021 to 2/26/2022: 13Gs & 13G/As – 2/14 – TLIS – Talis Biomedical – 1.57M shares – 6% of business, AAWW – 815k shares – 2.8% of business, NBSE – 2.73M shares – 8.3% of business, CEIX – 1.88M shares – 5.4% of business. Form 4 – 1/3 – GLRE – in-kind distributions to Einhorn that resulted in a change in the form of his beneficial ownership."
"Tracking David Einhorn’s Greenlight Capital Portfolio – Q4 2021 Update"	"David Einhorn's 13F stock portfolio value increased from $1.49B to $1.75B this quarter.Greenlight increased Capri Holdings, ODP Group, Livanova, & Victoria’s Secret while reducing Twitter, Concentrix, & EchoStar. They also added Global Payments while dropping AerCap and Fubotv.The largest three positions are at ~48% of the portfolio. As of Q4 2021, the overall portfolio is 127% long and 71% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 2/14/2022. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2021.Greenlight Capital’s 13F portfolio value stood at $1.75B this quarter. It is up ~17% compared to $1.49B as of last quarter. Einhorn’s Q4 2021 letter reported that the fund returned 11.9% for 2021. This is compared to 28.7% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight has several minutely small stakes primarily in SPAC units, shares, and warrants.New Stakes:Tesla (TSLA) Puts: The large ~6% of the portfolio short position in TSLA through Puts was established this quarter as the underlying traded between ~$775 and ~$1230. It currently trades at ~$810.Note: Greenlight previously had a short position in Tesla. In December 2020 just before Tesla’s inclusion in the S&P 500 index, Greenlight switched their position to owning Puts instead of a direct short position. That stake was disposed at a loss in Q1 2021.Global Payments (GPN): GPN is a fairly large 3.91% of the portfolio stake established this quarter at prices between ~$118 and ~$161 and the stock currently trades at ~$138. Greenlight’s cost-basis is ~$126 per share.Note: Their Q4 2021 letter had the following regarding GPN: the ~45% drop due to fintech disruption worries is overdone. There is also a chance that they might get acquired.Kyndryl Holdings (KD), Intel Corp (INTC), Discovery Inc. (DISCK), and Galapagos NV (GLPG): These are small (less than ~1% of the portfolio each) stakes established during the quarter. KD is a spinoff from IBM (IT infrastructure managed services business) that started trading in November. Shares started trading at ~$41 and currently goes for ~$16.Note: Greenlight’s Q4 2021 letter had the following regarding Galapagos NV – it is valued at a negative $2.4B when adjusted for the large net cash position – despite several late-stage trial disappointments in their small-molecule drug business, their pipeline should have a positive value. Greenlight’s cost-basis is ~$53 per share. It currently trades at ~$66.Stake Disposals:AerCap Holdings N.V. (AER): AER stake was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. At the time, it was a top-three stake. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The three quarters through Q1 2021 had seen another ~80% selling at prices between ~$23 and ~$61. That was followed with another ~20% selling last quarter at prices between ~$48 and ~$61. The disposal this quarter was at prices between ~$54.50 and ~$69. The stock currently trades at $62.81.Note: Greenlight had a ~9% IRR on this investment over a 7+ year holding period.Fubotv (FUBO): FUBO had an IPO in October 2020. Shares started trading at ~$12 and currently goes for $8.14. Greenlight’s stake goes back to earlier funding rounds and their cost-basis was ~$5 per share. Q1 2021 saw the stake reduced by two-thirds at prices between ~$21 and ~$52.40. The disposal this quarter was at prices between ~$15.50 and ~$34.Stake Increases:Change Healthcare (CHNG): CHNG is a large (top five) 4.45% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $21.17. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24. Last two quarters have seen minor increases.Note: UnitedHealth (UNH) is buying Change Healthcare in a $25.75 all-cash deal announced in January 2021. Last week, the DOJ sued to block the merger.Capri Holdings (CPRI): The 3.28% CPRI position was purchased this year at prices between ~$40.50 and ~$67 and it is now just above that range at $68.97.Note: Greenlight’s cost-basis is ~$56. Their Q4 2021 letter discussed the position – they are transforming into a full-scale luxury business with the acquisition of Versace and Jimmy Choo brands. Also, wholesale cuts of 30% and US retail cuts of 10% has resulted in better distribution dynamics and that has resulted in more pricing power.The ODP Corp (ODP): ODP is a 3.23% of the portfolio position primarily built over the last three quarters at prices between ~$36 and ~$50. The stock currently trades at $44.41.Note: Greenlight’s cost-basis is ~$44. Their sum-of-parts valuation is ~$55 per share and that excludes possible upside from Varis (promising but nascent digital commerce SaaS and procurement business). Also, the retail business which is expected to be separated has at-least $1B value (Staples offered to pay $1B for that business in June 2021) and their B2B distribution platform should get valued higher.LivaNova plc (LIVN): The 1.71 % of the portfolio stake in LIVN was built over the last two quarters at prices between ~$76 and ~$93. The stock is now at ~$81.Victoria’s Secret (VSCO): The 1.45% stake in VSCO was primarily built this quarter at prices between ~$47 and ~$59. The stock is now at ~$56.Note: VSCO is a spinoff from Bath & Body Works (previously L Brands) that started trading in August 2021 at ~$46 per share.Jack in the Box (JACK): JACK is a ~1% position purchased in Q2 2020 at prices between $32 and $73. There was a ~40% selling in Q4 2020 at prices between ~$80 and ~$95 while next quarter saw a similar increase at prices between ~$91 and ~$117. Q2 2021 saw a ~22% selling at prices between ~$109 and ~$123 while this quarter saw a ~40% stake increase at prices between ~$79 and ~$105. The stock currently goes for ~$87.Sonos Inc. (SONO): The 0.75% stake in SONO was purchased in Q4 2020 at prices between ~$14 and ~$24.50. The stake was sold down next quarter but was rebuilt over the last three quarters at prices between ~$29 and ~$44. The stock currently trades at $27.27.Stake Decreases:Brighthouse Financial (BHF): BHF is a large (top three) stake at 11.22% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $54.13. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. This quarter saw a ~3% reduction.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Teck Resources (TECK): TECK is a 5.60% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock has tripled and currently trades at $36.84. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75 Last two quarters have seen a stake doubling at prices between ~$19.50 and ~$26.80. There was a ~25% selling this quarter at prices between ~$24.50 and ~$30.Note: David Einhorn pitched Teck Resources at Sohn Conference in May 2021. Greenlight’s Q4 2021 letter had the following regarding TECK – management is evaluating splitting the metallurgical coal business and that should unlock value. Also, EPS estimates have gone up a lot over the last year.Atlas Air Worldwide (AAWW): AAWW is a large 4.39% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. There was a ~45% selling this quarter at prices between ~$77.50 and ~$95. The stock currently trades at ~$77.Chemours (CC): CC is a 3.34% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The five quarters through Q1 2021 had seen a two-thirds reduction at prices between ~$7 and ~$28.75. That was followed with a ~25% selling this quarter at prices between ~$28 and ~$34. The stock is currently at $28.69.Note: Greenlight had a highly successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Consol Energy (CEIX): CEIX is a 3.70% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling in Q2 2021 at prices between ~$8.75 and ~$18.70. CEIX currently trades at $29.60. This quarter also saw a ~11% trimming.Note: Greenlight has a 5.4% ownership stake in Consol Energy.Resideo Technologies (REZI): The 1.74% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. That was followed with a ~15% trimming this quarter. The stock is now at $25.48.GoPro Inc. (GPRO): The 1.73% GPRO stake was built over H1 2021 at prices between ~$7.50 and ~$13.50 and the stock currently trades at $8.54. There was a ~20% selling this quarter at prices between ~$8.50 and ~$11.60.Twitter Inc. (TWTR): The small 0.60% TWTR stake was purchased in Q3 2020 at prices between $31 and $45. There was a ~50% selling this quarter at prices between ~$42 and ~$66. The stock is now at $35.29.Concentrix (CNXC): CNXC is a spinoff from SYNNEX Corporation that started trading in December. Terms called for SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$199. Q1 2021 saw a ~40% stake increase at prices between ~$100 and ~$150 while next quarter there was a ~18% trimming at prices between ~$149 and ~$160. That was followed with a ~85% reduction over the last two quarters at prices between ~$156 and ~$188.Danimer Scientific (DNMR): The 0.40% of the portfolio DNMR stake came about following the ~$700M EV De-SPAC transaction with Live Oak Acquisition that closed in December. Greenlight’s stake goes back to earlier funding rounds done a year ago. There was a ~25% stake increase in Q1 2021 at prices between ~$22 and ~$64. That was followed with a ~12% stake increase last quarter. The position was reduced by two-thirds this quarter at prices between ~$8.20 and ~$19.90. DNMR currently trades at $3.94.Note: Greenlight’s Q4 2021 letter had the following regarding DNMR: they invested in converts and sold their common in response to certain financial missteps by DNMR management: they doubled the size of the previously announced plant and simultaneously did a large cash acquisition. This resulted in them having to raise capital at unfavorable terms through the converts.Echostar Corp (SATS): The SATS position was built over the three quarters through Q2 2021 at prices between ~$19.95 and ~$28.70. There was a ~20% selling last quarter at prices between ~$21.50 and ~$27. The stake was almost sold out this quarter at prices between ~$23 and ~$30. The stock is now at $22.80.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~30% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. They still own just over one-third of the business. The stock currently trades at $22.87.iShares Silver Trust (SLV): SLV is a 1.92% of the portfolio position established last quarter at prices between ~$20 and ~$24.50 and the stock currently trades at $22.40.SPDR Gold Trust (GLD): The 1.13% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. It currently trades at ~$177. Last quarter saw a ~14% stake increase.Neubase Therapeutics (NBSE): NBSE is a small 0.44% of the portfolio position established in Q3 2019 at an average cost of $3.96. Q2 2020 saw a ~25% stake increase at prices between $6.70 and $11.51. That was followed with another one-third increase this quarter at prices between $4.60 and $9.30. The stock currently trades at $1.42. Greenlight controls ~11% of NBSE.Graphic Packaging Holding (GPK), Gulfport Energy (GPOR), News Corp (NWS), and PLBY Group (PLBY): These small stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q3 2021 and Q4 2021.Info from Q3 2021 Letter – 7/26/2021 – Performance – -2.6% in Q3 2021 vs 0.6% for S&P. ~12% annualized since 1996 inception. Commentary – inflation not “transitory” opinion piece – GRBK: PE now down to 5.6x despite 30% ROE – bullish on housing. Exposure - 127% long and 70% short , BHF – beat earnings by wide margin - $5.05 vs $3.28. Full-year consensus moved from $13.75 to $16.18 – thinks the runoff business that was suspected to be a drain is a false viewpoint – share count is down 30% and BV is now $175 – also $1B repurchase authorization. SONO – our average price is $28.45 per share – believes 15x FY2021 earnings valuation net of $4 cash is attractive at ~$32. NEW POSITION: small stake in Countryside Properties – UK housing – entered at 5.14 pounds 6x estimate – bullish on focus on residential partnerships rather than UK residential home building. EXITS: SYNNEX & APi Group – redeployed to new ideas after successful high return exits. Largest Long Positions –Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Green Brick Partners, and Teck Resources.Regulatory filings from 8/25/2021 to 11/17/2021: None."
"Tracking David Einhorn’s Portfolio – Q3 2021 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.59B to $1.49B this quarter.Greenlight increased The ODP Group, LivaNova plc, and Sonos while reducing Concentrix and AerCap Holdings.The largest three positions are at ~44% of the portfolio. As of Q3 2021, the overall portfolio is 127% long and 70% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/15/2021. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2021.Greenlight Capital’s 13F portfolio value stood at $1.49B this quarter. It is down ~6% compared to $1.59B as of last quarter. Einhorn’s Q3 2021 letter reported that the fund returned negative 2.6% for Q3 2021. This is compared to 0.6% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight has several minutely small stakes primarily in SPAC units, shares, and warrants. Those are 23andMe (ME) wts, Adamis Pharma (ADMP), Altimeter Growth 2 (AGCB), AST Space Mobile (ASTS) & wts, BlackSky Technology (BKSY) wts, CNX Resources Corp (CNX), EVgo Inc. (EVGO) wts, Expedia Group (EXPE), Extraction Oil & Gas (XOGAQ), Faraday Future (FFIE) wts, Finserv Acquisition 2 (FSRX) Units, FREYR Battery (FREY), Gain Therapeutics (GANX), Ginkgo Bioworks (DNA) wts, Katapult Holdings (KPLT) wts, Microvast Holdings (MVST) wts, Nuvation Bio (NUVB) & wts, Panacea Acquisition 2 (PANA), Paysafe Limited (PSFE) wts, Playstudios (MYPS), PLBY Group (PLBY), Proterra Inc. (PTRA) wts, Reinvent Technology Partners Y (RTPY) Units, Spire Global (SPIR) wts, Stryve Foods (SNAX), The Beachbody Company (BODY) wts, TMC The Metals Company (TMC) wts, Victoria’s Secret (VSCO), Bakkt (BKKT) wts, and Waverly Capital Acquisition (WAVC) Units.New Stakes:iShares Silver Trust (SLV): SLV is a 2.14% of the portfolio position established this quarter at prices between ~$20 and ~$24.50 and the stock currently trades at $23.17.Stake Disposals:Joby Aviation (JOBY): Reinvent Technology Partners merged with Joby Aviation in a De-SPAC transaction that closed in August. Greenlight built the small 0.91% stake over the last two quarters at prices between ~$10 and ~$15.70. The disposal this quarter was at prices between ~$8 and ~$13.40. The stock currently trades at $8.80.SPDR S&P 500 ETF (SPY) and SYNNEX Corporation (SNX): These two very small (less than ~1% of the portfolio each) positions were eliminated this quarter.Stake Increases:Brighthouse Financial (BHF): BHF is a large (top three) stake at 11.89% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $53.74. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. This quarter saw a ~8% stake increase.Note 1: Greenlight highlighted their bullish thesis on BHF in their Q3 2021 shareholder letter: the runoff business that was suspected to be a drain is proven as false. BV is now $175 and there is a new $1B repurchase authorization. This is after a 30% share count reduction from the previous authorization.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Teck Resources (TECK): TECK is a 7.56% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock has doubled and currently trades at ~$27. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while next quarter there was a ~25% selling at prices between ~$18 and ~$23.75. Last two quarters have seen a stake doubling at prices between ~$19.50 and ~$26.80.Note: David Einhorn pitched Teck Resources at Sohn Conference in May.Change Healthcare (CHNG): CHNG is a large ~5% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $20.68. There was a ~30% reduction in Q1 2021 at prices between ~$18.25 and ~$24. This quarter saw a ~4% increase.Note: UnitedHealth (UNH) is buying Change Healthcare in a $25.75 all-cash deal announced in January.The ODP Group (ODP): ODP is a ~3% of the portfolio position primarily built over the last two quarters at prices between ~$39 and ~$50. The stock currently trades at $42.22.Danimer Scientific (DNMR): The 2.58% of the portfolio DNMR stake came about following the ~$700M EV De-SPAC transaction with Live Oak Acquisition that closed in December. Greenlight’s stake goes back to earlier funding rounds done a year ago. There was a ~25% stake increase in Q1 2021 at prices between ~$22 and ~$64. That was followed with a ~12% stake increase this quarter. DNMR currently trades at $16.20.Capri Holdings (CPRI): The ~2% CPRI position was purchased in Q1 2021 at prices between ~$40.50 and ~$59.50 and it is now at $63.53. There was a ~220% stake increase over the last two quarters at prices between ~$46.50 and ~$60.50.SPDR Gold Trust (GLD): The 1.28% GLD stake was built in Q3 2020 at prices between $167 and $194. Q1 2021 saw a ~70% selling at prices between ~$158 and ~$183. It currently trades at ~$175. This quarter saw a ~14% stake increase.Jack in the Box (JACK): JACK is a ~1% position purchased in Q2 2020 at prices between $32 and $73. There was a ~40% selling in Q4 2020 at prices between ~$80 and ~$95 while next quarter saw a similar increase at prices between ~$91 and ~$117. Last quarter saw a ~22% selling at prices between ~$109 and ~$123. The stock currently goes for ~$100. There was a minor ~6% stake increase this quarter.LivaNova plc (LIVN): The 0.94% of the portfolio stake in LIVN saw a ~200% stake increase this quarter at prices between ~$76 and ~$89. The stock is now at $85.96.Sonos Inc. (SONO): The 0.79% stake in SONO was purchased in Q4 2020 at prices between ~$14 and ~$24.50. The stake was sold down next quarter but was rebuilt over the last two quarters at prices between ~$31.50 and ~$44. The stock currently trades at $33.47.Note: Their average cost on Sonos is $28.45 per share.Stake Decreases:Chemours (CC): CC is a 4.53% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $32.41. The five quarters through Q1 2021 had seen a two-thirds reduction at prices between ~$7 and ~$28.75. Last two quarters have seen only minor adjustments.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Consol Energy (CEIX): CEIX is a 3.70% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction in Q1 2021 at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling last quarter at prices between ~$8.75 and ~$18.70. CEIX currently trades at $24.26. There was a minor ~2% trimming this quarter.Note: Greenlight has a ~6% ownership stake in Consol Energy.Concentrix (CNXC): CNXC is a spinoff from SYNNEX Corporation that started trading in December. Terms called for SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$188. Q1 2021 saw a ~40% stake increase at prices between ~$100 and ~$150 while last quarter there was a ~18% trimming at prices between ~$149 and ~$160. That was followed with a one-third reduction this quarter at prices between ~$156 and ~$179.Resideo Technologies (REZI): The 2.27% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while next quarter saw a ~45% selling at prices between ~$21 and ~$31.50. The stock is now at $27.58. Last two quarters have seen only minor adjustments.AerCap Holdings N.V. (AER): AER is currently a ~2% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. At the time, it was a top-three stake. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The three quarters through Q1 2021 had seen another ~80% selling at prices between ~$23 and ~$61. That was followed with another ~20% selling this quarter at prices between ~$48 and ~$61. The stock currently trades at $63.23.Echostar Corp (SATS): The 1.76% SATS position was built over the last three quarters at prices between ~$19.95 and ~$28.70 and it is now at $29.39. There was a ~20% selling this quarter at prices between ~$21.50 and ~$27.FuboTV (FUBO): FUBO had an IPO last October. Shares started trading at ~$12 and currently goes for ~$24. Greenlight’s stake goes back to earlier funding rounds and their cost-basis is ~$5 per share. Q1 2021 saw the stake reduced by roughly two-thirds at prices between ~$21 and ~$52.40. There was a ~10% stake increase last quarter while this quarter there was another one-third reduction. The stake is now at 0.52% of the portfolio.Graphic Packaging Holding (GPK) and Gulfport Energy (GPOR): These two very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~24% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Q1 2021 saw a ~28% selling at ~$20.50 per share through an underwritten offering. They still own just over one-third of the business. The stock currently trades at $26.85.Atlas Air Worldwide (AAWW): AAWW is a large top three 8.30% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. The stock has doubled and currently trades at $88.59. Q4 2020 saw a ~15% stake increase at prices between $51.28 and $68.20 while next quarter saw similar trimming at prices between ~$51 and ~$62.Note: Greenlight controls ~5.5% of the business.GoPro Inc. (GPRO): The 2.30% GPRO stake was built over the last two quarters at prices between ~$7.50 and ~$13.50 and the stock currently trades at $11.55.Twitter Inc. (TWTR): The ~2% TWTR stake was purchased in Q3 2020 at prices between $31 and $45 and the stock is now at $50.61.Neubase Therapeutics (NBSE): NBSE is a small 0.66% of the portfolio position established in Q3 2019 at an average cost of $3.96. Q2 2020 saw a ~25% stake increase at prices between $6.70 and $11.51. That was followed with another one-third increase this quarter at prices between $4.60 and $9.30. The stock currently trades at $3.45. Greenlight controls ~11% of NBSE.PLBY Group (PLBY) and New Corp (NWS): These small stakes established last quarter were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q2 2021 and Q3 2021.Info from Q2 2021 Letter – 7/26/2021 – Performance – -2.9% in Q2 2021 vs 8.5% for S&P. ~12% annualized since 1996 inception. Commentary – Last two weeks underperformance due to market narrative shift to deflation and fed talk on inflation being “transitory”. Greenlight is on the other side of this trade and expects inflation to pick up. Underinvestment should lead to sustained higher pricing and those businesses should benefit. Bullish on housing – GRBK, Air Freight – AAWW, Copper and basic Materials – TECK (pitched this at Sohn conference), Titanium Dioxide – Chemours (CC), Cement – Buzzi Unicem Italy, Thermal Coal and Natural Gas – CEIX, GPOR, Paperboard – Graphics Packaging (GPK). Also have positions in inflation swaps and gold. GSE Preferred share loss. Exposure - 127% long and 68% short , Largest Long Positions –Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Green Brick Partners, and Teck Resources.Regulatory filings from 6/8/2021 thru 8/25/2021: None."
"Tracking David Einhorn’s Portfolio – Q2 2021 Update"	"David Einhorn's 13F stock portfolio value increased from $1.44B to $1.59B this quarter.Greenlight increased Teck Resources, GoPro, and The ODP Corp while reducing APi Group, CNX Resources, and Katapult Holdings during the quarter. They also dropped ADT Inc. and Alight Inc.The largest three positions are at ~42% of the portfolio. As of Q2 2021, the overall portfolio is 127% long and 68% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 8/16/2021. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2021.Greenlight Capital’s 13F portfolio value stood at $1.59B this quarter. It is up ~11% compared to $1.44B as of last quarter. Einhorn’s Q2 2021 letter reported that the fund returned negative 2.9% for Q2 2021. This is compared to 8.5% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note 1: Greenlight’s Q2 2021 letter was focused on their inflation thesis. Basically, they believe inflation will not be a transitory phenomenon. The following stakes were identified as positions that should benefit: Green Brick Partners (GRBK), Atlas Air Worldwide (AAWW,) Teck Resources (TECK), Chemours (CC), Consol Energy (CEIX), and Graphics Packaging (GPK).Note 2: Greenlight also has several minutely small stakes primarily in SPAC units, shares, and warrants.New Stakes:SPDR S&P 500 ETF (SPY), PLBY Group (PLBY), Graphic Packaging Holding (GPK), Soaring Eagle Acquisition (SRNG) & Units, and New Corp (NWS): These are small new stakes established this quarter. Mountain Crest Acquisition merged with PLBY in a De-SPAC transaction that closed in February. The stock traded between ~$20 and ~$60 during the quarter and currently goes for $27.17. Soaring Eagle Acquisition announced a SPAC merger with Gingko Bioworks at a ~$15B valuation and the transaction is set to close this month.Stake Disposals:ADT Inc. (ADT): The 1.64% ADT stake was built over the last two quarters at prices between ~$6.60 and ~$10.25. The disposal this quarter was at prices between ~$8.50 and ~$11.50. The stock currently trades at $8.73.Alight Inc. (ALIT): Foley Trasimene Acquisition merged with Alight in a De-SPAC transaction that closed in July. Greenlight established this position last quarter when it traded between ~$9.95 and ~$12.90. The disposal this quarter was at prices between ~$9.75 and ~$10.65. The stock is now at $11.79.Stake Increases:Teck Resources (TECK): TECK is a 3.10% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25. The stock has doubled and currently trades at $24.62. There was a ~40% stake increase in Q4 2020 at prices between ~$12.25 and ~$18.85 while last quarter there was a ~25% selling at prices between ~$18 and ~$23.75. This quarter saw a ~75% stake increase at prices between ~$19.50 and ~$26.25.Note: David Einhorn pitched Teck Resources at Sohn Conference in May.Chemours (CC): CC is a ~5% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $33.37. Last five quarters had seen a two-thirds reduction at prices between ~$7 and ~$28.75. This quarter saw a minor ~5% stake increase.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.GoPro Inc. (GPRO) and Capri Holdings (CPRI): These two stakes established last quarter were increased this quarter. The 2.68% GPRO stake was built at prices between ~$7.50 and ~$13.50 and the stock currently trades at $9.91. The 1.77% CPRI position was purchased at prices between ~$40.50 and ~$59.50 and it is now at $56.71.Resideo Technologies (REZI): The 2.68% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. H2 2020 had seen a one-third increase at prices between ~$10 and ~$22.50 while last quarter saw a ~45% selling at prices between ~$21 and ~$31.50. There was a minor ~3% stake increase this quarter. The stock is now at $31.91.The ODP Group (ODP): ODP is a ~2% of the portfolio position primarily built this quarter at prices between ~$38.70 and ~$50. The stock currently trades at $45.56.Echostar Corp (SATS): The 1.70% SATS position was built over the last three quarters at prices between ~$19.95 and ~$28.70 and it is now at $26.28.FuboTV (FUBO): FUBO had an IPO last October. Shares started trading at ~$12 and currently goes for $29.97. Greenlight’s stake goes back to earlier funding rounds and their cost-basis is ~$5 per share. Last quarter saw the stake reduced by roughly two-thirds at prices between ~$21 and ~$52.40. There was a ~10% stake increase this quarter and the stake is now at 0.95% of the portfolio.Joby Aviation (JOBY): Reinvent Technology Partners merged with Joby Aviation in a De-SPAC transaction that closed in August. Greenlight built the small 0.91% stake over the last two quarters at prices between ~$10 and ~$15.70. The stock currently trades at $10.16.Neubase Therapeutics (NBSE): NBSE is a small ~1% of the portfolio position established in Q3 2019 at an average cost of $3.96. Q2 2020 saw a ~25% stake increase at prices between $6.70 and $11.51. That was followed with another one-third increase this quarter at prices between $4.60 and $9.30. The stock currently trades at $3.86. Greenlight controls ~11% of NBSE.Sonos Inc. (SONO): The very small 0.52% stake in SONO was increased by ~15% this quarter.Stake Decreases:Concentrix (CNXC): CNXC is a spinoff from SYNNEX Corporation that started trading in December. Terms called for SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$174. Last quarter saw a ~40% stake increase at prices between ~$100 and ~$150 while this quarter there was a ~18% trimming at prices between ~$149 and ~$160.Danimer Scientific (DNMR): The 3.31% of the portfolio DNMR stake came about following the ~$700M EV De-SPAC transaction with Live Oak Acquisition that closed in December. Greenlight’s stake goes back to earlier funding rounds done a year ago. There was a ~25% stake increase last quarter at prices between ~$22 and ~$64. DNMR currently trades at $20.56. This quarter saw a ~2% trimming.Note: The stock dropped sharply in early May following a short report by Spruce Point Capital.Consol Energy (CEIX): CEIX is a 2.51% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. There was a ~30% reduction last quarter at prices between ~$6.75 and ~$12.20. That was followed with a ~25% selling this quarter at prices between ~$8.75 and ~$18.70. CEIX currently trades at $24.39.Note: Greenlight has a ~6% ownership stake in Consol Energy.Jack in the Box (JACK): JACK is a ~1% position purchased in Q2 2020 at prices between $32 and $73. There was a ~40% selling in Q4 2020 at prices between ~$80 and ~$95 while last quarter saw a similar increase at prices between ~$91 and ~$117. This quarter saw a ~22% selling at prices between ~$109 and ~$123. The stock currently goes for ~$105APi Group (APG): APG is now a minutely small 0.33% of the portfolio position. The stake was doubled last quarter at prices between ~$17 and ~$21.50 while this quarter there was a ~80% selling at prices between ~$19 and ~$23. The stock is now at $23.40.CNX Resources (CNX): CNX is now a minutely small 0.19% stake. It was first purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. Q1 2020 saw another ~25% stake increase at prices between $5 and $9 while next quarter there was a ~60% selling at prices between $5.50 and $12.95. Last two quarters have seen the stake almost sold out at prices between ~$11 and ~$15.60. The stock currently trades at $11.93.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Katapult Holdings (KPLT), Extraction Oil & Gas (XOG), and SYNNEX Corporation (SNX): These are very small (less than ~1% of the portfolio each) stakes that were reduced this quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~25% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. Last quarter saw a ~28% selling at ~$20.50 per share through an underwritten offering. They still own just over one-third of the business. The stock currently trades at $24.67.Note: The Q1 2021 commentary said they are still bullish on the position. Despite being the largest stake by a wide margin, they are comfortable with the current sizing of the position as well.Brighthouse Financial (BHF): BHF is a large (top three) stake at 10.41% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $48.65. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Atlas Air Worldwide (AAWW): AAWW is a large top three 6.48% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. The stock has doubled and currently trades at $73.57. Q4 2020 saw a ~15% stake increase at prices between $51.28 and $68.20 while last quarter saw similar trimming at prices between ~$51 and ~$62.Note: Greenlight controls ~5.5% of the business.Change Healthcare (CHNG): CHNG is large ~5% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $22.12. There was a ~30% reduction last quarter at prices between ~$18.25 and ~$24.Note: UnitedHealth (UNH) is buying Change Healthcare in a $25.75 all-cash deal announced in January.AerCap Holdings N.V. (AER): AER is currently a 2.14% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. Last three quarters had seen another ~80% selling at prices between ~$23 and ~$61. The stock currently trades at $53.96.Twitter Inc. (TWTR): The 2.11% TWTR stake was purchased in Q3 2020 at prices between $31 and $45 and the stock is now at $64.66.SPDR Gold Trust (GLD): The ~1% GLD stake was built in Q3 2020 at prices between $167 and $194. Last quarter saw a ~70% selling at prices between ~$158 and ~$183. It currently trades at ~$171.Offerpad (OPAD) and Gain Therapeutics (GANX): These two small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Supernova merged with Offerpad in a ~$2.4B EV deal that closed last week.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q1 2021 and Q2 2021.Info from Q4 2020 Letter – 1/21/2021 – Performance – -0.1% in Q1 2021 vs 6.2% for S&P. ~12.2% annualized since 1996 inception., Commentary – Expects inflation to pick up and sees that as a tail-wind to their portfolio. Most of their longs performed strongly and a healthcare (undisclosed short) also did well. Performance held back by GRBK which they sold at a discount in an underwritten offering – that increased supply caused some underperformance – although largest, still comfortable with sizing – earned $2.23 in 2020 and sees growth due to housing-boom being in the early stages of a multi-year trend. Short portfolio is still not performing – this quarter, they were affected by individual shorts that saw sudden spikes – working on overhauling the area including the incentive structure of the analysts involved. Chamath accused - Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor. Also call-out on penny stock manipulation and Hometown Intl. (HWIN). Also, Tether – not enough backing – the $18.5M penalty is like a light slap in the wrist. GSX Techedu – obvisouly Archegos and a small group of other funds cornered the market but SEC looked sideways on that market manipulation. Basically, all points to lax SEC fraud prosecution and seems to say they are being backed by some entities. Exposure - 118% long and 81% short , Largest Long Positions –Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific, and Green Brick Partners.Regulatory filings from 3/15/2021 to 6/7/2021: None."
"Tracking David Einhorn’s Portfolio – Q1 2021 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.66B to $1.44B this quarter.Greenlight increased Danimer Scientific and Concentrix while reducing AerCap Holdings, Fubotv, and Resideo Technologies during the quarter.The largest three positions are at ~45% of the portfolio. As of Q1 2021, the overall portfolio is 118% long and 81% short compared to 134% long and 70% short as of Q4 2020.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 5/17/2021. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2020.Greenlight Capital’s 13F portfolio value stood at $1.44B this quarter. It is down ~14% compared to $1.66B as of last quarter. Einhorn’s Q1 2021 letter reported that the fund returned negative 0.6% for Q1 2021. This is compared to 6.2% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight’s short book continued to lose money in Q1. They blamed the combination of rampant market manipulation and lax SEC enforcement for the poor performance. Also, they replaced single-stock short bets with index option shorts.New Stakes:FinServ Acquisition (FSRV), Supernova Partners Acquisition (SPNV), GoPro Inc. (GPRO), Extraction Oil & Gas (XOG), Capri Holdings (CPRI), and Gain Therapeutics (GANX): These are small (less than ~1.5% of the portfolio each) new stakes established this quarter. FinServ Acquisition and Supernova Partners Acquisition are SPACs with announced deals. FinServ is merging with Katapult Holding in a $1B EV deal announced in December. Supernova is merging with OfferPad in a ~$2.4B EV deal announced in March.Stake Disposals:Vaneck Gold Miners ETF (GDX): GDX was a 2.10% of the portfolio position purchased in Q2 2020 at prices between $23 and $37. There was a ~50% selling in Q3 2020 at prices between ~$36 and ~$44.50. The disposal this quarter was at prices between ~$30.90 and ~$38.50. The stock currently trades at $38.65NCR Corporation (NCR): NCR was a 2.32% of the portfolio position established in Q3 2020 at an average-cost of ~$18.90. There was a ~25% selling last quarter at prices between $19.60 and $37.60. The elimination this quarter was at prices between ~$33 and ~$39. The stock is now at $47.61.Crown Holdings (CCK), Clover Health (CLOV) previously Social Capital 3, Dillard’s Inc. (DDS), and Tesla (TSLA) Puts: These are very small (less than ~1.5% of the portfolio each) stakes were disposed this quarter.Stake Increases:Danimer Scientific (DNMR): The 5.66% of the portfolio DNMR stake came about following the ~$700M EV De-SPAC transaction with Live Oak Acquisition that closed in December. Greenlight’s stake goes back to earlier funding rounds done a year ago. There was a ~25% stake increase this quarter at prices between ~$22 and ~$64. DNMR currently trades at $27.66.Note: The stock dropped sharply in early May following a short by Spruce Point Capital.Concentrix (CNXC): CNXC is a spinoff from SYNNEX Corporation that started trading in December. Terms called from SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$148. This quarter saw a ~40% stake increase at prices between ~$100 and ~$150.Jack in the Box (JACK): JACK is a 1.37% position purchased in Q2 2020 at prices between $32 and $73. There was a ~40% selling last quarter at prices between ~$80 and ~$95 while this quarter saw a similar increase at prices between ~$91 and ~$117. The stock currently goes for ~$116ADT Inc. (ADT), APi Group (APG), and Echostar Corp (SATS): These three stakes saw substantial increases this quarter. The 1.64% ADT stake was built over the last two quarters at prices between ~$6.60 and ~$10.25. The stock currently trades at $11.12. APG is a 1.85% of the portfolio position that saw the stake doubled this quarter at prices between ~$17 and ~$21.50. The stock is now at $22.41. The 1.70% SATS position was built over the last two quarters at prices between ~$20 and ~$27 and it is now at $27.06.Stake Decreases:Green Brick Partners (GRBK): GRBK is currently the largest position at ~28% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. This quarter saw a ~28% selling at ~$20.50 per share through an underwritten offering. They still own just over one-third of the business. The stock currently trades at $24.30.Note: The Q1 2021 commentary said they are still bullish on the position. Despite being the largest stake by a wide margin, they are comfortable with the current sizing of the position as well.Atlas Air Worldwide (AAWW): AAWW is a large top five 6.37% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. The stock has doubled and currently trades at $74.39. Last quarter saw a ~15% stake increase at prices between $51.28 and $68.20 while this quarter saw similar trimming at prices between ~$51 and ~$62.Note: Greenlight controls ~5.5% of the business.Change Healthcare (CHNG): CHNG is large 5.31% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $23.66. There was a ~30% reduction this quarter at prices between ~$18.25 and ~$24.Note: UnitedHealth (UNH) is buying Change Healthcare in a $25.75 all-cash deal announced in January.Chemours (CC): CC is a 4.34% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $36.38. Last five quarters have seen a two-thirds reduction at prices between ~$7 and ~$28.75.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Teck Resources (TECK), : TECK is a 3.10% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25 and the stock currently trades at $23.90. There was a ~40% stake increase last quarter at prices between ~$12.25 and ~$18.85 while this quarter there was a ~25% selling at prices between ~$18 and ~$23.75.Resideo Technologies (REZI): The 2.73% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. Last two quarters had seen a one-third increase at prices between ~$10 and ~$22.50 while this quarter saw a ~45% selling at prices between ~$21 and ~$31.50. The stock is now at $32.12.AerCap Holdings N.V. (AER): AER is currently a 2.72% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. Last three quarters have seen another ~80% selling at prices between ~$23 and ~$61. The stock currently trades at $58.11.Consol Energy (CEIX): CEIX is a 1.91% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. CEIX currently trades at $16.44. There was a ~30% reduction this quarter at prices between ~$6.75 and ~$12.20.Note: Greenlight has a ~8% ownership stake in Consol Energy.CNX Resources (CNX): CNX is a 1.35% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. Q1 2020 saw another ~25% stake increase at prices between $5 and $9 while next quarter there was a ~60% selling at prices between $5.50 and $12.95. This quarter saw another similar reduction at prices between ~$10.80 and ~$15.70. The stock currently trades at $14.37.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.SPDR Gold Trust (GLD): The 1.14% GLD stake was built in Q3 2020 at prices between $167 and $194. This quarter saw a ~70% selling at prices between ~$158 and ~$183. It currently trades at ~$178.FuboTV (FUBO): FUBO had an IPO last October. Shares started trading at ~$12 and currently goes for $30.46. Greenlight’s stake goes back to earlier funding rounds and their cost-basis is ~$5 per share. This quarter saw the stake reduced by roughly two-thirds to a very small 0.66% of the portfolio stake at prices between ~$21 and ~$52.40.Sonos Inc. (SONO) and SYNNEX Corporation (SNX): These small (less than ~1.25% of the portfolio each) stakes were reduced this quarter.Kept Steady:Brighthouse Financial (BHF): BHF is a large (top three) stake at 11.21% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently at $48.36. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50.Note 1: Greenlight commented on this position on their Q2 2020 letter: The valuation is very cheap and there is a large buyback in place that should allow them to retire ~23% of the shares in the next eighteen months.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Twitter Inc. (TWTR): The 2.16% TWTR stake was purchased at prices between $31 and $45 and the stock is now at $59.63.Neubase Therapeutics (NBSE): NBSE is a small ~1% of the portfolio position established in Q3 2019 at an average cost of $3.96. Q2 2020 saw a ~25% stake increase at prices between $6.70 and $11.51. The stock currently trades at $5.22. Greenlight controls ~8.7% of NBSE.Note: Greenlight also has several minutely small stakes primarily in SPAC units, shares, and warrants.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q4 2020 and Q1 2021.Info from Q4 2020 Letter – 1/21/2021 – Performance – 5.2% in 2020 vs 18.4% for S&P. 12.4% annualized since 1996 inception., Commentary – Best quarter in the firm’s history with a 25% return. REZI – HVAC & security business spunoff in 2018 from Honeywell. Q1 2020 average entry price of $4.88. Bullish on the new management team. Sees $3 per share earnings from $2 currently in the coming years. FUBO – private investment pre-IPO at $5 cost-basis. Still bullish at $28 as they see great potential in its technology that would enable transforming watching sports from being a passive experience to a highly engaging, active one. Danimer Scientific – DNMR – Pre-SPAC merger investment made a year ago. NBSE another private investment made at an average price of $3.96 – thinks risk-reward is asymmetrical at $6.99 price. Its PATrOL platform consolidates gene silencing, editing, and replacement in a unified platform. BUBBLE – commentary on valuation-indifferent investors (Passive ETFs, Reddit retail crowd, and professionals). JOE – earned some whistleblower money from SEC for validation of the short thesis made in 2007, complained to SEC, SEC agreed and fined JOE. AGO – similar slow progress on whistleblower short thesis presented in 2018 Sohn conference. Also S&P ratings are incorrect which they pointed out but S&P did not budge. So, they complained to SEC and they responded eventually saying they did not find a problem but they were looking at a different area. Exposure - 134% long and 70% short , Largest Long Positions – AerCap, Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, and Green Brick Partners.Regulatory filings thru 3/14/2021: 13G/As – 2/16 – AAW – 1.73M shares – 6.3% of business, XELA – zero, NBSE – 2.03M shares – 8.7% of business. Form 4, 13D/A – 2/10 – GRBK - ~700K shares disposed @ 20.55 – 17.43M shares – 34.4% of business, Form 4, 13D/A – 1/27 – ~7M shares disposed at 20.55 – 18.13M shares – 35.8% of business. 13G/A – 1/12 – error correction related filing, 13G/A – 1/12, Form 3 – 12/30, Form 4 – 1/11 – Consol Energy – CEIX – 4M shares – 11.8% of business."
"Tracking David Einhorn’s Portfolio – Q4 2020 Update"	"David Einhorn's 13F stock portfolio value increased from $1.22B to $1.66B this quarter.Greenlight increased Atlas Air Worldwide, Teck Resources, and Resideo Technologies while reducing AerCap Holdings, Chemours, and NCR Corp during the quarter.The largest three positions are at ~59% of the portfolio. As of Q4 2020, the overall portfolio is 134% long and 70% short compared to 138% long and 80% short as of Q3 2020.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 2/16/2021. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2020.Greenlight Capital’s 13F portfolio value stood at $1.66B this quarter. It is up ~36% compared to $1.22B as of last quarter. Einhorn’s Q4 2020 letter reported that the fund returned 5.2% for 2020. This is compared to 18.4% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book which includes a widely known short stake in Tesla (TSLA). It was their largest loser in 2020. Their Q3 2020 letter disclosed establishing a new bubble basket comprising of second-tier tech businesses along with some recent IPOs.New Stakes:Danimer Scientific (DNMR) and FuboTV (FUBO): The 2.44% of the portfolio DNMR stake came about following the ~$700M EV De-SPAC transaction with Live Oak Acquisition that closed in December. Greenlight’s stake goes back to earlier funding rounds done a year ago. The stock had a stunning run following the close and briefly traded at ~$64. It currently trades at $36.84. This is compared to the May 2020 IPO pricing of $10 for Live Oak’s Units. FUBO had an IPO in October. Shares started trading at ~$12 and currently goes for $21.06. Greenlight’s stake goes back to earlier funding rounds and their cost-basis is ~$5 per share.Concentrix (CNXC) and Consol Energy (CEIX): CNXC is a spinoff from SYNNEX Corporation that started trading in December. Terms called from SYNNEX shareholders to get one share of CNXC for each share held. Greenlight had a position in SYNNEX for which they received these shares. The stock started trading at ~$80 and currently goes for ~$143. CEIX is a 1.74% of the portfolio position that came about as a result of the merger with Consol Coal Resources that closed in December. Terms called for 0.73 shares of Consol Energy for each share of Consol Coal held. Greenlight had a position in Consol Coal for which they received these shares. CEIX currently trades at $9.31.Note: Greenlight has a ~12% ownership stake in Consol Energy.ADT Inc. (ADT), Clover Health (CLOV) previously Social Capital (IPOC), Echostar Corp (SATS), Sonos Inc. (SONO), Aequi Acquisition (ARBG) Units, and New Providence Acquisition (NPA): These are very small (less than ~1% of the portfolio each) new stakes established this quarter.Note: Clover Health was a SPAC that merged with Social Capital in a $3.7B EV deal in January. New Providence Acquisition is a SPAC that is merging with AST Space Mobile in a $1.4B EV deal announced in December. Aequi Acquisition is a pre-deal SPAC that had a ~$230M IPO in November.Stake Disposals:Intel Corp (INTC), and Ingredion Inc. (INGR): These two small (less than ~2% of the portfolio each) positions established last quarter was disposed this quarter. INTC was a 1.27% of the portfolio position established at prices between $47.50 and $61 and it is now at $64.50. The disposal this quarter was at prices between ~$44 and ~$55. The ~1% INGR stake was purchased at prices between ~$75 and ~$89 and it currently trades at $91.78. The elimination this quarter was at prices between ~$69 and ~$82.Consol Coal Resources LP (CCR): CCR was a 1.49% portfolio stake. The position goes back to its spinoff in 2015. Greenlight had controlled ~35% of CCR. The position was eliminated as the merger of Consol Coal with Consol Energy closed in December.Amarin Corp plc (AMRN), CryoLife Inc. (CRY), Graham Holdings (GHC), Gulfport Energy (GPOR), Kennedy-Wilson (KW), PVH Corp (PVH), and Vapotherm Inc. (VAPO): These minutely small (less than ~0.5% of the portfolio each) stakes were disposed this quarter.Stake Increases:Atlas Air Worldwide (AAWW): AAWW is a large top five 5.67% of the portfolio stake established in Q2 2020 at an average price of $36.28 per share. The stock currently trades well above that range at $58.63. This quarter saw a ~15% stake increase at prices between $51.28 and $68.20.Note: Greenlight controls 6.3% of the business. The buy-thesis is that there is a shortage of airfreight capacity resulting in a strong tailwind: long-haul international passenger traffic went down 90% YoY in Q2 2020. Also, the surge in e-commerce should help growth (DHL & Amazon contracts).Resideo Technologies (REZI): The 3.32% REZI stake was established in Q2 2020 at prices between $3.95 and $12.50. The stock has more than doubled and currently goes for $28.32. Last two quarters have seen a one-third increase at prices between ~$10 and ~$22.50.Teck Resources (TECK), : TECK is a 3.40% of the portfolio position purchased in Q2 2020 at prices between $7 and $12.25 and the stock currently trades at $19.13. There was a ~40% stake increase this quarter at prices between ~$12.25 and ~$18.85.Note: the buy thesis is on the idea that its business should benefit from base metal price increases they foresee.CNX Resources (CNX): CNX is a ~2% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. Q1 2020 saw another ~25% stake increase at prices between $5 and $9 while next quarter there was a ~60% selling at prices between $5.50 and $12.95. The stock currently trades at $15.36. Last quarter saw a ~6% trimming while this quarter there was a ~14% stake increase.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Dillard’s Inc. (DDS): The small 0.87% DDS stake saw a ~15% increase this quarter. DDS is a frequently traded stock in the portfolio.Stake Decreases:AerCap Holdings N.V. (AER): AER is a large (top three) 6.37% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. Last two quarters have seen another one-third selling at prices between ~$23 and ~$46. The stock currently trades at $59.33.Change Healthcare (CHNG): CHNG is large (top five) 5.43% of the portfolio position purchased in Q1 2020 at a cost-basis of $11.40. The stock currently trades at $22.15. Last two quarters saw minor trimming.Note: the thesis is on the idea that 9x estimated FCF valuation is compelling for a company that can be termed “backbone of healthcare internet”.SPDR Gold Trust (GLD): The 3.95% GLD stake was built last quarter at prices between $167 and $194. It currently trades at ~$160.Chemours (CC): CC is a 3.87% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $28.21. Last four quarters have seen a ~62% selling at prices between $7 and ~$28.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.NCR Corporation (NCR): NCR is a 2.32% of the portfolio position established last quarter at an average-cost of ~$18.90. The stock is now at $36.87. There was a ~25% selling this quarter at prices between $19.60 and $37.60.Note: Green Light’s 3rd quarter commentary had the following regarding the position – NCR’s shift to recurring SaaS revenue model should result in strong profits going forward.Jack in the Box (JACK): JACK is a 0.68% position purchased in Q2 2020 at prices between $32 and $73 and it currently goes for ~$110. There was a ~40% selling this quarter at prices between ~$80 and ~$95.Crown Holdings (CCK), Intercept Pharmaceuticals (ICPT), and SYNNEX Corporation (SNX): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at one-third of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Note 1: Regulatory filings since the quarter ended show them owning 17.43M shares (34.4% of the business) of Green Brick Partners. This is compared to 24.12M shares in the 13F report. Around 7.3M shares were sold at ~$20.50.Note 2: The 3rd quarter 2020 commentary said that GRBK was the star of the quarter as the price went up from $11.85 to $16.10. They still believed the stock was very undervalued. The stock currently trades at $21.87.Brighthouse Financial (BHF): BHF is a large (top three) stake at ~8% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $42.78. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50.Note 1: Greenlight commented on this position on their Q2 2020 letter: The valuation is very cheap and there is a large buyback in place that should allow them to retire ~23% of the shares in the next eighteen months.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Vaneck Gold Miners ETF (GDX): GDX is a 2.10% of the portfolio position purchased in Q2 2020 at prices between $23 and $37 and the stock currently trades at $32.86. There was a ~50% selling last quarter at prices between ~$36 and ~$44.50.Twitter Inc. (TWTR): The 1.59% TWTR stake was purchased at prices between $31 and $45 and the stock is now at $62.94.Neubase Therapeutics (NBSE): NBSE is a small 0.85% of the portfolio position established in Q3 2019 at an average cost of $3.96. Q2 2020 saw a ~25% stake increase at prices between $6.70 and $11.51. The stock currently trades at $7.14. Their Q4 2020 commentary discussed this position. They think the risk-reward is asymmetrical. The stock was at around the same price at the time.Note: Greenlight controls ~8.7% of NBSE.APi Group (APG), AMERCO (UHAL), Panacea Acquisition (PANA) stock and warrants, MediciNova (MNOV), Reinvent Technology Partners (RTP) Units, and Tesla (TSLA) Puts: These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q4 2020:Source: John Vincent. Data constructed from Greenlight Capital’s 13F filings for Q3 and Q4 2020.Info from Q3 2020 Letter – 10/27/2020 – Performance – 5.9% in Q3 2020 vs -8.9% for S&P. ~12% annualized since 1996 inception (not in letter but thru Q4 2019 it was 12.6% annualized), Commentary – Raised tail-risk related to violence/civil war probability and related to the political center collapsing. Money printing ($3.3T so far YTD which is 22% of all USD in existence at EOY 2019) – Inflation risk – gold rising - GRBK, BHF, CNX, CC, Buzzi Unicem, etc. have exposure to rising prices. TECH BUBBLE – premature to call in 2016 but now more bubbly than 2000. Thinks 9/2 was the top and it has already popped – investor sentiment has shifted from greed to complacency. SHIFTED BUBBLE BASKET – new bubble basket with 2nd tier businesses and recent IPOs. GRBK – star of the quarter – advanced from 11.85 to 16.10 – still believes shares are deeply undervalued at 9x estimates. NEW POSITIONS: SNX @ 126.29 – IT hardware distributor – spinning off BPO business – this should add value as the original business is lowly valued while the spinoff should rerate. Ams AG (Swiss) @ CHF 16.71 – structured light 3D sensing – Osram acquisition should be a tailwind but the stock fell. NCR @ 18.89 – ATM sales and service – 2018 new management – converting to recurring SaaS from perpetual licensing – 50% drop due to customer deferrals of purchases earlier this year. EXITS: Nothing significant . Exposure - 138% long and 80% short , Largest Long Positions – AerCap, Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, and Green Brick Partners.Regulatory filings thru 11/18/2020 – None."
"Tracking David Einhorn’s Portfolio – Q3 2020 Update"	"David Einhorn's 13F stock portfolio value increased from $922M to $1.22B this quarter.Greenlight added SYNNEX, NCR, Twitter, Intel, and Ingredion while reducing AerCap Holdings. The short position in Tesla thru puts was increased during the quarter.The largest three positions are at ~47% of the portfolio. As of Q3 2020, the overall portfolio is 138% long and 80% short compared to 123% long and 68% short as of Q2 2020.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/16/2020. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2020.Greenlight Capital’s 13F portfolio value stood at $1.22B this quarter. It is up around one-third compared to $922M as of last quarter. Einhorn’s Q3 2020 letter reported that the fund returned 5.9% for Q3 2020. This is compared to 8.9% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book which includes a widely known but small short stake in Tesla (TSLA). Their Q3 2020 letter disclosed establishing a new bubble basket comprising of 2nd tier tech businesses along with some recent IPOs.New Stakes:SYNNEX Corporation (SNX) and NCR Corporation (NCR): These are medium-sized new positions established this quarter. The 3.12% of the portfolio SNX stake was purchased at an average-cost of ~$126 and it currently trades at ~$157. NCR is a 2.54% of the portfolio position established at an average-cost of ~$18.90. The stock is now at $25.17.Note: Green Light’s 3rd quarter commentary had the following regarding these two positions – SYNNEX is spinning off its higher-margin BPO business which should result in higher valuation. NCR’s shift to recurring SaaS revenue model should result in strong profits going forward.Twitter Inc. (TWTR), Intel Corp (INTC), and Ingredion Inc. (INGR): These are small (less than ~2% of the portfolio each) new positions established during the quarter. The 1.77% TWTR stake was purchased at prices between $31 and $45 and the stock is now at $42.85. INTC is a 1.27% of the portfolio position established at prices between $47.50 and $61 and it is now at $45.53. The ~1% INGR stake was purchased at prices between ~$75 and ~$89 and it currently trades at $78.22.Dillard’s Inc. (DDS), AMERCO (UHAL), Intercept Pharmaceuticals (ICPT), Graham Holdings (GHC), Panacea Acquisition (PANA) stock and warrants, CryoLife Inc. (CRY), Kennedy-Wilson (KW), Vapotherm Inc. (VAPO), MediciNova (MNOV), Reinvent Technology Partners (RTP) Units, and Amarin Corp plc (AMRN): These are very small (less than ~0.5% of the portfolio each) new stakes established this quarter.Stake Disposals:Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. The stock started trading at ~$10 and currently goes for $0.37. The minutely small position was almost sold out last quarter and the remainder stake was disposed this quarter.Tempur Sealy International (TPX), Echostar Corp (SATS), and Whirlpool Corp (WHR): These small (less than ~1% of the portfolio each) positions purchased last quarter were disposed this quarter.Stake Increases:Atlas Air Worldwide (AAWW): AAWW is a large top five 7.49% of the portfolio stake established last quarter at an average price of $36.28 per share. The stock currently trades well above that at $56.50. There was a marginal increase this quarter.Note: the buy-thesis is that there is a shortage of airfreight capacity resulting in a strong tailwind - long-haul international passenger traffic went down 90% YoY in Q2 2020. Also, the surge in e-commerce should help growth (DHL & Amazon contracts).SPDR Gold Trust (GLD): The 5.48% GLD stake was built this quarter as it traded between $167 and $194. It currently trades at ~$177.Note: GDX, the other gold ETF in the portfolio was correspondingly decreased during the quarter.Resideo Technologies (REZI) and Jack in the Box (JACK): The ~2% REZI stake was established last quarter at prices between $3.95 and $12.50 and it is now at $15.87. There was a ~12% stake increase during the quarter. JACK is a 1.30% position purchased last quarter at prices between $32 and $73 and it currently goes for ~$87. There was a ~6% increase this quarter.Neubase Therapeutics (NBSE): NBSE is a small 1.26% of the portfolio position established in Q3 2019 at prices between $3.15 and $6.60 and the stock currently trades at ~$8. Last quarter saw a ~25% stake increase at prices between $6.70 and $11.51. This quarter also saw a ~7% stake increase. Greenlight controls ~11.5% of NBSE.Tesla (TSLA) Puts: The small short position in TSLA thru Puts was increased during the quarter.Stake Decreases:Change Healthcare (CHNG): CHNG is large (top five) 6.27% of the portfolio position purchased at a cost-basis of $11.40. The stock currently trades at $16.90. The thesis is on the idea that 9x estimated FCF valuation is compelling for a company that can be termed “backbone of healthcare internet”. Also, they are poised to grow in the coming years. Last two quarters have seen only minor adjustments.AerCap Holdings N.V. (AER): AER is a large (top five) ~6% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $40.39. This quarter saw a ~14% selling at prices between ~$23 and ~$33.Chemours (CC): CC is a large 5.20% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Next quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $23.73. Last three quarters have seen a ~55% selling at prices between $7 and $22.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Vaneck Gold Miners ETF (GDX): GDX is a 3.10% of the portfolio position purchased last quarter at prices between $23 and $37 and the stock currently trades at $36.94. There was a ~50% selling this quarter at prices between ~$36 and ~$44.50.Note: This quarter saw this position reduced while increasing the stake in the other gold ETF GLD. Their direct exposure to gold was also reduced last quarter. They expect inflation to pick up. Per their Q2 2020 commentary, they established a large macro position in 2-, 5- and 10-year inflation swaps (a TIPS derivative).Teck Resources (TECK), : TECK is a 2.57% of the portfolio position purchased last quarter at prices between $7 and $12.25 and the stock currently trades at $14.83. The buy thesis is on the idea that its business should benefit from base metal price increases. There was a ~6% trimming this quarter.CNX Resources (CNX): CNX is a 2.17% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. Q1 2020 saw another ~25% stake increase at prices between $5 and $9 while last quarter there was a ~60% selling at prices between $5.50 and $12.95. The stock currently trades at $9.77. This quarter also saw a ~6% trimming.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.APi Group (APG) and Gulfport Energy (GPOR): These small (less than ~0.75% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~32% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Note: The 3rd quarter commentary said that GRBK was the star of the quarter as the price went up from $11.85 to $16.10. They still believed the stock was very undervalued. The stock currently trades at $22.76.Brighthouse Financial (BHF): BHF is a large (top three) stake at ~8% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $34.49. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50.Note 1: Greenlight commented on this position on their Q2 2020 letter: The valuation is very cheap and there is a large buyback in place that should allow them to retire ~23% of the shares in the next eighteen months.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Consol Coal Resources LP (CCR): CCR is a 1.49% portfolio stake. Greenlight controls ~35% of CCR. The position came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $3.47.Crown Holdings (CCK) and PVH Corp (PVH): These two small (less than ~1.5% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q3 2020:Info from Q2 2020 Letter – 8/4/2020 – Performance – 1.0% in Q2 2020 vs -20.5% for S&P. ~12% annualized since 1996 inception (not in letter but thru Q4 2019 it was 12.6% annualized), Commentary – RISING INFLATION EXPECTATION. GRBK, BHF, CNX, CC, Buzzi Unicem, etc. have exposure to rising prices. BHF – on adjusted-earnings basis PE is 3.3x. There is a $1.5B stock buyback activity that imply the company will retire 23% of stock over the next 18 months. NEW POSITIONS: new, large macro position in 2-, 5- and 10-year inflation swaps (highly liquid derivative of TIPS) when inflation expectation was at 0.1%, 0.8%,and 1.3% for 2-, 5-, and 10-year inflation swaps respectively. TECK – should benefit from base metal price increases. AAWW – added at average price of $36.28 (acquired at 0.5x Q1 2020 tangible book value) – as long-haul international passenger traffic wet down 90% YoY, there is a shortage of airfreight capacity. Also, DHL & Amazon contract tailwinds, given the growth in e-commerce. Germany’s Wirecard related commentary & comparisons to Elon Musk and Tesla – fraud (99% of value lost after a 25x increase over 7.5 years) – had a small short position. Also sudden unintended acceleration (SUA) mention. Also mentions accounting maneuvers to qualify for S&P inclusion – deferring employee compensation, depreciation expense on its new plant in China, R&D spending, and most notably the spike in sales of regulatory credits without a corresponding spike in counterparty expenses to buy these credits, specifically with Fiat Chrysler (FCAU). Expects TSLA parabolic rise to end around the speculated inclusion in S&P 500 index. EXITS: Adient – turnaround impacted by COVID and that prompted the exit. . Exposure - 123% long and 68% short , Largest Long Positions – AerCap, Atlas Air Worldwide, Brighthouse Financial, Green Brick Partners, and VanEck Vectors Gold Miners ETF.Regulatory filings thru 8/24/2020 – None."
"Tracking David Einhorn’s Portfolio – Q2 2020 Update"	"David Einhorn's 13F stock portfolio value increased from $702M to $922M this quarter.Greenlight added Vaneck Gold Miners ETF and Atlas Air Worldwide while dropping Altice USA and Adient plc.The largest three positions are at ~54% of the portfolio. As of Q2 2020, the overall portfolio is 123% long and 68% short compared to 96% long and 69% short as of Q1 2020.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2020. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2020.Greenlight Capital’s 13F portfolio value stood at $922M this quarter. It is up ~31% compared to $702M as of last quarter. Einhorn’s Q2 2020 letter reported that the fund returned 1% for Q2 2020. This is compared to 20.5% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book which includes a widely known but small short stake in Tesla (TSLA). Their Q2 2020 letter drew comparisons to Germany’s Wirecard AG (WCAGY), a former high-flyer that lost 99% of its value after fraud was confirmed in June.New Stakes:Vaneck Gold Miners ETF (GDX): GDX is a top five 7.29% of the portfolio position purchased this quarter at prices between $23 and $37 and the stock currently trades at $40.65.Note: They expect inflation to pick up. Per their Q2 2020 commentary, their direct exposure to gold was reduced while adding this position. They also established a large macro position in 2-, 5- and 10-year inflation swaps (a TIPS derivative).Atlas Air Worldwide (AAWW): AAWW is a large top five 6.61% of the portfolio stake established this quarter at an average price of $36.28 per share. The stock currently trades well above that at $57.49.Note: the buy-thesis is that there is a shortage of airfreight capacity resulting in a strong tailwind - long-haul international passenger traffic went down 90% YoY in Q2 2020. Also, the surge in e-commerce should help growth (DHL & Amazon contracts).Teck Resources (TECK), Resideo Technologies (REZI), and Jack in the Box (JACK): TECK is a 2.71% of the portfolio position purchased this quarter at prices between $7 and $12.25 and the stock currently trades at $11.46. The buy thesis is on the idea that its business should benefit from base metal price increases. The 2.47% REZI stake was established at prices between $3.95 and $12.50 and it is now at $13.91. JACK is a 1.53% position purchased at prices between $32 and $73 and it currently goes for $83.36.SPDR Gold Trust (GLD), APi Group (APG), Tempur Sealy International (TPX), Echostar Corp (SATS), Whirlpool Corp (WHR), and PVH Corp (PVH): These are small (less than ~1% of the portfolio each) new positions purchased during the quarter.Stake Disposals:Altice USA (ATUS): ATUS was a ~5% portfolio stake established in Q3 2018 at a cost-basis of $18.38 and increased by ~40% in Q4 2018 at prices between $14.50 and $19. There was a ~23% selling in Q2 2019 at prices between $22 and $25. That was followed with a one-third reduction in Q4 2019 at prices between $25 and $31.50. Last quarter also saw a ~25% selling at prices between $17.20 and $29.50. The disposal this quarter was at prices between $22 and $26.50. The stock is currently at ~$26.65.Adient plc (ADNT): ADNT was a 2.40% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn in Q3 2018: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase next quarter at prices between $15 and $38. Q2 & Q3 2019 had also seen a 27% stake increase at prices between $14.50 and $26. The pattern reversed again last quarter: ~25% selling at prices between $6.50 and $28.50. The stake was eliminated this quarter at prices between $7.35 and $22.30. The stock is now at $17.72.Note: The exit was prompted by COVID as they felt the turnaround was significantly impacted.Teekay LNG Partners (TGP): TGP was a very small 0.81% of the portfolio stake established in Q1 2019 at prices between $11 and $15.25. Next quarter saw a ~70% stake increase at prices between $13 and $15.25. The stock currently trades at $11.75. There was a roughly one-third reduction last quarter at prices between $7.50 and $15.50. The disposal this quarter was at prices between $9 and $13.Altria Group (MO), American Express (AXP), Berkshire Hathaway (BRK.B), Centene Corp (CNC), Danaher Corp (DHR), Walt Disney (DIS), Goldman Sachs (GS), and Paychex Inc. (PAYX): These small (less than ~1.5% of the portfolio each) positions established last quarter were disposed this quarter.Stake Increases:AerCap Holdings N.V. (AER): AER is a large (top three) ~12% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $30.77. There was a ~8% stake increase this quarter.Change Healthcare (CHNG): CHNG is large 6.51% of the portfolio position purchased at a cost-basis of $11.40. The stock currently trades at $13.12. The thesis is on the idea that 9x estimated FCF valuation is compelling for a company that can be termed “backbone of healthcare internet”. Also, they are poised to grow in the coming years. This quarter saw a marginal stake increase.Neubase Therapeutics (NBSE): NBSE is a small 1.81 % of the portfolio position established in Q3 2019 at prices between $3.15 and $6.60 and the stock currently trades at $8.37. This quarter saw a ~25% stake increase at prices between $6.70 and $11.51. Greenlight controls ~11% of NBSE.Gulfport Energy (GPOR): The minutely small 0.15% GPOR stake saw a substantial stake increase this quarter.Stake Decreases:Chemours (CC): CC is a large 5.65% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Last quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $20.56. Last two quarters have seen a ~50% selling at prices between $7.25 and $19.75.Note: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. The stock started trading at ~$10 and currently goes for $0.43. The minutely small position was almost sold out this quarter.CNX Resources (CNX): CNX is a 2.85% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. Last quarter saw another ~25% stake increase at prices between $5 and $9 while this quarter there was a ~60% selling at prices between $5.50 and $12.95. The stock currently trades at $11.42.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Tesla (TSLA) Puts: The small short position in TSLA thru Puts was disposed during the quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~31% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction. The stock is up ~35% YTD.Brighthouse Financial (BHF): BHF is a large (top three) stake at ~11% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $31.03. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. Last quarter saw a marginal increase.Note 1: Greenlight commented on this position on their Q2 2020 letter: The valuation is very cheap and there is a large buyback in place that should allow them to retire ~23% of the shares in the next eighteen months.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Consol Coal Resources LP (CCR): CCR is a 2.43% portfolio stake. Greenlight controls ~35% of CCR. The position came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $3.74.Crown Holdings (CCK): The small 1.51% of the portfolio stake in CCK was kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2020:Info from Q1 2020 Letter – 5/1/2020 – Performance – -21.5% in Q1 2020 vs -19.6% for S&P. ~12% annualized since 1996 inception (not in letter but thru Q4 2019 it was 12.6% annualized), Commentary – undervaluation thesis on BHF ($2B cash to holding company & $2.5B market cap), GRBK (single family homes should outperform going forward – hard assets, gold, inflation post-pandemic thesis), AER (no distress as they can raise ~70% planes unencumbered). TSLA melt-up result in moderate loss as the short position was structured as a put spread. Dialog Semi (Apple business loss etc. has created undervaluation) NEW POSITIONS: CHNG – can be called the “backbone of healthcare internet” – cost-basis $11.40 – McKesson had large ownership which reduced the float – now 3x that due to exchange offer. EXITS:GM – over 5-year holding period ~9% IRR – compares well to a loss for Ford during the period, TPX – exited near the top following earnings beat. Medicines Company large gain due to buy-out by Novartis. Lanxess – double-digit IRR over 6-year holding period. DXC Technology small loss over a short holding period. Scientific Games small loss. Echostar small gain. Most of the bubble-basket puts expired in January. Celltrion & Dexcom covered. Exposure -96% long and 69% short , Largest Long Positions – AerCap, Brighthouse Financial, Change Healthcare, CNX Resources and Green Brick Partners.Regulatory filings thru 5/21/2020 – None."
"Tracking David Einhorn’s Portfolio – Q1 2020 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.35B to $702M this quarter.Greenlight added Change Healthcare and increased CNX Resources while dropping General Motors.The largest three positions are at ~51% of the portfolio. As of Q1 2020, the overall portfolio is 96% long and 69% short compared to 127% long and 63% short as of EOY 2019.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/15/2020. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2019.Greenlight Capital’s 13F portfolio value stood at $702M this quarter. It is down ~48% compared to $1.35B as of last quarter. Einhorn’s Q1 2020 letter reported that the fund returned negative 21.5% for Q1 2020. This is compared to negative 19.6% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book. Short stakes currently held include Tesla (TSLA) and Netflix (NFLX). Their Q1 2020 letter talked about closing short positions in Celltrion and Dexcom (DXCM) along with most of their “bubble-basket” shorts (the puts expired in January).New Stakes:Change Healthcare (CHNG): CHNG is large (top five) 7.53% of the portfolio position purchased at a cost-basis of $11.40. The stock currently trades at $12.32. The thesis is on the idea that 9x estimated FCF valuation is compelling for a company that can be termed “backbone of healthcare internet”. Also, they are poised to grow in the coming years.Crown Holdings (CCK), Centene Corp (CNC), Altria Group (MO), Paychex Inc. (PAYX), American Express (AXP), Goldman Sachs (GS), Danaher Corp (DHR), Berkshire Hathaway (BRK.B), Walt Disney (DIS), Tesla (TSLA) Puts, and Gulfport Energy (GPOR): These are small (less than ~2% of the portfolio each) new positions established this quarter.Stake Disposals:General Motors (GM): GM was Greenlight’s second-largest position at ~17% of the portfolio as of last quarter. The entire position was disposed this quarter at prices between $16.80 and $37.40. The stake was established during the first three quarters of 2015 at prices between $28.50 and $39. The position was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. 2018 saw another ~55% selling at prices between $30.50 and $45 and that was followed with a ~50% reduction in H1 2019 at prices between $32 and $40. The stock is now at ~$26.Note 1: The position had a ~9% IRR over a holding period of roughly five years. Greenlight had a previous successful roundtrip with GM: A ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Note 2: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Echostar (SATS): The 2.18% SATS position was purchased in Q4 2018 at prices between $34 and $46 and sold this quarter at prices between ~$27 and ~$43. It is now at ~$30. Overall, the position had a small gain.DXC Technology (DXC): DXC was a medium-sized 2.27% of the portfolio stake established last quarter at a cost-basis of $36.54 and disposed this quarter. The stock currently trades at $15.48. Overall, the position resulted in a small loss.Scientific Games (SGMS): The 2.24% SGMS position was purchased in Q2 2019 at prices between $18 and $24 and the stock currently trades at $14.30. Last quarter saw a ~25% selling at prices between $19.50 and $31.75 and the disposal this quarter was at prices between ~$4 and ~$30. Overall, the position resulted in a small loss over a short holding period.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Last four quarters saw a ~80% selling at prices between $42 and $89. The elimination this quarter was at prices between $24 and $96. The stock is now at $60.28. Greenlight realized gains.Medicines Company (MDCO): The ~2% MDCO stake saw a ~23% selling in Q2 2019 at prices between $27.50 and $37.50. Last quarter saw another ~70% reduction at prices between $49 and $85. Last November, Novartis (NVS) agreed to acquire MDCO for $85 per share cash and that transaction closed in January.Consol Energy (CEIX): CEIX was a small 0.66% of the portfolio stake purchased in Q4 2018 at prices between $29.50 and $41.50 and increased by ~140% next quarter at prices between $31.50 and $38.50. Q2 2019 saw another stake doubling at prices between $25 and $34.50. The position was disposed this quarter at prices between $3.70 and $14.75. The stock is now at $6.93.Stake Increases:Brighthouse Financial (BHF): BHF is a large (top three) stake at 12.53% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $28.85. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. This quarter saw a marginal increase.Note 1: Greenlight commented on this position on their Q1 2020 letter: The valuation is very cheap and there is a large buyback in place that should allow them to retire ~25% of the shares this year.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.AerCap Holdings N.V. (AER): AER is a large (top three) ~11% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $28.80. Last two quarters had also seen a ~20% selling. This quarter saw a minor increase.Note: Greenlight’s bullish thesis pivots on the fact that they have plenty of near-term liquidity and ~70% of their planes are unencumbered. Given the policy response from most governments, most airlines should avoid bankruptcy and honor lease obligations.CNX Resources (CNX): CNX is a large 5.6% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. This quarter saw another ~25% stake increase at prices between $5 and $9. The stock currently trades at $10.38.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Stake Decreases:Chemours (CC): CC is a large ~6% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Last quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $12.45. There was a ~30% selling this quarter at prices between $7.50 and $20.Note 1: The main businesses of Chemours are Titanium Dioxide and Refrigerants both of which are under pressure. Despite that, as of last September, Greenlight believed CC had $8.50 earnings power for 2021. This is compared to Wall Street estimates of $3.20 and $3.99 for 2020 and 2021 respectively. Also, Greenlight believes the PFOA liability concerns are overrated - PFOS liability is more of a risk factor and Chemours has minimal exposure there.Note 2: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Altice USA (ATUS): ATUS is a ~5% portfolio stake established in Q3 2018 at a cost-basis of $18.38 and increased by ~40% in Q4 2018 at prices between $14.50 and $19. There was a ~23% selling in Q2 2019 at prices between $22 and $25. That was followed with a one-third reduction last quarter at prices between $25 and $31.50. This quarter also saw a ~25% selling at prices between $17.20 and $29.50. The stock is currently at ~$24.Adient plc (ADNT): ADNT is a 2.40% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn in Q3 2018: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase next quarter at prices between $15 and $38. Q2 & Q3 2019 had also seen a 27% stake increase at prices between $14.50 and $26. The pattern reversed again this quarter: ~25% selling at prices between $6.50 and $28.50. The stock is now at $16.84.Teekay LNG Partners (TGP): TGP is a very small 0.81% of the portfolio stake established in Q1 2019 at prices between $11 and $15.25. Next quarter saw a ~70% stake increase at prices between $13 and $15.25. The stock currently trades at $11.75. There was a roughly one-third reduction this quarter at prices between $7.50 and $15.50.Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.3% ownership stake in Exela. The stock started trading at ~$10 and currently goes for $0.35. The 0.22% portfolio stake saw a ~7% trimming this quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~28% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Note: Greenlight’s recent letters have discussed this position: The stock trades at a cheap valuation. They expect single-family housing to emerge as a post-pandemic secular winner. Revenue has tripled since 2014 and the business (diversified homebuilding and land development) has industry-leading margins and low Debt/Capital.Consol Coal Resources LP (CCR): CCR is a 4.46% portfolio stake. Greenlight controls ~35% of CCR. The position came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $4.21.Neubase Therapeutics (NBSE): NBSE is a small 1.56 % of the portfolio position established in Q3 2019 at prices between $3.15 and $6.60 and the stock currently trades at $8.28. Greenlight controls ~9% of NBSE.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q1 2020:Info from – 1/2020 – Performance – 13.8% in 2019 vs 31.5% for S&P. 12.7% annualized since 1996 inception, Commentary – 96% of capital in top-10 longs and 47% in top-10 shorts, AER – 86% of BV, 55% return in 2019, as technical overhangs reduce, should continue outperformance. AGO Short – believes accounting is suspect, Chicago, Illinois, New Jersey can be problematic along with Peurto Rico – Greenlight hedged using Peurto Rico bonds in 2019 and that was cashed at a profit offsetting some of the 30% advance in AGO in 2019. Altice Europe – appreciated 238% in 2019 as bankruptcy risk abated – purchased it as a leveraged stub – estimates 6x EV/EBITDA in 2020 implying substantial upside. BHF - 4 PE for 2020 and 30% of BV – main business is variable annuities which means the business is sensitive to equity market performance – their assurances goes upside down in that environment – but it goes both ways – the strong performance since 2011 has resulted in separate account returns far exceeding making it unlikely that many variable annuity policies are currently upside down – they think the business should trade near BV. CC – 5.7 PE on 2020 estimates, Main businesses are Titanium Dioxide and Refrigerants – both under pressure in 2019. Liability concerns related to PFOA continues to be an overhang – they believe the risk is overrated and they have minimal PFOS risk exposure. Analyst Estimates are $3.20 and $3.99 for 2020 and 2021 which they believe might be too low. Credit Short – on current spreads, the risk/reward for credit is unfavorable and the position provides a natural hedge for the cyclical or credit-sensitive longs – BHF, CC, and GM. GM – 5.8x PE on 2020 estimates, capital needs that affected cashflow seems largely done. Expects $7 earnings in 2020 against $6.36 consensus. Share buybacks very possible. Wild card upside – GM Cruise autonomous launch, Gold – US running $1T annual deficit with record low unemployment. Deficits don’t matter (can print money) consensus across both aisles. Gold is a good hedge against these aggressive fiscal and monetary policies in good and bad times. GRBK – diversified homebuilding and land development – 9.5 PE on 2020 estimates despite 59% return in 2019. Has tripled revenues since 2014 while having industry-leading margins and low Debt/Capital. NFLX Short – 59PE on 2020 estimates overstates business economics. Increased exposure in late 2019 as the stock spiked. The story that winner-take-call streaming king status is ending – plenty of strong competition now. Emerging markets are growing but implied margins seem very low. Heavy debt load – if they chose to raise equity, then that is an indication that it is game over. NEW POSITIONS: DXC – purchased at $36.54 at 7x implied earnings. Believes the self-inflicted challenges will be addressed by new CEO & Software AG – Entered at Euro 31.05 – 2.3x Revenue valuation is a deep discount to peers – that should improve as business shifts to subscription based recurring model. EXITS: Voya Financial – VOYA – 21.7% annualized return over 6.5 years of ownership – exited as valuation approached BV and they shifted capital to BHF. Dillard’s and Siltronic AG – sold the small stakes after shares appreciated following short holding periods. LAM Resarch Short – small position covered at a loss. - Exposure -127% long and 63% short , Largest Long Positions – AER, BHF, GM, Gold, and GRBK.Regulatory filings thru 2/17/2020: 13G/A 2/14 – XELA - ~8M shares – 5.3% of business."
"Tracking David Einhorn’s Portfolio – Q4 2019 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.39B to $1.35B this quarter.Greenlight added DXC Technology while dropping Dillard’s and Voya Financial.The largest three positions are at ~52% of the portfolio. As of Q4 2019, the overall portfolio is 127% long and 63% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/14/2020. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2019.Greenlight Capital’s 13F portfolio value stood at $1.35B this quarter. It is down ~3% compared to $1.39B as of last quarter. Einhorn’s Q4 2019 letter reported that the fund returned 13.8% for 2019. This is compared to 31.5% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book. Short stakes currently held include Assured Guaranty (AGO), Tesla (TSLA) and Netflix (NFLX). Also, their Q4 2019 letter talked about closing a short position in Lam Research (LRCX) at a loss.New Stakes:DXC Technology (DXC): DXC is a medium-sized 2.27% of the portfolio stake established this quarter at a cost-basis of $36.54. The stock currently trades at $29.78. The buy thesis is on the idea that 7x implied earnings will turn out to be very cheap as the new CEO addresses the self-inflicted challenges.Stake Disposals:Dillard’s Inc. (DDS): The 1.41% DDS stake was purchased in Q2 2019 at $59.20 compared to current price of $63.22. Last quarter saw a ~25% selling at prices between $55 and $79.50 and the disposal this quarter was at prices between $66 and $78.Note: Dillard’s has seen previous roundtrips in the portfolio.Voya Financial (VOYA) previously ING US: The 1.24% VOYA position was established in Q2 2013 at a cost-basis of $20.29. 2017 saw a ~60% combined increase at prices between $24 and $41. 2018 had seen a ~80% selling at prices between $37 and $55 and that was followed with another ~70% reduction in H1 2019 at prices between $39.50 and $56. The elimination this quarter was at prices between $50.50 and $62. The stock currently trades at $62.13. Greenlight harvested gains.Note: Overall, the position had a 21.7% annualized return over 6.5 years of ownership. Exit was primarily based on valuation (it is currently trading near book value).Stake Increases:Chemours (CC): CC is a large ~9% of the portfolio position established in Q2 2019 at a cost-basis of $23.18. Last quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $18.56. This quarter also saw a ~5% stake increase. For investors attempting to follow, CC is a good option to consider for further research.Note 1: The main businesses of Chemours are Titanium Dioxide and Refrigerants both of which are under pressure. Despite that, as of last September, Greenlight believed CC had $8.50 earnings power for 2021. This is compared to Wall Street estimates of $3.20 and $3.99 for 2020 and 2021 respectively. Also, Greenlight believes the PFOA liability concerns are overrated - PFOS liability is more of a risk factor and Chemours has minimal exposure there.Note 2: Greenlight had a very successful (4x returns) previous roundtrip with Chemours in the two-year period that ended in Q1 2018.Echostar (SATS): The 2.18% SATS position was purchased in Q4 2018 at prices between $34 and $46 and it is now at $40.64. This quarter saw a ~14% stake increase at prices between $35.50 and $44.75.Stake Decreases:AerCap Holdings N.V. (AER): AER is a large (top three) ~15% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $62. Last two quarters have also seen a ~20% selling.Altice USA (ATUS): ATUS is a 4.38% portfolio stake established in Q3 2018 at a cost-basis of $18.38 and increased by ~40% in Q4 2018 at prices between $14.50 and $19. There was a ~23% selling in Q2 2019 at prices between $22 and $25. That was followed with a one-third reduction this quarter at prices between $25 and $31.50. The stock is currently at ~$29.Scientific Games (SGMS): The 2.24% SGMS position was purchased in Q2 2019 at prices between $18 and $24 and the stock currently trades at $29.39. This quarter saw a ~25% selling at prices between $19.50 and $31.75.Note: Greenlight’s buy thesis was on the belief that after the spinoff of the online social gaming business SciPlay (SCPL), the remaining gaming equipment business (slot machines and instant lottery) was trading at a discounted valuation of ~5x cashflow.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. The position has wavered. Recent activity follows: Last four quarters saw a ~80% selling at prices between $42 and $89. The stock is now at $94.61 and the stake at 1.73% of the portfolio.Medicines Company (MDCO): The ~2% MDCO stake saw a ~23% selling in Q2 2019 at prices between $27.50 and $37.50. This quarter saw another ~70% reduction at prices between $49 and $85. Last November, Novartis (NVS) agreed to acquire MDCO for $85 per share cash and that transaction closed last month.Consol Energy (CEIX): CEIX is a small 0.66% of the portfolio stake purchased in Q4 2018 at prices between $29.50 and $41.50 and increased by ~140% next quarter at prices between $31.50 and $38.50. Q2 2019 saw another stake doubling at prices between $25 and $34.50. The stock currently trades well below those ranges at $6.21. There was a ~10% trimming this quarter.Kept Steady:Green Brick Partners (GRBK): GRBK is currently the largest position at ~21% of the 13F portfolio. The stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Note: Greenlight’s Q4 2019 letter discussed this position: The stock trades at a low PE of 9.5 based on 2020 estimates. Revenue has tripled since 2014 and the business (diversified homebuilding and land development) has industry-leading margins and low Debt/Capital.General Motors (GM): GM is Greenlight’s second-largest position at ~17% of the portfolio. The stake was established during the first three quarters of 2015 at prices between $28.50 and $39. The position was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. 2018 saw another ~55% selling at prices between $30.50 and $45 and that was followed with a ~50% reduction in H1 2019 at prices between $32 and $40. There was a ~5% stake increase last quarter. The stock is now at $34.41.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Brighthouse Financial (BHF): BHF is a large (top five) stake at 10.40% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at ~$47. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. Last quarter saw a ~9% stake increase.Note 1: Greenlight commented on this position on their Q4 2019 letter: The stock is cheap trading at 30% of BV (4 PE on 2020 estimates). Main business is variable annuities which means the business is sensitive to equity market performance – their assurances goes upside down in case of a market correction. However, the strong stock market performance since 2011 has resulted in separate account returns far exceeding projections, making it unlikely that many variable annuity policies are currently upside down. Greenlight thinks the business should trade closer to BV.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Adient plc (ADNT): ADNT is a ~4% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn in Q3 2018: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase next quarter at prices between $15 and $38. The stock is now at $27.86. Q2 & Q3 2019 had also seen a 27% stake increase at prices between $14.50 and $26.CNX Resources (CNX): CNX is a ~4% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. The stock currently trades at $6.26.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Consol Coal Resources LP (CCR): CCR is a 3.83% portfolio stake. Greenlight controls ~35% of CCR. The position came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $8.21.Teekay LNG Partners (TGP): TGP is a very small ~1% of the portfolio stake established in Q1 2019 at prices between $11 and $15.25. Next quarter saw a ~70% stake increase at prices between $13 and $15.25. The stock currently trades at $13.17.Neubase Therapeutics (NBSE): NBSE is a very small 0.82% of the portfolio position established last quarter at prices between $3.15 and $6.60 and the stock currently trades at $6.56. Greenlight controls ~9% of NBSE.Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.3% ownership stake in Exela. The stock started trading at ~$10 and currently goes for $0.31. The 0.24% portfolio stake saw a ~4% trimming in Q1 2019.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q4 2019:Info from - 10/31/2019 – Performance – Q3 2019 up 5.6% and YTD 24% compared to 20.6% for the S&P 500 index. Commentary – the long BHF stake was finally a winner this quarter – still very bullish. Short NFLX also a winner – still short as they think the content library carried in the books at $23B may not be worth much. TSLA – still shorts and says currently Musk is above the law as some of his activities, especially the SolarCity acquisition was a significant fraud. CC – lost money as the stock fell from $24 to $14.94. they believe the stock is extremely cheap despite the chatter about environment liabilities. There is also insider buying. CAT – short position exited at a loss. Nvidia Short closed at a solid Profit. Dialog Semi long closed at a good profit. Exposure: 116% long and 72% short. Largest Positions: AerCap, Altice USA, Brighthouse Financial, General Motors, and Green Brick Partners.Regulatory filings thru 11/15/2019: 13D/A – 8/29 – Consol Coal (CCR) – 5.49M shares – 19.9% of business."
"Tracking David Einhorn’s Portfolio – Q3 2019 Update"	"David Einhorn's 13F stock portfolio value increased from $1.36B to $1.39B this quarter.Greenlight increased Chemours while decreasing Dillard’s and dropping Hilton Grand Vacations.The largest three positions are at ~49% of the portfolio. As of Q3 2019, the overall portfolio is 116% long and 76% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2019. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2019.Greenlight Capital’s 13F portfolio value stood at $1.39B this quarter. It is up ~3% compared to $1.36B as of last quarter. Einhorn’s Q3 2019 letter reported that the fund returned 24% for 2019 YTD. This is compared to 20.6% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). Despite the availability of relatively permanent capital from that source, AUM went down from ~$7B to ~$2.5B during 2018 due to huge redemptions. Partly in response, Greenlight reopened the fund to new investors. To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book. Short stakes currently held include Tesla (TSLA) and Netflix (NFLX). Also, their Q3 2019 letter talked about closing a couple of short positions: Caterpillar (CAT) at a loss and Nvidia (NVDA) at a good profit.New Stakes:Neubase Therapeutics (NBSE): NBSE is a very small 0.55% of the portfolio position established this quarter at prices between $3.15 and $6.60 and the stock currently trades at $5.13. Greenlight controls ~9% of NBSE.Stake Disposals:Hilton Grand Vacations (HGV): HGV was a ~2% of the portfolio stake established in Q4 2018 at prices between $24.50 and $33. There was a ~22% selling last quarter at prices between $25 and $33.50. The remaining position was disposed this quarter at prices between $25.50 and $34. The stock currently trades at $35.15Valaris plc (VAL) previously Ensco Rowan plc (ESV): The VAL stake was established in Q4 2017 at a cost-basis of $22.88. There was a stake doubling in Q1 2018 at prices between $17.36 and $29.72. Q1 2019 saw a reversal: ~25% selling at prices between $14 and $19. The position was reduced to a very small 0.86% portfolio stake last quarter at prices between $6.50 and $17.25. The disposal this quarter was at prices between $3.75 and $9.60. The stock is now at $4.38.Note: The prices quoted are adjusted for the 1-for-4 reverse stock split following the merger with Rowan that closed in April.KAR Auctions (KAR) and Cars.com (CARS): These two positions were purchased last quarter but disposed this quarter. KAR was a 1.63% of the portfolio position established at prices between $19.50 and $25 and disposed at prices between $24.25 and $27.55. The stock is now at $22.50. CARS was a minutely small 0.30% stake.Stake Increases:General Motors (GM): GM is Greenlight’s second-largest position at ~17% of the portfolio. The stake was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The stake was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. Last year saw another ~55% selling at prices between $30.50 and $45 and that was followed with a ~24% reduction in Q1 2019 at prices between $32 and $40. GM currently goes for $36.89. Last quarter also saw a one-third selling at prices between $33 and $40. There was a ~5% stake increase this quarter.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Brighthouse Financial (BHF): BHF is a large (top five) stake at 10.41% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $40.43. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50. This quarter saw a ~9% stake increase.Note 1: Greenlight’s Q2 2019 letter highlights flaws in the negative research reports published by Goldman Sachs (GS) and Credit-Suisse (CS): a) the main annuity business is valued as though it is in run-off mode, b) interest-rate sensitivity is over-estimated, and c) cash-flows are currently low because of BHF’s younger book of business. As such, they should get a higher multiple. But the research reports do the exact opposite – lower current cashflows are given a lower multiple.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Chemours (CC): CC is a large ~7% of the portfolio position established last quarter at a cost-basis of $23.18. This quarter saw a ~75% stake increase at prices between $12 and $23. The stock is currently at $18.43. For investors attempting to follow, CC is a good option to consider for further research.Note 1: Greenlight believes the new bear thesis based on potentially billions in liabilities is flawed. Also, they see $8.50 earnings power for 2021, which is down from the ~$10 estimate they had last quarter.Note 2: Chemours had a very successful roundtrip (~4x returns) during the two-year period that ended in Q1 2018.Adient plc (ADNT): ADNT is a ~4% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn in Q3 2018: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase next quarter at prices between $15 and $38. The stock is now at $20.72. Last two quarters have also seen a 27% stake increase at prices between $14.50 and $26.Stake Decreases:Dillard’s Inc. (DDS): The 1.41% DDS stake was purchased last quarter at $59.20 compared to current price of $76.87. This quarter saw a ~25% selling at prices between $55 and $79.50.Note: Dillard’s has seen previous roundtrips in the portfolio.Kept Steady:Green Brick Partners (GRBK): The large (top three) ~15% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.AerCap Holdings N.V. (AER): AER is a large (top three) ~13% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $59.89. There was a ~9% trimming last quarter.Altice USA (ATUS): ATUS is a 6.58% portfolio stake established in Q3 2018 at a cost-basis of $18.38 and increased by ~40% in Q4 2018 at prices between $14.50 and $19. There was a ~23% selling last quarter at prices between $22 and $25. The stock is currently at $26.88.Consol Coal Resources LP (CCR): CCR is a fairly large 5.33% portfolio stake. Greenlight controls ~35% of CCR. The stake came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $9.77.CNX Resources (CNX): CNX is a ~3% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Q1 2019 saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. The stock currently trades at $8.62. There was a marginal further increase last quarter.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Medicines Company (MDCO): The ~2% MDCO stake saw a ~23% selling last quarter at prices between $27.50 and $37.50. The stock currently trades at $51.98.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. The position has wavered. Recent activity follow: Q1 2019 saw a ~50% selling at prices between $41 and $60. That was followed with a ~28% reduction last quarter at prices between $57.50 and $75. The stock is now at $84.97 and the stake at 2.62% of the portfolio.Scientific Games (SGMS): The 2.19% SGMS position was purchased last quarter at prices between $18 and $24 and the stock currently trades at $29.95.Note: On SGMS, Greenlight’s buy thesis is on the belief that after the spinoff of the online social gaming business SciPlay (SCPL), the remaining gaming equipment business (slot machines and instant lottery) trade at a discounted valuation of ~5x cashflow.Echostar (SATS): The 1.69% SATS position was purchased in Q4 2018 at prices between $34 and $46 and it is now at $40.51. Last quarter saw marginal trimming.Voya Financial (VOYA) previously ING US: The 1.24% VOYA position was established in Q2 2013 at a cost-basis of $20.29. 2017 saw a ~60% combined increase at prices between $24 and $41. Last year had seen a ~80% selling at prices between $37 and $55 and that was followed with another ~30% reduction in Q1 2019 at prices between $39.50 and $51.50. Last quarter saw a ~60% further selling at prices between $51 and $56. The stock currently trades at $57.92. Greenlight is harvesting gains.Teekay LNG Partners (TGP): TGP is a very small 0.83% of the portfolio stake established in Q1 2019 at prices between $11 and $15.25. Last quarter saw a ~70% stake increase at prices between $13 and $15.25. The stock currently trades at $15.94.Consol Energy (CEIX): CEIX is a small 0.76% of the portfolio stake purchased in Q4 2018 at prices between $29.50 and $41.50 and increased by ~140% next quarter at prices between $31.50 and $38.50. Last quarter saw another stake doubling at prices between $25 and $34.50. The stock currently trades well below those ranges at $12.26.Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.5% ownership stake in Exela. The stock started trading at ~$10 and currently goes for $0.34. The 0.68% portfolio stake saw a ~4% trimming in Q1 2019.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q3 2019:– 7/25/2019 - Performance – Q2 2019 up 5.8% and YTD 17.4% slightly below S&P. Made money in each of Longs, Shorts, and Macro. Some parallels mentioned between pets.com and Chewy (CHWY) a recent IPO with similar business plan to identify overvaluation in growth stocks. BHF – emphasized undervaluation thesis by identifying flaws in bear thesis from GS & CS – a) they value it as though variable annuity business is in runoff although they are bringing in ~$2B of new business per quarter, b) overestimation interest-rate sensitivity, and c) doesn’t account for lifecycle of the annuity business and corresponding capital requirements. Believes they are deeply undervalued at 30% BV and 4x earnings. AGO Short – Contrast compared to BHF – insurance book in decline and the runoff capital is used to repurchase. Also potential $4.5B Puerto Rico exposure. Commentary on new medium-sized positions: CC – Reentered at $23.18 – was their largest winner in 2016-17 – believes the new bear thesis based on potentially billions in liabilities is flawed. Earnings down from $5.78 less around $4 – sees improvement going forward – sees $10 earnings power for 2021, DDS – reentered at $59.20 – owns 90% of its owned square footage and even if retail has more problems, the owned real-estate is valued at $27 per square foot – this is compared to $285 per owned square foot average valuation for Nordstorm, Macy’s, Kohls, JC Penney, Simon, and Seritage. SGMS – gaming equipment company specialized in slot machines and instant lottery - after SCPL (online social gaming business) spinoff, owns 82% - trading at ~5x cashflow. NEW: macro position against US corporate credit (both investment grade & high yield) – has asymmetric risk-reward and also helps to hedge the cyclical portion of their equity portfolio. EXITS: Deutsche Pfandbriefbank, BT Group, Mowi Short covered, . Exposure: 120% long and 74% short. Largest Positions – AerCap, Brighthouse Finl, Consol Coal Resources, General Motors, and Green Brick Partners. Gold & other macro bets are not included in the largest positions list.Regulatory Filings thru 8/17/2019: 13G – 7/16 – Neubase Therapeutics – NBSE – 1.54M shares – 9% of business."
"Tracking David Einhorn’s Portfolio – Q2 2019 Update"	"David Einhorn's 13F stock portfolio value decreased from $1.41B to $1.36B this quarter.Greenlight decreased General Motors, Valaris plc, Altice USA, Tempur Sealy Intl, and Voya Financial while adding Chemours.The largest three positions are at ~45% of the portfolio. As of Q2 2019, the overall portfolio is 120% long and 74% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2019. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2019.Greenlight Capital’s 13F portfolio value stood at $1.36B this quarter. It is down ~4% compared to $1.41B as of last quarter. Einhorn’s Q2 2019 letter reported that the fund returned 17.4% for H1 2019. This is compared to 18.5% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). Despite the availability of relatively permanent capital from that source, AUM went down from ~$7B to ~$2.5B during 2018 due to huge redemptions. Partly in response, Greenlight reopened the fund to new investors. To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book. Short stakes currently held include Tesla (TSLA) and Assured Guaranty (AGO). Also, their Q2 2019 letter talked about Chewy (CHWY) without divulging whether they were short – it compared Chewy’s business model to Pets.com which went bankrupt in 2000 following the bursting of the Internet bubble.New Stakes:Chemours (CC) and Dillard’s Inc. (DDS): CC is a large 6.59% of the portfolio position established this quarter at a cost-basis of $23.18. The stock is currently well below that at $12.66. The 1.84% DDS stake was purchased at $59.20 compared to current price of $55.31. For investors attempting to follow, these two are good options to consider for further research.Note 1: On CC, Greenlight believes the new bear thesis based on potentially billions in liabilities is flawed. Also, they see $10 earnings power for 2021. On DDS, although retail has problems, their owned real-estate has tremendous potential – the implied valuation is ~$27 per square foot of owned space. This is compared to $285 per owned square foot average valuation for Nordstorm, Macy’s, Kohls, JC Penney, Simon, and Seritage.Note 2: These two positions are back in the portfolio after a quarter’s gap. Both positions were reestablished in Q4 2018 but disposed last quarter. They have seen previous roundtrips as well. Chemours had a very successful roundtrip (~4x returns) during the two-year period that ended in Q1 2018. Dillard’s was a medium sized position exited in Q2 2018 at a modest profit after three years of ownership.Scientific Games (SGMS), KAR Auctions (KAR), and Cars.com (CARS): These are small (less than ~2% of the portfolio each) new positions purchased during the quarter. The 2.19% SGMS position was purchased at prices between $18 and $24 and the stock currently trades below that at $16.71. KAR is a 1.63% of the portfolio position established at prices between $19.50 and $25 and the stock is now at $25.50. CARS is a minutely small 0.30% stake.Note: On SGMS, Greenlight’s buy thesis is on the belief that after the spinoff of the online social gaming business SciPlay (SCPL), the remaining gaming equipment business (slot machines and instant lottery) trade at a discounted valuation of ~5x cashflow.Stake Disposals:Seadrill Ltd. (SDRL): The very small 0.62% position in SDRL was disposed during the quarter.Stake Increases:Adient plc (ADNT): ADNT is a ~4% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn in Q3 2018: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase next quarter at prices between $15 and $38. The stock is now at $22.70. This quarter also saw a ~11% stake increase.CNX Resources (CNX): CNX is a ~3% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The four quarters thru Q4 2018 had seen a ~80% selling at prices between $11 and $18. Last quarter saw the pattern reverse again: two-thirds increase at prices between $9.75 and $13.50. The stock currently trades at $7.29. There was a marginal further increase this quarter.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Consol Energy (CEIX): CEIX is a small 1.33 % of the portfolio stake purchased in Q4 2018 at prices between $29.50 and $41.50 and increased by ~140% last quarter at prices between $31.50 and $38.50. This quarter saw another stake doubling at prices between $25 and $34.50. The stock currently trades well below those ranges at $17.25.Teekay LNG Partners (TGP): TGP is a very small 0.88% of the portfolio stake established last quarter at prices between $11 and $15.25. This quarter saw a ~70% stake increase at prices between $13 and $15.25. The stock currently trades at $13.49.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~17% of the portfolio. The stake was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The stake was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. Last year saw another ~55% selling at prices between $30.50 and $45 and that was followed with a ~24% reduction last quarter at prices between $32 and $40. GM currently goes for $37. This quarter also saw a one-third selling at prices between $33 and $40.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.AerCap Holdings N.V. (AER): AER is a large (top three) ~13% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $52.11. There was a ~9% trimming this quarter.Altice USA (ATUS): ATUS is a ~6% portfolio stake established in Q3 2018 at a cost-basis of $18.38 and increased by ~40% in Q4 2018 at prices between $14.50 and $19. There was a ~23% selling this quarter at prices between $22 and $25. The stock is currently at $26.55.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Q4 2017 saw a ~30% selling at prices between $51 and $68 and that was followed with a ~70% reduction next quarter at prices between $44 and $64.50. Q4 2018 saw the pattern reverse: ~70% increase at prices between $39 and $54. Last quarter saw a ~50% selling at prices between $41 and $60. That was followed with a ~28% reduction this quarter at prices between $57.50 and $75. The stock is now at $74.67 and the stake at 2.56% of the portfolio.Hilton Grand Vacations (HGV) and Echostar (SATS): HGV is a ~2% of the portfolio stake established in Q4 2018 at prices between $24.50 and $33 and the stock currently trades at $27.62. There was a ~22% selling this quarter at prices between $25 and $33.50. The ~2% SATS position was purchased in Q4 2018 at prices between $34 and $46 and it is now at $38.70. This quarter saw marginal trimming.Voya Financial (VOYA) previously ING US: The 1.29% VOYA position was established in Q2 2013 at a cost-basis of $20.29. 2017 saw a ~60% combined increase at prices between $24 and $41. Last year had seen a ~80% selling at prices between $37 and $55 and that was followed with another ~30% reduction last quarter at prices between $39.50 and $51.50. This quarter saw a ~60% further selling at prices between $51 and $56. The stock currently trades at $49.22. Greenlight is harvesting gains.Medicines Company (MDCO): The ~2% MDCO stake saw a ~23% selling during the quarter at prices between $27.50 and $37.50. The stock currently trades at $32.71.Valaris plc (VAL) previously Ensco Rowan plc (ESV): VAL was a fairly large 4.22% portfolio position as of last quarter. It was established in Q4 2017 at a cost-basis of $22.88. There was a stake doubling in Q1 2018 at prices between $17.36 and $29.72. Last quarter saw a reversal: ~25% selling at prices between $14 and $19. The position was reduced to a very small 0.86% portfolio stake this quarter at prices between $6.50 and $17.25. The stock is now at $4.29.Note: The prices quoted are adjusted for the 1-for-4 reverse stock split following the merger with Rowan that closed in April.Kept Steady:Green Brick Partners (GRBK): The large (top three) ~15% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Brighthouse Financial (BHF): BHF is a large (top five) stake at ~9% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $35.24. There was a ~70% selling in Q4 2018 at prices between $29 and $46.50.Note 1: Greenlight’s Q2 2019 letter highlights flaws in the negative research reports published by Goldman Sachs (GS) and Credit-Suisse (CS): a) the main annuity business is valued as though it is in run-off mode, b) interest-rate sensitivity is over-estimated, and c) cash-flows are currently low because of BHF’s younger book of business. As such, they should get a higher multiple. But the research reports do the exact opposite – lower current cashflows are given a lower multiple.Note 2: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Consol Coal Resources LP (CCR): CCR is a top five 6.75% portfolio stake. Greenlight controls ~35% of CCR. The stake came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $13.26.Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.5% ownership stake in Exela. The stock started trading at ~$10 and currently goes for $1.12. The 1.30% portfolio stake saw a ~4% trimming last quarter.Note: A regulatory filing since the quarter ended show them owning 1.54M shares (9% of business) of Neubase Therapeutics (NBSE).The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2019:Regulatory Filings thru 5/17/2019 – None.– 4/12/2019 – Performance – Q1 2019 up11% compared to up 13.6% for S&P. Lost money on shorts – AGO, bubble basket, Netflix puts. BHF – thinks the accounting is hard for investors to follow and that is the reason for lackluster performance – expects it to earn around $9 per share in 2019 – at $36.29, trades at 4x 2019 adjusted earnings and 30% of year-end book value, TSLA – large section on the short position – thinks they are on the brink of failing and that it has happened and was acknowledged several times previously after Musk rescues. Bayer – exited with a small gain over 2.5 years – failed investment at multiple levels. Exposure: 112% long and 70% short. Largest Positions – AerCap, Brighthouse Finl, Consol Coal Resources, General Motors, and Green Brick Partners. Gold & other macro bets are not included in the largest positions list. They have the same amount of gold as in Q4 2018.Info from – CFO Harry Brandler is leaving after 17 years of service. Top sells: Bayer (OTCPK:BAYRY +0.2%), Mylan (MYL -2.2%), Perrigo (PRGO-1%), Apple (AAPL -0.9%). Covered his short position in Core Labs (CLB -3%). Top long positions: Brighthouse Financial (BHF -2.4%), CONSOL Coal Resources (CCR -0.5%), General Motors (GM -1.7%), Green Brick Partners (GRBK -0.9%), Germany's Deutsche Pfandbriefbank (PBBG.DE), gold and Puerto Rico general obligation bonds. Top short positions: Assured Guaranty (AGO -0.1%) and Tesla (TSLA-3.7%)"
"Tracking David Einhorn’s Portfolio – Q1 2019 Update"	"David Einhorn's 13F stock portfolio value increased from $1.38B to $1.41B this quarter.Greenlight decreased General Motors, Ensco plc, Tempur Sealy Intl, and Voya Financial while increasing CNX Resources and Consol Energy.The largest three positions are at ~53% of the portfolio. As of Q1 2019, the overall portfolio is 112% long and 70% short.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/15/2019. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2018.Greenlight Capital’s 13F portfolio value stood at $1.41B this quarter. It is up ~2% compared to $1.38B as of last quarter. Einhorn’s Q1 2019 letter reported that the fund returned 11% for the quarter. This is compared to negative 13.6% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). Despite the availability of relatively permanent capital from that source, AUM went down from ~$7B to ~$2.5B during 2018 due to huge redemptions. Partly in response, Greenlight reopened the fund to new investors. To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book. Short stakes currently held include Tesla (TSLA), Netflix (NFLX), and Assured Guaranty (AGO).New Stakes:Teekay LNG Partners (TGP): TGP is a very small 0.53% of the portfolio stake established this quarter at prices between $11 and $15.25 and the stock currently trades at $14.43.Stake Disposals:Dillard’s Inc. (DDS), Chemours (CC), and Shutterfly Inc. (SFLY): These three small positions (less than ~1.5% of the portfolio each) purchased last quarter were disposed this quarter. These stakes had seen previous roundtrips as well. Dillard’s was a medium sized position exited in Q2 2018 at a modest profit after three years of ownership. Chemour’s had a very successful roundtrip (~4x returns) during the two year period that ended in Q1 2018. Shutterfly was a very small position disposed in H1 2018. The quick roundtrips might indicate liquidity pressure due to redemptions.Stake Increases:CNX Resources (CNX) previously Consol Energy: CNX is a 4.43% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The stock currently trades at $8.47. Last four quarters had seen a ~80% selling at prices between $11 and $18 while this quarter saw the pattern reverse: two-thirds increase at prices between $9.75 and $13.50.Note: The prices quoted above are adjusted for the spinoff of Consol Energy (CEIX) in November 2017.Consol Energy (CEIX): CEIX is a small 0.83% of the portfolio stake purchased last quarter at prices between $29.50 and $41.50 and increased by ~140% this quarter at prices between $31.50 and $38.50. The stock currently trades below those ranges at $28.97.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~24% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The stake was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. Last year saw another ~55% selling at prices between $30.50 and $45 and that was followed with a ~24% reduction this quarter at prices between $32 and $40. GM currently goes for $37.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Ensco Rowan plc (ESV): ESV is a fairly large 4.22% portfolio position. It was established in Q4 2017 at a cost-basis of $22.88. There was a stake doubling in Q1 2018 at prices between $17.36 and $29.72 and the stock is now at $10.86. This quarter saw a ~25% selling at prices between $14 and $19.Note: the prices quoted are adjusted for the 1-for-4 reverse stock split following the merger with Rowan that closed in April.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Q4 2017 saw a ~30% selling at prices between $51 and $68 and that was followed with a ~70% reduction next quarter at prices between $44 and $64.50. Last quarter saw the pattern reverse: ~70% increase at prices between $39 and $54. The stock is now at $62.14. This quarter saw a ~50% selling at prices between $41 and $60. The stake is now at 2.70% of the portfolio.Voya Financial (VOYA) previously ING US: The 2.61% VOYA position was established in Q2 2013 at a cost-basis of $20.29. 2017 saw a ~60% combined increase at prices between $24 and $41. Last year had seen a ~80% selling at prices between $37 and $55 and that was followed with another ~30% reduction this quarter at prices between $39.50 and $51.50. The stock currently trades at $53.03. Greenlight is harvesting gains.Exela Technologies (XELA): In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.5% ownership stake in Exela. The stock started trading at ~$10 and currently goes for $3. The 1.90% portfolio stake saw a ~4% trimming this quarter.Kept Steady:Green Brick Partners (GRBK): The large (top three) ~15% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.AerCap Holdings N.V. (AER): AER is a large (top three) ~14% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $49.80.Brighthouse Financial (BHF): BHF is a large (top five) stake at 8.49% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $37.41. There was a ~70% selling last quarter at prices between $29 and $46.50.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Consol Coal Resources LP (CCR): CCR is a top five 6.89% portfolio stake. Greenlight controls ~35% of CCR. The stake came about as a result of Consol’s coal spinoff in 2015. The stock started trading at ~$15 and currently goes for $16.76.Altice USA (ATUS): ATUS is a ~6% portfolio stake established in Q3 2018 at a cost-basis of $18.38 and increased by ~40% last quarter at prices between $14.50 and $19. The stock is currently at $24.60.Hilton Grand Vacations (HGV) and Echostar (SATS): HGV is a 2.45% of the portfolio stake established last quarter at prices between $24.50 and $33 and the stock currently trades at $27.33. The 1.55% SATS position was purchased last quarter at prices between $34 and $46 and it is now at $40.40.Adient plc (ADNT): ADNT is a 1.82% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn in Q3 2018: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase last quarter at prices between $15 and $38. The stock is now near the low end of those ranges at $17.97.Medicines Company (MDCO) and Seadrill Ltd. (SDRL): These two very small (less than ~2% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q1 2019:Regulatory Filings thru 2/19/2019: 13G/A – 2/14 – AER – 3.85M shares – 2.6%, BHF – 3.3M shares – 2.8%, TPX – 1.33M shares – 2.4%, CEIX – 140K shares – 0.5%, XELA – 8.4M shares – 5.5%, CNX – 3.5M shares – 1.7%."
"Tracking David Einhorn’s Portfolio – Q4 2018 Update"	"David Einhorn's 13F stock portfolio value decreased from $2.37B to $1.38B this quarter.Greenlight decreased Brighthouse Financial, Voya Financial, and General Motors while increasing Altice USA and Tempur Sealy.2018 was Greenlight’s worst year since their 1996 inception returning negative 34%.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/14/2019. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2018.Greenlight Capital’s 13F portfolio value stood at $1.38B this quarter. It is down ~42% compared to $2.37B as of last quarter. Einhorn’s Q4 2018 letter reported that the fund returned negative 34% for 2018. This is compared to negative 4.4% for the S&P 500 Index. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). Despite the availability of relatively permanent capital from that source, AUM went down from ~$7B to ~$2.5B during 2018 due to huge redemptions. Partly in response, Greenlight reopened the fund to new investors. To learn about David Einhorn and the perils of shorting, check-out his “”.Note: Greenlight maintains a hefty short book. Short positions in Core Labs and some frackers were covered last quarter. Short stakes currently held include Tesla (TSLA) and Assured Guaranty (AGO).New Stakes:Hilton Grand Vacations (HGV) and Echostar (SATS): HGV is a 2.14% of the portfolio stake established this quarter at prices between $24.50 and $33 and the stock currently trades at $31.82. The 1.59% SATS position was purchased at prices between $34 and $46 and it is now at $42.81.Dillard’s Inc. (DDS), Chemours (CC), Consol Energy (CEIX), and Shutterfly Inc. (SFLY): These four small positions (less than ~1.5% of the portfolio each) purchased this quarter have seen previous roundtrips in the portfolio. Dillard’s was a medium sized position exited in Q2 2018 at a modest profit after three years of ownership. Chemour’s had a very successful roundtrip (~4x returns) during the two year period that ended in Q1 2018. Consol Energy and Shutterfly were very small positions disposed in H1 2018.Stake Disposals:Altaba Inc. (AABA) previously Yahoo: The 4.24% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. Q4 2017 saw a ~50% reduction at prices between $65.40 and $73 and that was followed with a ~20% selling next quarter at prices between $69 and $80. There was a ~17% further reduction last quarter at prices between $64 and $77.50 and the disposal this quarter was at prices between $55.50 and $67. The stock is currently at $69.11. Greenlight harvested gains.IAC/InteractiveCorp (IAC): IAC was a ~4% of the portfolio stake established in Q1 2018 at prices between $129 and $165 and increased by ~31% next quarter at prices between $131 and $165. There was another one-third increase last quarter at prices between $146 and $223. The position was eliminated this quarter at prices between $166 and $212. The stock currently trades at ~$218.Note: IAC had a previous round-trip: a long-term stake from Q1 2013 was disposed in Q2 2017 at substantial gains.Perrigo plc (PRGO): A fairly large ~4% portfolio position was built during the first three quarters of 2017 at prices between $66 and $84. The first three quarters of 2018 saw a ~90% selling at prices between $69 and $95 and the remaining stake was disposed this quarter. The stock is now at $49.55.Tractor Supply (TRCO), Sherwin Williams (SHW), and Michael Kors (KORS): These are minutely small (less than 0.20% of the portfolio each) positions purchased last quarter but disposed this quarter.Stake Increases:AerCap Holdings N.V. (AER): AER is a large (top three) ~11% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The four quarters thru Q3 2018 saw the stake reduced by ~70% at prices between $49 and $57.50. The stock currently trades at $48.29. There was a marginal increase this quarter.Altice USA (ATUS) and: ATUS is a ~5% portfolio stake established last quarter at a cost-basis of $18.38 and increased by ~40% this quarter at prices between $14.50 and $19. The stock is currently just above those ranges at $21.46.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Q4 2017 saw a ~30% selling at prices between $51 and $68 and that was followed with a ~70% reduction next quarter at prices between $44 and $64.50. This quarter saw the pattern reverse: ~70% increase at prices between $39 and $54. The stock is now at $57.54.Adient plc (ADNT): ADNT is a ~2% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Next quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn last quarter: position almost doubled at prices between $38 and $51 and that was followed with a ~75% increase this quarter at prices between $15 and $38. The stock is now at $20.05.Stake Decreases:General Motors (GM): GM is Greenlight’s second-largest position at ~29% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. Last year saw another ~55% selling at prices between $30.50 and $45. GM currently goes for $39.53.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Brighthouse Financial (BHF): BHF is a large (top five) stake at 7.26% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $42.76. There was a ~70% selling this quarter at prices between $29 and $46.50. Greenlight realized losses.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July 2017.Voya Financial (VOYA) previously ING US: The 3% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last year saw a ~60% combined increase at prices between $24 and $41. The stock currently trades at $49.67. Last four quarters have seen a ~80% selling at prices between $37 and $55. Greenlight is harvesting gains.CNX Resources (CNX) previously Consol Energy: CNX is a ~3% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The stock currently trades at $10.32. Last four quarters have seen a ~80% selling at prices between $11 and $18.Note: The prices quoted above are adjusted for the coal spinoff Consol Energy (CEIX) in November 2017.Kept Steady:Green Brick Partners (GRBK): The large (top three) 12.64% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Ensco plc (ESV): ESV is a fairly large ~5% portfolio position. It was established in Q4 2017 at a cost-basis of $5.72. There was a stake doubling in Q1 2018 at prices between $4.34 and $7.43 and the stock is now at $4.77.Consol Coal Resources LP (CCR) and Exela Technologies (XELA): These two positions were kept steady this quarter. Greenlight controls ~35% of CCR. In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.5% ownership stake in Exela.Medicines Company (MDCO) and Seadrill Ltd. (SDRL): These two very small (less than ~1.3% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q4 2018:: Performance – negative 25.7% YTD compared to 10.6% for the S&P 500 index. AAPL – Last shares sold at $228 - $1B profit since first purchased at $36 in 2010 – 26% overall IRR. GM long and Tesla short – comparison of GM Cruise which has Robo-taxi plans and decent valuation with Honda partnership – Tesla bull valuation was based on RoboTaxis accounting for much of Tesla’s valuation in 2023. Parallels to Lehman (going private, threatening short-sellers, etc.). Speculates Musk secretly want out of Tesla as he cannot make at $35K that is profitable, although he has taken deposits. NEW POSITIONS: Altice USA (ATUS) @ $18.38 cost-basis. Medium-sized position in BT Group (UK listed) at 2.19 pounds. EXITS – MLM 11-year short covered at a mid-single-digit IRR loss, MU – 66% gain over a year – DRAM pricing weakness sensed. MYL – multi-year position exited at small loss – lower price points for new products and generic industry overall decline. TDG Short – exited at medium loss – suspects price gouging but us-military is not doing anything. TWTR – exited with a ~78% gain over six months. Largest Disclosed Longs - AerCap, Brighthouse Financial, General Motors, Green Brick Partners and gold. Long/Short Ratio: The Partnerships had an average exposure of 106% long and 74% short compared to 96% long and 75% short last quarter.Regulatory Filings thru 11/18/2018: None."
"Tracking David Einhorn’s Portfolio – Q3 2018 Update"	"David Einhorn's 13F stock portfolio value decreased from $3.14B to $2.37B this quarter.Greenlight's long/short ratio is at 106% long and 74% short compared to 96% long and 75% short last quarter.Greenlight decreased General Motors and dropped Mylan during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2018. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2018.Greenlight Capital’s 13F portfolio value stood at $2.37B this quarter. It is down ~25% compared to $3.14B as of last quarter – the portfolio has become much more concentrated with total positions at 20 compared to 29 in the previous quarter. The long/short ratio shifted significantly to the long side: 106% long and 74% short – net exposure at 34% compared to 21% as of Q2 2018. The top five holdings represent ~70% of the 13F portfolio.Einhorn’s Q3 2018 letter reported that the fund returned negative 25.7% YTD. This is compared to positive 10.6% for the S&P 500 Index. The letter did not attempt to explain the dismal performance but said they believed their longs were very cheap and shorts incredibly expensive on an absolute basis. Greenlight maintains a hefty short book. The eleven-year short of Martin Marrietta (MLM) along with a more recent short of Transdigm (TDG) were covered at a loss during the quarter. The letter has a long discussion on their short exposure to Tesla (TSLA) – they see parallels to the Lehman debacle from a decade ago - Musk’s erratic behavior, attacking the shorts, and the going private card. To learn about David Einhorn and the perils of shorting, check-out his “”.Note: In the Sohn Conference in April, Einhorn disclosed they were short Assured Guaranty (AGO).New Stakes:Altice USA (ATUS) and Seadrill Ltd. (SDRL): ATUS is a 2.22% portfolio stake established this quarter at a cost-basis of $18.38 compared to current trading price of $17.68. The ~1% SDRL position was established as the business exited from Chapter 11 bankruptcy on July 2nd. It is likely that Greenlight held debt that got equitized. The stock is at $16.75.Tractor Supply (TRCO), Sherwin Williams (SHW), and Michael Kors (KORS): These are minutely small (less than 0.20% of the portfolio each) positions purchased this quarter.Stake Disposals:Mylan NV (MYL): MYL was a large (top three) ~8% of the portfolio position as of last quarter. It was established in Q4 2015 at a cost-basis of $45.32. Next year saw a huge stake built up at prices between $34 and $50. Q2 2017 saw another ~23% increase at prices between $36.50 and $40. The position was disposed over the last three quarters at prices between $35.50 and $39.50. The stock currently trades at $34.92.Note: Lower price points for new products and overall decline of the generics industry prompted the exit at a loss.Apple Inc. (AAPL): AAPL position was first purchased in 2010. Last significant buying happened in Q4 2016: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction next quarter at prices between $116 and $144 and that was followed with a ~45% selling in Q3 2017 at prices between $143 and $164. Last two quarters saw the position almost sold out at prices between $155 and $194. The remainder stake was disposed this quarter. The stock currently trades at ~$194.Note: Their last shares were sold at $228. Overall, they had a $1B profit since their original purchases at $36 in 2010. The position yielded a 26% IRR. They sold as their differentiated thesis from 2011 (the core idea was that iPhone was not a commodity piece of hardware) has become the consensus view now. They are also somewhat worried about Chinese retaliation against America’s trade policies.Conduent Inc. (CNDT): Conduent, the Xerox spinoff started trading in December 2016 at ~$16 and currently goes for $13.34. The position was established in Q1 2017 at prices between $13.25 and $17.25. Q4 2017 saw a ~27% selling at prices between $15.05 and $16.30 and that was followed with a ~60% reduction last quarter at prices between $17.50 and $21. The remaining ~1% position was disposed this quarter.Note: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.Micron Technology (MU): A fairly large position in MU was purchased over the first three quarters of 2017 at a cost-basis of $29.11. Q4 2017 saw a one-third selling at prices between $39 and $50. Last quarter saw the position almost sold out at prices between $46 and $63 and the remainder stake was disposed this quarter. The stock is now at $39.44.Note: The position returned 66% over the last year. Sensing DRAM pricing weakness prompted the exit. Greenlight also had a successful roundtrip (mid-teens IRR) on Micron in the 2013-2015 timeframe.Twitter Inc. (TWTR): The 2.23% TWTR position was purchased in Q4 2017 at an average cost of $21.59. The position saw a ~10% trimming in Q1 2018 and a ~36% reduction last quarter at prices between $27.50 and $47. The disposal this quarter was at prices between $28 and $47. The stock is now at $33.67. Overall, the position was exited at a whopping ~78% gain over a six-month holding period.Clipper Realty (CLPR), DSW Inc. (DSW), and Venator Materials plc (VNTR): These very small (less than ~1% of the portfolio each) positions were reduced last quarter and disposed this quarter.Note 1: Clipper Realty, the New York focused residential REIT had an IPO in February 2017 at ~$13.50 per share. The stock is currently at $13.17.Note 2: Venator Materials plc, a spinoff from Huntsman (HUN) started trading in August 2017 at ~$20.50 and currently goes for $5.60.Gap Inc. (GPS), Dollar General (DG), TJX Companies (TJX), AutoZone (AZO), Dollar Tree (DLTR), and Best Buy (BBY): These minutely small (less than ~0.15% of the portfolio each) stakes established last quarter were disposed this quarter.Note: Gap and Best Buy have seen previous roundtrips.Stake Increases:IAC/InteractiveCorp (IAC): IAC is a ~4% of the portfolio stake established in Q1 2018 at prices between $129 and $165 and increased by ~31% last quarter at prices between $131 and $165. There was another one-third increase this quarter at prices between $146 and $223. The stock currently trades at ~$183.Note: IAC had a previous round-trip: a long-term stake from Q1 2013 was disposed in Q2 2017 at substantial gains.Adient plc (ADNT): ADNT is a ~2% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. There was a roughly one-third selling in Q1 2018 at prices between $57.50 and $84. Last quarter saw another ~50% reduction at prices between $47.50 and $66. There was an about turn this quarter: position almost doubled at prices between $38 and $51. The stock is now well below that range at $23.96.Stake Decreases:General Motors (GM): GM is Greenlight’s second-largest position at ~21% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was increased by around four-times during Q4 2016 & Q1 2017 at prices between $31 and $38.50. The next three quarters saw a ~65% reduction at prices between $32.50 and $46.50. YTD has seen another ~42% selling at prices between $33.50 and $45. GM currently goes for $35.75.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.AerCap Holdings N.V. (AER): AER is a large (top five) ~9% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. Last four quarters have seen a ~70% reduction at prices between $49 and $57.50. The stock currently trades at $50.54.Voya Financial (VOYA) previously ING US: The fairly large 4.30% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last year saw a ~60% combined increase at prices between $24 and $41. The stock currently trades at $44.48. Last three quarters have seen a ~65% selling at prices between $46 and $55. Greenlight is harvesting gains.Altaba Inc. (AABA) previously Yahoo: The 4.24% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $63.59. Q4 2017 saw a ~50% reduction at prices between $65.40 and $73 and that was followed with a ~20% selling next quarter at prices between $69 and $80. There was a ~17% further reduction this quarter at prices between $64 and $77.50.CNX Resources (CNX) previously Consol Energy: CNX is a 2.11% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The stock currently trades at $14.40. Last three quarters have seen a ~80% selling at prices between $12 and $18.Note: The prices quoted above are adjusted for the coal spinoff (Consol Energy – CEIX) in November 2017.Perrigo plc (PRGO): A fairly large ~4% portfolio position was built during the first three quarters of 2017 at prices between $66 and $84. The stock is now at $63.27. YTD has seen a ~90% selling at prices between $69 and $95. The stake is now very small at 0.66%.Medicines Company (MDCO): The small ~1% MDCO positon saw a ~5% trimming this quarter.Kept Steady:Brighthouse Financial (BHF): BHF is now the largest 13F stake at 21.63% of the portfolio. The position was established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently well below that at $39.58. For investors attempting to follow Greenlight, BHF is a good option to consider for further research. There was a ~5% stake increase last quarter.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July last year.Green Brick Partners (GRBK): The large (top three) ~10% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Ensco plc (ESV): ESV is now a large (top five) 7.13% portfolio position. It was established in Q4 2017 at a cost-basis of $5.72. There was a stake doubling in Q1 2018 at prices between $4.34 and $7.43 and the stock is now at $6.40.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Q4 2017 saw a ~30% selling at prices between $51 and $68 and that was followed with a ~70% reduction next quarter at prices between $44 and $64.50. The stock is at $49.11 and the stake is now very small at ~1.75% of the portfolio.Consol Coal Resources LP (CCR) and Exela Technologies (XELA): These two positions were kept steady this quarter. Greenlight controls ~35% of CCR. In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.6% ownership stake in Exela.Per Greenlight’s Q3 2018 letter, the top disclosed long positions were AerCap, Brighthouse Financial, General Motors, Green Brick Partners and gold. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q3 2018:Regulatory filings thru 9/1/2018: Form 4 & 13D/A – 7/5 – GRBK – 24.13M shares – 47.6% of business - internal reallocation of shares, Form 4 – 7/5 – CCR – 5.49M shares – 34.5% of business - internal reallocation of shares,: Performance – negative 18.3% YTD compared to 3.4% for S&P 500 index. BHF - $57.92 cost-basis – thinks it is deeply undervalued trading at ~37% of BV and 6x earnings. Capital return (dividends) projected to be sooner than the 2020 estimate might turn out to be a catalyst. GM – the Softbank investment should have resulted in a revaluation of shares by ~$11 per share, but instead the stock has been flat. TSLA – second biggest loser in the quarter as it rose ~29% - Musk seems desperate although market has not turned. NFLX – covered at $284 and the stock went up another $100 – helped keep around ~5% of capital. ATHN – not a loser in 2018 despite the rally as they have managed to trade around it – activist willing to buy at ~$160 per share seems just trying to force somebody else to buy them – it may not happen. Have re-shorted it after the rally. Altice Europe – small long position after spinoff at 1.59 Euro, now trades at over double that. Resona Holdings – Japanese bank – EXIT with medium profit after four years. Dillard’s – EXITED after three years with modest profit. Elekta AB – 5-year short covered at small gain. Largest Disclosed Longs: Bayer, Brighthouse Financial, CNX Resources, General Motors, and Gold. Long/Short Ratio: Continuing to reduce exposure. The Partnerships had an average exposure of 96% long and 75% short compared to 111% long and 82% short last quarter."
"Tracking David Einhorn’s Portfolio – Q2 2018 Update"	"David Einhorn's 13F stock portfolio value decreased from $3.99B to $3.14B this quarter.Greenlight's long/short ratio is at 96% long and 75% short compared to 111% long and 82% short last quarter.Greenlight decreased Apple and Micron while increasing IAC/Interactive.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2018. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2018.Greenlight Capital’s 13F portfolio value stood at $3.14B this quarter. It is down ~21% compared to $3.99B as of last quarter – they decreased/dropped several positions during the quarter. The long/short ratio shifted to the short side: 96% long and 75% short – net exposure at 21% compared to 29% as of Q1 2018. The top five holdings represent ~64% of the 13F portfolio. The number of stakes decreased from 35 to 29.Einhorn’s Q2 2018 letter reported that the fund returned negative 18.3% YTD. This is compared to positive 3.4% for the S&P 500 Index. Extreme outperformance of growth over value is viewed as an anomaly – the Russel 1000 Pure Growth index outperforming its Value counterpart by a whopping 54% over the last eighteen months was quoted as an example. Mean reversion should occur although it is impossible to know when. Greenlight maintains a hefty short book. They have maintained the short exposure to Tesla (TSLA) while the Netflix short was covered at a loss. athenahealth (ATHN) short was covered but they reentered after the recent spike in the share price.To learn about David Einhorn and the perils of shorting, check-out his “”.Note: In the Sohn Conference in April, Einhorn disclosed they were short Assured Guaranty (AGO).New Stakes:Gap Inc. (GPS), Dollar General (DG), TJX Companies (TJX), AutoZone (AZO), Dollar Tree (DLTR), and Best Buy (BBY): These are minutely small (less than ~0.15% of the portfolio each) stakes established this quarter.Note: Gap and Best Buy are back in the portfolio after a quarter’s gap.Stake Disposals:Consol Energy (CEIX): CEIX was a 0.85% portfolio position that came about as a result of the coal spinoff from CNX Resources (one share of the newly issued Consol Energy shares for every 8 shares held). Trading started last November at ~$23 and the stock is now at $42.90. There was a ~50% reduction last quarter at prices between $28 and $38.50 and the disposal this quarter was at prices between $28.50 and $47.50.Time Warner (TWX): The 1.58% portfolio stake in Time Warner was eliminated this quarter as the AT&T (T) deal for Time Warner closed in June.Dillard’s (DDS) and Five Below (FIVE): These very small (less than ~0.5% of the portfolio each) positions were disposed this quarter. DDS holding period was three years and they exited with a modest overall profit. FIVE spiked ~40% in early June after posting outstanding results.Abercrombie & Fitch (ANF), Bloomin’ Brands (BLMN), Office Depot (ODP), PayPal Holdings (PYPL), Roku Inc. (ROKU), Sprouts Farmers Markets (SFM), Tapestry Inc. (TPR), and Urban Outfitters (URBN): These were minutely small (less than 0.15% of the portfolio each) positions established last quarter but disposed this quarter.Stake Increases:Brighthouse Financial (BHF): BHF is a large (top three) ~15% portfolio stake established in Q3 2017 and increased by ~60% in the following quarter at an overall cost-basis of $57.92. The stock is currently below that at $41.51. For investors attempting to follow Greenlight, BHF is a good option to consider for further research. There was a ~5% stake increase this quarter.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July last year.IAC/InteractiveCorp (IAC): IAC is a 1.59% of the portfolio stake established last quarter at prices between $129 and $165 and increased by ~31% this quarter at prices between $131 and $165. The stock currently trades well above those ranges at ~$197.Note: IAC had a previous round-trip: a long-term stake from Q1 2013 was disposed in Q2 2017 at substantial gains.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~27% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled in Q4 2016 thru the purchase of Calls as the underlying traded between $31 and $38. The stake was almost doubled again in Q1 2017 at prices between $34 and $38.50. The following quarter saw a ~25% reduction (liquidated Calls) as the underlying traded between $32.50 and $35.50. Q3 2017 saw another one-third selling at prices between $34.50 and $40.50 and that was followed with a similar reduction in the following quarter at prices between $40.50 and $46.50. GM currently goes for $36.05. There was a ~13% trimming last quarter and that was followed with a ~6% reduction this quarter.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Mylan NV (MYL): MYL is a large (top three) ~8% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase in the following quarter at prices between $38 and $50. Q4 2016 also saw a one-third increase at prices between $34 and $39. Q2 2017 saw another ~23% increase at prices between $36.50 and $40. The stock currently trades at $39.13. There was a ~25% selling last quarter at prices between $38.50 and $47.50 and that was followed with a ~10% trimming this quarter.AerCap Holdings N.V. (AER): AER is a large (top five) ~7% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. Q4 2017 saw a ~20% selling at prices between $49.75 and $53 and that was followed with a one-third selling last quarter at prices between $49 and $55. There was another ~38% reduction this quarter at prices between $50.50 and $56. The stock currently trades at $56.97.Note: Greenlight controls ~2.7% of AerCap Holdings.Voya Financial (VOYA) previously ING US: The fairly large 4.35% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last year saw a ~60% combined increase at prices between $24 and $41. The stock currently trades at $50.07. There was a ~4% trimming in Q4 2017 and that was followed with a one-third selling last quarter at prices between $46.50 and $54.50. This quarter saw another ~25% reduction at prices between $47 and $55. Greenlight is harvesting gains.CNX Resources (CNX) previously Consol Energy: CNX is a 4.32% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The stock currently trades at $15.94. There was a ~40% selling last quarter at prices between $11.70 and $17.90 and that was followed with a ~28% reduction this quarter at prices between $14.30 and $17.80. Greenlight controls ~3.6% of CNX Resources.Note: The prices quoted above are adjusted for the coal spinoff (Consol Energy – CEIX) in November 2017.Perrigo plc (PRGO): The 4.31% PRGO position was purchased in Q1 2017 at prices between $66 and $87 and increased by ~50% the following quarter at prices between $66 and $76.50. There was another ~15% stake increase in Q3 2017. The stock is now at $76.51. Last quarter saw a ~20% selling at prices between $80 and $95 and that was followed with a similar reduction this quarter at prices between $73 and $84.Twitter Inc. (TWTR): The 2.23% TWTR position was purchased in Q4 2017 at an average cost of $21.59. The position saw a ~10% trimming last quarter and a ~36% reduction this quarter at prices between $27.50 and $47. The stock is now at $35.18. Greenlight is harvesting gains.Adient plc (ADNT): ADNT is a ~1% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. The stock is now at $43.29. There was a roughly one-third selling last quarter at prices between $57.50 and $84. This quarter saw another ~50% reduction at prices between $47.50 and $66.Conduent Inc. (CNDT): Conduent, the Xerox spinoff started trading in December 2016 at ~$16 and currently goes for $23.18. The 0.89% position was established in Q1 2017 at prices between $13.25 and $17.25. Q4 2017 saw a ~27% selling at prices between $15.05 and $16.30 and that was followed with a ~10% trimming last quarter. There was a ~60% reduction this quarter at prices between $17.50 and $21.Note: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.Apple Inc. (AAPL): AAPL is a 0.84% position first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. Recent activity follow: Q1 2016 saw a ~30% increase at prices between $93 and $110. The next two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again in Q4 2016: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction in Q1 2017 at prices between $116 and $144 and that was followed with a ~45% selling in Q3 2017 at prices between $143 and $164. Last quarter saw another ~70% reduction at prices between $155 and $182 and that was followed with a similar reduction this quarter at prices between $162 and $194. The stock currently trades at $228.Micron Technology (MU): A fairly large position in MU was purchased over the first three quarters of 2017 at a cost-basis of $29.11. Q4 2017 saw a one-third selling at prices between $39 and $50. This quarter saw the position almost sold out at prices between $46 and $63. The stock is now at $52.52.Note: In the 2013-15 timeframe, Greenlight had a successful roundtrip (mid-teens IRR) on Micron.Clipper Realty (CLPR), DSW Inc. (DSW), and Venator Materials plc (VNTR): These very small (less than ~1% of the portfolio each) positions saw reductions this quarter.Note 1: Clipper Realty, the New York focused residential REIT had an IPO in February 2017 at ~$13.50 per share. The stock is currently at $12.20.Note 2: Venator Materials plc, a spinoff from Huntsman (HUN) started trading in August 2017 at ~$20.50 and currently goes for $12.08.Kept Steady:Green Brick Partners (GRBK): The large (top five) 7.54% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Ensco plc (ESV): ESV is now a 4.63% portfolio position. It was established in Q4 2017 at a cost-basis of $5.72. There was a stake doubling last quarter at prices between $4.34 and $7.43 and the stock is now at $6.84.Altaba Inc. (AABA) previously Yahoo: The 4.12% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $69.55. Q4 2017 saw a ~50% reduction at prices between $65.40 and $73 and that was followed with a ~20% selling last quarter at prices between $69 and $80.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Q4 2017 saw a ~30% selling at prices between $51 and $68 and that was followed with a ~70% reduction last quarter at prices between $44 and $64.50. The stock is at $55.39 and the stake is now very small at ~1% of the portfolio.Consol Coal Resources LP (CCR), Exela Technologies (XELA), and Medicines Company (MDCO): These positions were kept steady this quarter. Greenlight controls ~35% of CCR. In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.6% ownership stake in Exela.Per Greenlight’s Q2 2018 letter, the top disclosed long positions were Bayer, Brighthouse Financial, CNX Resources, General Motors, and Gold. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/23/2018: None.4/23/2018 – Sohn conference – Einhorn is Assured Guaranty (AGO).: Performance – negative 13.6% net of fees in Q1 2018 compared to negative 0.8% for the S&P 500 Index. Losses broad-based. Difficult to explain price movements: GM reported an earnings beat and projected for 2018 & 2019 well above previous estimates. Even so, the stock declined 18% from the peak to the end of quarter and now trades at ~7x earnings. Similarly AER & MYL trade at 8x earnings. BHF trades at 48% of BV and 6x earnings despite increasing the likelihood of achieving capitalization targets well in advance of 2020 expectation. Extreme outperformance of growth over value can explain this quarter’s results to some extent – Russell 1000 Pure Growth Index followed a 38% 2017 gain with another 7% gain YTD while the corresponding Pure Value Index followed a 4% gain in 2017 to retrace with a ~3% loss YTD. EXITS: CC – average exit price was $31.62 compared to average entry price of $6.97 - realized large gains. Uniper – Cost-basis was 10.02 Euros and exited at 22.85 Euros – late last year, Fortum bid for Uniper facilitating the exit. Hexagon short – 339 SEK entry in early 2016 and exit at 414 SEK for a small loss. United Rentals Short – URI - entry at $76.66 in Q3 2016 and exit at $149.89 with a medium loss. Largest Disclosed Longs: AerCap, Bayer, Brighthouse Financial, General Motors and gold. Long/Short Ratio: Methodically reduced exposure. The Partnerships had an average exposure of 111% long and 82% short."
"Tracking David Einhorn’s Portfolio – Q1 2018 Update"	"David Einhorn's 13F stock portfolio value decreased from $5.5B to $3.99B this quarter.Greenlight's long/short ratio is at 111% long and 82% short compared to 107% long and 66% short last quarter.Greenlight decreased Apple and AerCap Holdings while doubling Ensco plc.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/15/2018. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2017.Greenlight Capital’s 13F portfolio value stood at $3.99B this quarter. It is down ~28% compared to $5.5B as of last quarter – they decreased/dropped several positions during the quarter. The long/short ratio shifted to the short side: 111% long and 82% short – net exposure at 29% compared to 41% as of Q4 2017. The top five holdings represent ~58% of the 13F portfolio. The number of stakes decreased from 43 to 35.Einhorn’s Q1 2018 letter reported that the fund returned negative 13.6% for the quarter. This is compared to negative 0.8% for the S&P 500 Index. Extreme outperformance of growth over value was quoted as a reason for the large underperformance this quarter.Despite losing money last year, Greenlight still maintains a hefty short book. To learn about David Einhorn and the perils of shorting, check-out his “”.Note: In the Sohn Conference last month, Einhorn disclosed they are short Assured Guaranty (AGO). Short positions in Hexagon AB & United Rentals (URI) were closed at losses during the quarter.New Stakes:IAC/InteractiveCorp (IAC): IAC is a small ~1% of the portfolio stake established this quarter at prices between $129 and $165 and the stock currently trades at ~$149.Note: IAC is back in the portfolio after a six-month gap: a long-term stake from Q1 2013 was disposed in Q2 2017 at substantial gains.Tapestry Inc. (TPR), Bloomin’ Brands (BLMN), Abercombie & Fitch (ANF), PayPal Holdings (PYPL), Urban Outfitters (URBN), Sprouts Farmers Markets (SFM), Office Depot (ODP), and Roku Inc. (ROKU): These are minutely small (less than 0.15% of the portfolio each) positions established during the quarter.Stake Disposals:Chemours Co. (CC): CC was a ~1% portfolio stake as of last quarter. The last five quarters had seen the position sold down by ~94% at prices between $15 and $57. The elimination this quarter was at prices between $44.50 and $54.50. The stock is now at $51.79. Greenlight harvested huge gains.Note: The average exit price was $31.62 compared to average entry price of $6.97. The original buy thesis (Q4 2015) was based on earnings reaching ~$3 in 2018. Greenlight also believed that the litigation threat was overstated.Childrens Place (PLCE), Gap Inc. (GPS), and Varex Imaging (VREX): These minutely small (less than ~0.2% of the portfolio each) positions were reduced last quarter and eliminated this quarter.Note: Varex Imaging is a spinoff from Varian Medical Systems (VAR) that started trading at ~$27 in January 2017 and currently goes for $37.88.Best Buy Inc. (BBY), Carter Inc. (CRI), Kohl’s Corp. (KSS), Lowes Companies (LOW), Michael Kors (KORS), Nordstrom Inc. (JWM), JC Penney (JCP), SeaWorld Entertainment (SEAS), Shutterfly Inc. (SFLY), Signet Jewelers (SIG), Under Armour (UAA), Wayfair Inc. (W), and Weight Watchers International (WTW): These are minutely small (less than 0.5% of the portfolio each) stakes established last quarter but disposed this quarter.Stake Increases:Brighthouse Financial (BHF): BHF is a large (top three) ~14% portfolio stake established in Q3 2017 and increased by ~60% last quarter at an overall cost-basis of $57.92. The stock is currently below that at $47.70. For investors attempting to follow Greenlight, BHF is a good option to consider for further research. There was a marginal increase this quarter.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July last year.Ensco plc (ESV): ESV is now a 2.20% portfolio position. It was established last quarter at a cost-basis of $5.72. There was a stake doubling this quarter at prices between $4.34 and $7.43 and the stock is now at $7.17.Five Below (FIVE): FIVE is a minutely small 0.13% portfolio stake established last quarter and increased by ~60% this quarter.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~21% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled in Q4 2016 thru the purchase of Calls as the underlying traded between $31 and $38. The stake was almost doubled again in Q1 2017 at prices between $34 and $38.50. The following quarter saw a ~25% reduction (liquidated Calls) as the underlying traded between $32.50 and $35.50. Q3 2017 saw another one-third selling at prices between $34.50 and $40.50 and that was followed with a similar reduction last quarter at prices between $40.50 and $46.50. GM currently goes for $38.28. There was a ~13% trimming this quarter.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.AerCap Holdings N.V. (AER): AER is a large (top three) 8.33% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. Last quarter saw a ~20% selling at prices between $49.75 and $53 and that was followed with a one-third selling this quarter at prices between $49 and $55. The stock currently trades at $55.36.Note: Greenlight controls ~4.5% of AerCap Holdings.Mylan NV (MYL): MYL is a large (top five) ~8% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase in the following quarter at prices between $38 and $50. Q4 2016 also saw a one-third increase at prices between $34 and $39. Q2 2017 saw another ~23% increase at prices between $36.50 and $40. The stock currently trades at $39.21. There was a ~25% selling this quarter at prices between $38.50 and $47.50.Voya Financial (VOYA) previously ING US: The fairly large ~5% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last year saw a ~60% combined increase at prices between $24 and $41. The stock currently trades at $53.98. There was a ~4% trimming last quarter and that was followed with a one-third selling this quarter at prices between $46.50 and $54.50.Perrigo plc (PRGO): The ~4.7% PRGO position was purchased in Q1 2017 at prices between $66 and $87 and increased by ~50% the following quarter at prices between $66 and $76.50. There was another ~15% stake increase in Q3 2017. The stock is now at $75.97. This quarter saw a ~20% selling at prices between $80 and $95.Micron Technology (MU): MU is a 4.37% position purchased over the first three quarters of 2017 at a cost-basis of $29.11. Last quarter saw a one-third selling at prices between $39 and $50. The stock is now at $59.03. There was a marginal reduction this quarter.Note: In the 2013-15 timeframe, Greenlight had a successful roundtrip (mid-teens IRR) on Micron.CNX Resources (CNX) previously Consol Energy: CNX is a fairly large ~4% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The stock currently trades at $16.15. There was a ~40% selling this quarter at prices between $11.70 and $17.90. Greenlight controls ~4.9% of CNX Resources.Note: The prices quoted above are adjusted for the coal spinoff (Consol Energy – CEIX) in November 2017.Altaba Inc. (AABA) previously Yahoo: The 3.27% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $76.51. Last quarter saw a ~50% reduction at prices between $65.40 and $73 and that was followed with a ~20% selling this quarter at prices between $69 and $80. Greenlight realized huge gains.Apple Inc. (AAPL): AAPL is a 2.64% position first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. Recent activity follow: Q1 2016 saw a ~30% increase at prices between $93 and $110. The next two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again in Q4 2016: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction in Q1 2017 at prices between $116 and $144 and that was followed with a ~45% selling in Q3 2017 at prices between $143 and $164. This quarter saw another ~70% reduction at prices between $155 and $182. The stock currently trades at $187.Twitter Inc. (TWTR): The 1.82% TWTR position was purchased last quarter at an average cost of $21.59. The position saw a ~10% trimming this quarter. The stock is now at $32.86. Greenlight is starting to harvest gains.Conduent Inc. (CNDT): Conduent, the Xerox spinoff started trading in December 2016 at ~$16 and currently goes for $19.29. The 1.80% position was established in Q1 2017 at prices between $13.25 and $17.25. Last quarter saw a ~27% selling at prices between $15.05 and $16.30 and that was followed with a ~10% trimming this quarter.Note: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.Adient plc (ADNT): ADNT is a ~1.77% portfolio stake that saw a ~300% increase in Q3 2017 at prices between $64 and $86. The stock is now at $56.24. There was a roughly one-third selling this quarter at prices between $57.50 and $84.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. The following quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. Last quarter saw a ~30% selling at prices between $51 and $68 and that was followed with a ~70% reduction this quarter at prices between $44 and $64.50. The stock is at $49.15 and the stake is now very small at ~1% of the portfolio.Consol Energy (CEIX): CEIX is a 0.85% portfolio position that came about as a result of the coal spinoff from CNX Resources (one share of the newly issued Consol Energy shares for every 8 shares held). Trading started last November at ~$23 and the stock is now at $43.59. There was a ~50% reduction this quarter at prices between $28 and $38.50.Clipper Realty (CLPR), DSW Inc. (DSW), Dillard’s (DDS), and Venator Materials plc (VNTR): These very small (less than ~1% of the portfolio each) positions saw reductions this quarter.Note 1: Clipper Realty, the New York focused residential REIT had an IPO in February 2017 at ~$13.50 per share. The stock is currently at $8.85.Note 2: Venator Materials plc, a spinoff from Huntsman (HUN) started trading in August 2017 at ~$20.50 and currently goes for $18.12.Kept Steady:Green Brick Partners (GRBK): The ~7% of the 13F portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Consol Coal Resources LP (CCR), Exela Technologies (XELA), Medicines Company (MDCO), and Time Warner (TWX): These are very small (less than ~2% of the portfolio each) positions kept steady this quarter.Note 1: Greenlight controls ~35% of CCR.Note 2: In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form Exela Technologies. Greenlight has a 5.6% ownership stake in Exela.Per Greenlight’s Q1 2018 letter, the top disclosed long positions were AerCap, Bayer, Brighthouse Financial, General Motors and gold. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q1 2018:11/28/2017 - Consol Energy – Coal Separation - Details from the follow: “Under the terms of the separation, on November 28, 2017, the Company's stockholders received a distribution of one share of common stock of the newly named CONSOL Energy for every 8 shares of the Company's common stock held as of the close of business on the record date of November 15, 2017. No fractional shares of CONSOL Energy were issued and stockholders received cash in lieu of fractional shares. The Company's stockholders retained their shares of Company common stock, but as a result of the name change, these shares now represent shares of CNX Resources Corporation. In connection with the distribution, the Company changed its name from CONSOL Energy Inc. to CNX Resources Corporation and retained its ticker symbol "CNX" on the New York Stock Exchange. At the same time, the newly formed CONSOL Mining Corporation changed its name to CONSOL Energy Inc. and its common stock begins trading today on the New York Stock Exchange under the ticker symbol "CEIX".”Regulatory Filings thru 2/15/2018: 13G & 13G/As – 2/14/2018 – CNX - 17.8M shares – 7.7% of business, AER – 9.8M shares – 6.2% of business, DDS – 806K shares – 3.3% of business, TPX – 2.82M shares – 5.2% of business, XELA – 8.4M shares – 5.6% of business, BHF – 11M shares – 9.2% of business, CEIX – 2.23M shares – 8% of business.: Q4 2017 return is (1.6)% and 1.6% for the year compared to 6.6% and 21.8% for the S&P – 15.4% annualized since May 1996 inception – longs moderately underperformed while shorts moderately outperformed. Bubble basket shorts – AMZN, TSLA, NFLX – biggest losers for the year along with Caterpillar (CAT), athenahealth, & Continental Resources (CLR) shorts. Winners & Losers – GM,, Uniper, & CC were the biggest winners. Commentary: GM – underpromised & overdelivered (2017 earnings expected rose from $5.76 to $6.30). performed inline with the market but shares remain inexpensive at 7x consensus 2018 earnings which they expect to exceed by a wide margin – more so when considering investments in future auto technologies (electric, autonomous TaaS, fleet mgmt.. & connectivity), UN01 – takeover rumors (E.on) & improved results resulted in the stock doubling from 13 Euros to 26 Euros, CC – moved from $22 to $50 based on earnings vastly exceeding expectations. MYL - $42.31 – biggest winner in the quarter - trades at 7.7x 2018 earnings expectation – generic copraxone approval highlighted their strength in complex generics pipeline – more approvals expected in the coming months, CNX – second biggest winner for the quarter – CNX (natural gas – renamed) still trades at less than 6x 2018 EBITDA while CEIX (coal spinoff) is at 5x – both have high quality resource positions, first quartile cost-structures & strong management, NEW LONGS: BHF – cost-basis $57.92 – top-three position - most of MetLife’s U.S. Retail business, selling annuities and life insurance - very conservative capitalization and high risk-based capital levels - base expectation calls for no capital return till 2020 - trades at 56% of BV & 6.4x 2018 EPS. ESV – small position at cost-basis $5.72 - ESV trades at 4x EBITDA and 2.5x free cash flow on our mid-cycle estimates. TWX – cost-basis $89.72 - undervalued even if deal falls thru - same EV as NFLX despite TWX having a better library, an exciting content creation engine and substantial current profitability. TWTR – small position at $21.59 - EV at 2% of FB – restructuring & user experience improvements should start to pay in 2018 - expects to decrease the 25% margin gap with peers. EXITS: GDX – exited at a loss – still holds physicial gold – decided not to have additional exposure to miners. HPE – purchased at $13.29 & exited at small gain – CEO left and memory prices might affect profitability. ISS – entered in 2014 at DKK 166.75 & exited at 250.60 – margin improvements appear to have run its course. RAD – entered at $7.45 and exited at $2.78 – expected deal to close but did not happen – also operating results deteriorated. DE Short – closed at a loss. Largest Disclosed Longs: AerCap, Bayer, Brighthouse Financial, General Motors and gold. Long/Short Ratio: The Partnerships had an average exposure of 107% long and 66% short."
"Tracking David Einhorn’s Portfolio – Q4 2017 Update"	"David Einhorn's US long portfolio value decreased from $6.3B to $5.5B this quarter.Greenlight's long/short ratio is at 107% long and 66% short compared to 118% long and 73% short last quarter.Greenlight decreased General Motors & Aercap while increasing Brighthouse Financial.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/14/2018. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2017.Greenlight Capital’s US long portfolio value stood at $5.5B this quarter. It is down ~12% compared to $6.3B as of last quarter. The long/short ratio shifted to the short side: 107% long and 66% short - net exposure at 41% compared to 45% as of Q3 2017. The top five holdings represent ~55% of the 13F portfolio. The number of stakes increased from 36 to 43.Einhorn’s Q4 2017 letter reported that the fund returned 6.6% for 2017. This is compared to 21.8% for the S&P 500 Index. Since inception in May 1996, the fund is up 15.4% annualized net-of-fees and expenses.Their short book lost money in 2017: Amazon (AMZN), Tesla (TSLA), and Netflix (NFLX) were the biggest losers while Caterpillar (CAT), athenahealth (ATHN), & Continental Resources (CLR) also contributed to the losses. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Consol Energy (CEIX): CEIX is a 1.60% portfolio position that came about as a result of the coal spinoff from CNX Resources (one share of the newly issued Consol Energy shares for every 8 shares held). Trading started last November at ~$23 and the stock is now at $32.07.Twitter Inc. (TWTR), Time Warner (TWX), and Ensco plc (ESV): These are small (~1% of the portfolio each) stakes established this quarter. Their cost-basis on TWTR, TWX, and ESV are $21.59, $89.72, and $5.72 respectively compared to current prices at $33.61, $94.99, and $4.97.Medicines Company (MDCO), JC Penney (JCP), Kohl’s Corp. (KSS), Best Buy Inc. (BBY), Wayfair Inc. (W), Shutterfly Inc. (SFLY), Carter Inc. (CRI), Under Armour (UAA), Lowes Companies (LOW), Nordstrom Inc. (JWM), Signet Jewelers (SIG), Weight Watchers International (WTW), Michael Kors (KORS), Five Below (FIVE), and SeaWorld Entertainment (SEAS): These are minutely small (less than 0.5% of the portfolio each) positions established this quarter.Stake Disposals:Rite Aid (RAD): RAD was a 0.51% stake established in Q2 2016 at prices between $7.50 and $8.20 and increased by ~30% in Q3 2016 at prices between $6.85 and $8.21. Q4 2016 saw another ~50% increase at prices between $6.50 and $8.50. There was an about turn in Q1 2017: ~20% sold at prices between $4.25 and $8.70. The disposal this quarter was at prices between $1.43 and $2.16. The stock currently trades at $2.08.Note: Greenlight has disclosed that their overall cost-basis was $7.45 and they exited at $2.78.Gold Miner ETF (GDX): GDX was a 2.83% stake as of last quarter. It was a very long-term position that had wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.50 and $22. The position was disposed this quarter at prices between $21.50 and $24. The stock currently trades at $22.99.Note: Einhorn also has a large holding (top-five) in physical gold. He has a long-term bullish stance on gold.Hewlett Packard Enterprise (HPE): The ~2% HPE position was purchased over the last two quarters at a cost-basis of $13.29 and disposed for a small gain this quarter. The stock currently trades at $16.35.Note: Greenlight disclosed in the Q4 2017 partner letter that the disposal was prompted by the CEO exit and concerns about memory prices affecting profitability. Greenlight’s Q3 2017 partner letter had the following on HPE: they believed the company had earnings power in the $1.40-$1.70 range in the next few years (earnings depressed currently due to higher input costs & separation related expenses –scope for cost reduction).Amerco (UHAL), Cars.com (CARS), Dollar Tree (DLTR), Fred’s Inc. (FRED), Kroger Co. (KR), Monsanto Company (MON), Quorum Health (QHC), Tech Data Corp. (TECD), The Stars Group (TSG) previously Amaya, and Tegna Inc. (TGNA): These small (less than ~1.5% of the US long portfolio each) stakes were eliminated this quarter.Note 1: In September 2016, Bayer AG (BAYRY) agreed to buy Monsanto in a $128 per share all-cash deal. Greenlight has a large position in Bayer AG (native listed shares and so not in the 13F report). At the Robinhood Investor Conference in November 2016, Bayer AG was Einhorn’s stock pick.Note 2: Cars.com is a spinoff from Tegna that started trading in June 2017 at ~$24.50 and currently goes for $28.94.Note 3: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April 2016. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio.Stake Increases:Brighthouse Financial (BHF): BHF is a large (top three) ~12% portfolio stake established last quarter and increased by ~60% this quarter at an overall cost-basis of $57.92. The stock is currently below that at $56.08. For investors attempting to follow Greenlight, BHF is a good option to consider for further research.Note: BHF is a spinoff of MetLife’s (MET) U.S. Retail business (annuities and life insurance) that started trading in July last year.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~19% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled in Q4 2016 thru the purchase of Calls as the underlying traded between $31 and $38. The stake was almost doubled again in Q1 2017 at prices between $34 and $38.50. The following quarter saw a ~25% reduction (liquidated Calls) as the underlying traded between $32.50 and $35.50. Last quarter saw another one-third selling at prices between $34.50 and $40.50 and that was followed with a similar reduction this quarter at prices between $40.50 and $46.50. GM currently goes for $41.85.Note 1: In March 2017, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.AerCap Holdings N.V. (AER): AER is a large (top three) 9.34% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. This quarter saw a ~20% selling at prices between $49.75 and $53. The stock currently trades at $51.97.Note: Greenlight controls 6.2% of AerCap Holdings.Mylan NV (MYL): MYL is a large (top five) 7.83% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase in the following quarter at prices between $38 and $50. Q4 2016 also saw a one-third increase at prices between $34 and $39. Q2 2017 saw another ~23% increase at prices between $36.50 and $40. The stock currently trades at $41.65. For investors attempting to follow Greenlight, MYL is a good option to consider for further research. There was a ~5% trimming this quarter.Voya Financial (VOYA) previously ING US: The fairly large ~5% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last year saw a ~60% combined increase at prices between $24 and $41. The stock currently trades at $50.55. There was a ~4% trimming this quarter.CNX Resources (CNX) previously Consol Energy: CNX is a fairly large (top three) ~5% stake purchased in Q3 2014 and built up over the next several quarters. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $8 and $19. The pattern reversed in Q1 2017: ~50% increase at prices between $12 and $16.50. The stock currently trades at $14.79. For investors attempting to follow Einhorn, CNX is a good option to consider for further research. Greenlight controls ~8% of CNX Resources.Note: The prices quoted above are adjusted for the coal spinoff (Consol Energy – CEIX) in November 2017.Perrigo plc (PRGO): The ~4.5% PRGO position was purchased in Q1 2017 at prices between $66 and $87 and increased by ~50% the following quarter at prices between $66 and $76.50. There was another ~15% stake increase last quarter. The stock is now at $89.65. This quarter saw a ~2% trimming.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased in Q2 2017. Last quarter saw a whopping 600% increase to a fairly large position at a cost-basis of $56.11. This quarter saw a ~30% selling at prices between $51 and $68. The stock is now at $56.16 and the stake is at 3.22% of the portfolio.Note: Greenlight has a 5.2% ownership stake in TPX.Altaba Inc. (AABA) previously Yahoo: The 2.81% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $74.40. This quarter saw a ~50% reduction at prices between $65.40 and $73. Greenlight realized huge gains.Micron Technology (MU): MU is a 2.54% position purchased over the first three quarters of 2017 at a cost-basis of $29.11. This quarter saw a one-third selling at prices between $39 and $50. The stock is now at $43.50.Note: In the 2013-15 timeframe, Greenlight had a successful roundtrip (mid-teens IRR) on Micron.Adient plc (ADNT): ADNT is a ~2.5% portfolio stake that saw a ~300% increase last quarter at prices between $64 and $86. The stock is now at $63.44. There was marginal trimming this quarter.Conduent Inc. (CNDT): Conduent, the Xerox spinoff started trading in December 2016 at ~$16 and currently goes for $15.99. The 1.27% position was established in Q1 2017 at prices between $13.25 and $17.25. This quarter saw a ~27% selling at prices between $15.05 and $16.30.Note: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.Chemours Co. (CC): CC is currently a ~1% portfolio stake. Greenlight’s cost-basis on CC is $6.58. The last five quarters saw the position sold down by ~94% at prices between $15 and $57. The stock is now at $48.91. Greenlight is harvesting huge gains.Note: The original buy thesis was based on earnings reaching ~$3 in 2018. Greenlight also believed that the litigation threat was overstated.Childrens Place (PLCE), DSW Inc. (DSW), Dillard’s (DDS), Clipper Realty (CLPR), Gap Inc. (GPS), and Varex Imaging (VREX): These very small (less than ~1% of the portfolio each) positions saw reductions this quarter.Note: Varex Imaging is a spinoff from Varian Medical Systems (VAR) that started trading at ~$27 in January 2017 and currently goes for $37.10. Clipper Realty, the New York focused residential REIT had an IPO in February 2017 at ~$13.50 per share. The stock is currently at $8.06.Kept Steady:Apple Inc. (AAPL): AAPL is a top five 6.74% position. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. Recent activity follow: Q1 2016 saw a ~30% increase at prices between $93 and $110. The next two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again in Q4 2016: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction in Q1 2017 at prices between $116 and $144 and that was followed with a ~45% selling last quarter at prices between $143 and $164. The stock currently trades at $173.Green Brick Partners (GRBK): The ~5% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Consol Coal Resources LP (CCR), Exela Technologies (XELA), and Venator Materials plc (VNTR): These are very small (less than ~1% of the portfolio each) positions kept steady this quarter.Note 1: Greenlight controls ~35% of CCR.Note 1: Venator Materials plc, a spinoff from Huntsman (HUN) started trading in August 2017 at ~$20.50 and currently goes for $21.70.Note 2: In July 2017, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form the new entity Exela Technologies. Greenlight has a 5.6% ownership stake in Exela.Per Greenlight’s Q4 2017 letter, the top disclosed long positions were AerCap, Bayer, Brighthouse Financial, General Motors and gold. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s 13F stock holdings in Q4 2017:: Q3 2017 return is 6.2% and YTD 3.3% compared to 4.5% and 14.2% for the S&P – strong long portfolio (positive return & alpha), good shorts (negative return but good alpha), and mildly positive macro. Bubble basket shorts – AMZN, TSLA, NFLX – suspects a flawed valuation model in play – basically, they are disrupting profit steams of competition but that does not mean those streams are theirs. Winners & Losers – CNX, GM, & Uniper were winners while the CAT short & MYL were losers. Commentary: CNX - $16.94 – still thinks the coal separation should happen by EOY but surprised the stock hasn’t moved in anticipation, anticipating good near-term prospects – they announced a share repurchase plan as well after many years, GM – some commentary on their previous proxy contest and the virtues of their preferred dividend share plan – compared it to the $1B preferred shares they issued at 5.75% which quickly traded up to yield 5.25%, UN01 – takeover rumors (E.on), etc. the reason for the 41% increase in Q3, CAT Short – lost money as the company raised earnings from $3.75 to $5 – market is giving a PE of 26 which assumes mid-cycle – they disagree. MYL - $31.37 – Trades at 7x this-year’s and 6x next-year’s earnings – likely that from now on, projections will be met and they are excited about the company’s pipeline of complex generics, NEW LONGS: HPE – purchased at $13.29 – believes the company has earnings power in the $1.40-$1.70 range in the next few years (earnings depressed currently due to higher input costs & separation related expenses – has scope for cost reduction). MU – purchased at $29.21 - previously had exited at $22.14 for a mid-teens IRR – currently earning more than twice as much as the previous cycle peak – there are structural improvements in the DRAM business which is underappreciated even at the current price of ~$39.50. TPX – purchased at $56.11 – shares had fallen precipitously following termination of Mattress Firm contract which was 21% of business – they believe, the market will be recaptured at higher margins eventually – earnings should be north of $6 by 2019-20 compared to $4.05 consensus for 2019. EXITS: Axiar Petrimonia – Spanish property developer – realized high-teens compounded return & exited as shares approached fair value. BBY Short – exited at a loss – high-end computing & Nintendo Switch led them to some of its best sales in years while they anticipated weakness in TV & gaming. Calpine – Exited with a modest gain as it is getting acquired by Energy Capital Partners – they believe buyer is getting the better deal. PVH – Closed profitably – shares rebounded as market finally gave credit for excellent brand management & growth in Europe and Asia. Largest Disclosed Longs: AerCap, Bayer, CONSOL Energy, General Motors and gold. Long/Short Ratio: The Partnerships had an average exposure of 118% long and 73% short.Regulatory Filings thru 11/15/2017: 13D/A – 10/6/2017 – CNXC – 5.5M shares – 35% of business."
"Tracking David Einhorn’s Portfolio – Q3 2017 Update"	"David Einhorn's US long portfolio value decreased from $6.20B to $5.86B this quarter.Greenlight's long/short ratio is at 118% long and 73% short compared to 111% long and 79% short last quarter.Greenlight decreased General Motors & Apple while increasing Tempur Sealy, Micron, Adient, and Hewlett Packard Enterprise.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital 13F portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2017. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2017.Greenlight Capital’s US long portfolio value stood at $5.86B this quarter. It is down ~5% compared to $6.20B as of last quarter. The long/short ratio shifted further to the long side: 118% long and 73% short - net exposure at 45% compared to 25% at EOY2016. The top five holdings represent ~54% of the 13F portfolio. The number of stakes increased from 33 to 36.Einhorn’s Q3 2017 letter reported that the fund returned 3.3% YTD. This is compared to a gain of 14.2% for the S&P 500 Index. In 2016, they were up 8.4% compared to up 12% for the S&P 500 Index. Since inception in May 1996, the fund is up ~16% annualized net-of-fees and expenses.Their short book lost money again this quarter: Caterpillar (CAT), Amazon (AMZN), Tesla (TSLA), and Netflix (NFLX) shorts were disclosed as money losers. Also Best Buy (BBY) short was exited during the quarter at a loss. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Exela Technologies (XELA), Venator Materials plc (VNTR), Tech Data Corp. (TECD), Childrens Place (PLCE), Gap Inc. (GPS), Dollar Tree (DLTR), and Kroger Co. (KR): These are very small (less than ~1% of the portfolio each) new positions established this quarter.Note 1: Venator Materials plc, a spinoff from Huntsman (HUN) started trading in August at ~$20.50 and currently goes for $22.21.Note 2: In July, Quinpario Acquisition (a SPAC that had an IPO in January 2015) merged with HOV LLC and Novitex Holdings (financial technology services provider) to form the new entity Exela Technologies.Stake Disposals:Calpine Corporation (CPN): CPN was a ~2.4% position purchased in Q2 2016 at prices between $13.50 and $16 and almost doubled the following quarter at prices between $12 and $15. The disposal this quarter was at prices between $13 and $15. They exited with a modest gain as CPN is getting acquired by the PE firm, Energy Capital Partners. Greenlight believes the buyer is getting the better deal.PVH Corporation (PVH): PVH was a very small 0.71% of the portfolio stake established in Q1 2016 at prices between $68 and $99 and sold out this quarter at prices between $111 and $130. The stock is currently at $127. Growth in Europe and Asia along with excellent brand management finally got recognized by the market, thus prompting the exit – the stock is up ~40% YTD.Alcoa Corporation (AA) and New York REIT (NYRT): These are very small (less than ~0.70% portfolio each) stakes disposed this quarter.Stake Increases:Mylan NV (MYL): MYL is a large (top five) 5.75% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase in the following quarter at prices between $38 and $50. Q4 2016 also saw a one-third increase at prices between $34 and $39. Last quarter saw another ~23% increase at prices between $36.50 and $40. The stock currently trades near the low end of those ranges at $37.80. For investors attempting to follow Greenlight, MYL is a good option to consider for further research. There was a marginal increase this quarter.Note: Greenlight’s Q3 2017 partner letter discussed MYL: At $31.37, MYL trades at 7x this year’s and 6x next-year’s earnings. It is likely that from now on projections will be met. Also, the company’s pipeline of complex generics is promising.Tempur Sealy International (TPX): A very small 0.34% of the portfolio stake in TPX was purchased last quarter. This quarter saw a whopping 600% increase to a fairly large 4.40% portfolio position at a cost-basis of $56.11. The stock is now at $54.07.Note: Greenlight’s Q3 2017 partner letter discussed the holding: TPX shares fell sharply following the termination of a contract with Mattress Firm (21% of the business). Soon after, Greenlight started buying as they believed the lost business will be recaptured at higher margins eventually. Earnings should be north of $6 by 2019-20 compared to $4.05 consensus for 2019.Perrigo plc (PRGO): The ~4% PRGO position was purchased in Q1 2017 at prices between $66 and $87 and increased by ~50% last quarter at prices between $66 and $76.50. There was another ~15% stake increase this quarter. The stock is now at $85.80.Micron Technology (MU): MU is a 3.37% position purchased over the last three quarters at a cost-basis of $29.11. The stock is now at $45.36.Note 1: Greenlight’s Q3 2017 partner letter discussed the holding: the business is currently earning more than twice as much as the previous cycle peak. Also, structural improvements in the DRAM business is underappreciated (PPS ~$39.50 at the time).Note 2: In the 2013-15 timeframe, Greenlight had a successful roundtrip (mid-teens IRR) on Micron.Adient plc (ADNT) and Hewlett Packard Enterprise (HPE): These are very small positions established last quarter and increased significantly this quarter. ADNT is a ~2.5% portfolio stake that saw a ~300% increase this quarter at prices between $64 and $86. The stock is now at $74.27. The ~2% HPE position was purchased over the last two quarters at a cost-basis of $13.29. The stock currently trades at $13.16.Note: Greenlight’s Q3 2017 partner letter has the following on HPE: believes the company has earnings power in the $1.40-$1.70 range in the next few years (earnings depressed currently due to higher input costs & separation related expenses – has scope for cost reduction).DSW Inc. (DSW): DSW is a small ~1% of the portfolio position established in Q4 2015 at prices between $21.50 and $26.50 and increased by ~20% in Q2 2016 at prices between $19 and $28. There was a ~16% selling in Q3 2016 at prices between $20.50 and $26 and that was followed with another ~40% reduction the following quarter at prices between $20 and $26. Q2 2017 saw an about turn: ~50% increase in the last two quarters at prices between $15.50 and $21.50. The stock currently trades at $19.63.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~25% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled in Q4 2016 thru the purchase of Calls as the underlying traded between $31 and $38. The stake was almost doubled again in Q1 2017 at prices between $34 and $38.50. Last quarter saw a ~25% reduction (liquidated Calls) as the underlying traded between $32.50 and $35.50. This quarter saw another one-third selling at prices between $34.50 and $40.50. GM currently goes for $42.86.Note 1: In March, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 2: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.AerCap Holdings N.V. (AER): AER is a large (top three) 10.77% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The stock currently trades just above those ranges at $49.75. There was marginal trimming this quarter.Note: Greenlight controls ~7% of AerCap Holdings.Consol Energy (CNX): CNX is a fairly large (top three) 6.55% stake purchased in Q3 2014 at prices between $36.50 and $46. The position was increased by over 170% in the following quarter at prices between $32 and $41.50. H1 2015 saw an additional ~70% increase at prices between $22 and $34 and that was followed by another ~30% increase in Q3 2015 at prices between $9.50 and $22. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $11 and $22. The pattern reversed in Q1 2017: ~50% increase at prices between $14.90 and $19.50. The stock currently trades at $15.94. There was a marginal reduction this quarter. For investors attempting to follow Einhorn, CNX is a good option to consider for further research. Greenlight controls ~10% of Consol Energy.Note: Greenlight’s Q3 2017 partner letter discussed the holding: they think the coal separation should happen by EOY and expects the stock to move in anticipation. Also, the recently announced share repurchase plan should be a catalyst.Apple Inc. (AAPL): AAPL is a top five 5.77% position. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. Recent activity follow: Q1 2016 saw a ~30% increase at prices between $93 and $110. The next two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again in Q4 2016: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction in Q1 2017 at prices between $116 and $144 and that was followed with a ~45% selling this quarter at prices between $143 and $164. The stock currently trades at $169.Dillard’s (DDS): The 1.43% DDS position had seen a ~40% increase in Q4 2015 at prices between $66 and $94. Q2 2016 saw a ~25% further increase at prices between $55.50 and $88. Last quarter saw another one-third increase at prices between $47 and $59.50. There was an about turn this quarter: ~40% reduction at prices between $54.50 and $79. The stock is now at $54.17.Note: Greenlight still controls ~6% of Dillard’s.Chemours Co. (CC): CC is currently a 1.28% portfolio stake. Greenlight’s cost-basis on CC is $6.58. The last four quarters have seen a combined ~90% reduction at prices between $15 and $52. The stock is now at $49.65. Greenlight is harvesting huge gains.Note: The original buy thesis was based on earnings reaching ~$2 in 2017 and ~$3 in 2018. Greenlight also believed that the litigation threat was overstated.Rite Aid (RAD): RAD is a 0.51% stake established in Q2 2016 at prices between $7.50 and $8.20 and increased by ~30% in Q3 2016 at prices between $6.85 and $8.21. Q4 2016 saw another ~50% increase at prices between $6.50 and $8.50. There was an about turn in Q1 2017: ~20% sold at prices between $4.25 and $8.70. The stock currently trades at $1.48. There was a ~9% trimming this quarter.Note: Walgreens Boots Alliance (WBA) was to acquire Rite Aid at $9 per share but in January the price was negotiated down to a $6.50 to $7 range. In June, WBA scrapped the merger and replaced it with a plan to buy half the stores from Rite Aid.Amerco (UHAL), Fred’s Inc. (FRED), and Quorum Health (QHC): These are very small (less than ~0.5% of the US long portfolio each) stakes reduced this quarter.Note: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April 2016. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio. QHC is down ~70% since the spinoff.Kept Steady:Altaba Inc. (AABA) previously Yahoo: The 4.84% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $69.43. H2 2016 had seen marginal trimming.Green Brick Partners (GRBK): The ~4% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Voya Financial (VOYA) previously ING US: The ~4% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last year saw a ~60% combined increase at prices between $24 and $41. The stock currently trades at $41.42.Gold Miner ETF (GDX): GDX stake is currently at 2.83%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.50 and $22. The stock currently trades at $22.65.Note: Einhorn also has a large holding (top-five) in physical gold. He has a long-term bullish stance on gold.Conduent Inc. (CNDT): Conduent, the Xerox spinoff started trading last December at ~$16 and currently goes for $15.61. The ~1.6% position was established in Q1 2017 at prices between $13.25 and $17.25.Note: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.CNX Coal Resources LP (CNXC), The Stars Group (TSG) previously Amaya, Monsanto Company (MON), Tegna Inc. (TGNA), Varex Imaging (VREX), Cars.com (CARS), and Clipper Realty (CLPR): These are very small (less than ~1.5% of the US long portfolio each) stakes kept steady this quarter.Note 1: Greenlight controls ~35% of CNXC.Note 2: Last September, Bayer AG (BAYRY) agreed to buy Monsanto in a $128 per share all-cash deal. Greenlight has a large position in Bayer AG (native listed shares and so not in the 13F report). At the Robinhood Investor Conference last November, Bayer AG was Einhorn’s stock pick.Note 3: Cars.com is a spinoff from Tegna that started trading in June at ~$24.50 and currently goes for $23.29. Varex Imaging is a spinoff from Varian Medical Systems (VAR) that started trading at ~$27 in January and currently goes for 35.34. Clipper Realty, the New York focused residential REIT had an IPO in February at ~$13.50 per share. The stock is currently at $9.65.Per Greenlight’s Q3 2017 letter, the top disclosed long positions were AerCap, Bayer, CONSOL Energy, General Motors, and gold. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q3 2017:Regulatory Filings thru 8/15/2017: Form 3, 4 – 6/8/2017 – DDS – very small disposals at $51.5 & 10% ownership related filing.: 7/14/2017 - Q2 2017 return is (4.0)% and YTD (2.8%) compared to S&P 500’s 3.1% & 9.3% respectively- ~16% annualized since May 1996 inception. The five largest long holdings all reported earnings that exceeded expectations while the shorts announced earnings that mostly disappointed - Greenlight still lost money - Macro was also a drag. Winners: the long book was marginally profitable - no big winners. Losers: short book lost, especially the bubble basket. NEW Longs: Toshiba added at 234.79 yen - believes it is worth ~400 - uncertainties surrounding Westinghouse bankruptcy. SHORT: AMZN, ATHN, TSLA, NFLX - all in the bubble basket and lost significant money. CAT outside of the bubble basket also lost money. CLR was the only material winner while TSLA was the only material loser. EXITS: Altice (second exit with a nice gain - entered after cablevision acquisition when the stock tanked and waited for the rebound), IACI (gain - sum-of-parts discount thesis played out), Liberty Global (Originally Virgin Media position from 2012 - nice return & IRR - exited as they saw operating weakness), Time Warner (three year successful investment - AT&T buyout), Decade-long short of credit rating agencies (exited at a loss - believed regulation to make them accountable after the 2008 debacle in financials never materialized). Mallinckrodt (successful short after they acquired Questcor which was one of Greenlight’s shorts at the time), Largest disclosed longs: AerCap (17% BV increase to $51.20, Moody’s upgrade, buyback - yet stock up only ~1%) , Bayer (up 5% - damper due to one-time Brazil issues), CONSOL Energy (raised guidance 7% and production forecast without raising capital spending - despite this, stock lost 11% to $14.93 - still think business is worth much more), General Motors (fell 1% to $34.93 despite a 15% beat in earnings - thinks market is overestimating the firm’s vulnerability to the next down-turn), and Gold. MYL ($5.15-$5.50 earnings guidance reaffirmed and beat earnings by a penny - stock languishing at 7x earnings at $38.82) Long/Short Ratio: 111% long and 79% short. The partnership is closed for new investments - they were opened only three times in the last ten years."
"Tracking David Einhorn’s Portfolio – Q2 2017 Update"	"David Einhorn's US long portfolio value decreased from $7.19B to $6.20B this quarter.Greenlight's long/short ratio is at 111% long and 79% short compared to 108% long and 80% short last quarter.Greenlight dropped Time Warner and Liberty Global while increasing Mylan, Perrigo, Dillard’s and Micron Technology.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2017. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2017.Greenlight Capital’s US long portfolio value stood at $6.20B this quarter. It is down ~14% compared to $7.19B as of last quarter. The long/short ratio shifted to the long side: 111% long and 79% short - net exposure at 32% compared to 25% at EOY2016. The top five holdings represent ~62% of the US long portfolio. The number of 13F stakes decreased from 35 to 33.Einhorn’s Q2 2017 letter reported that the fund had lost 2.8% YTD. This is compared to a gain of 9.3% for the S&P 500 Index. In 2016, they were up 8.4% compared to up 12% for the S&P 500 Index. Since inception in May 1996, the fund is up ~16% annualized net-of-fees and expenses. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Adient plc (ADNT), Cars.com (CARS), Hewlett Packard Enterprise (HPE), New York REIT (NYRT), Tegna Inc. (TGNA), and Tempur Sealy International (TPX): These are very small (less than ~1% of the portfolio each) positions established this quarter.Note: HPE completed the spin-merger of its Enterprise Service segment (the acquired EDS unit along with their legacy services businesses) with CSC to form DXC Technology (DXC) and that transaction closed on April 1st. Cars.com is a spinoff from Tegna that started trading on June 1st.Stake Disposals:Time Warner Inc. (TWX): TWX was a ~3% of the US long portfolio stake as of last quarter. It was established in Q4 2014 at a cost-basis of $72.72. Q4 2015 saw a ~70% increase at prices between $63.50 and $77.50. 2016 saw a combined ~50% reduction at prices between $62 and $96 and that was followed with a ~40% selling last quarter at prices between $93 and $99. The disposal this quarter was at prices between $97 and $100. The stock currently trades at $102. Greenlight harvested gains.Note: In October last year, AT&T (T) agreed to acquire Time Warner in a cash-and-stock deal (50% cash) valued at $107.50 per share.Liberty Global (LBTYA) (LBTYK): The 2.23% position was eliminated this quarter at prices between $28 and $35. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. Last significant activity was in Q1 2016 when the stake saw a ~6% increase.Note: Greenlight’s Q2 2017 letter mentioned that LBTYK stake had a nice long-term IRR. They exited as they saw operational weakness.IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81. The pattern reversed in Q4 2015: two-thirds increase at prices between $59 and $72. Q1 2016 saw another about-turn: ~55% reduction at prices between $40 and $60 and that was followed with another ~12% trimming in the following quarter. Last two quarters had also seen another one-third reduction at prices between $57 and $77. The disposal this quarter was at prices between $74 and $108. The stock is now at $105. Greenlight harvested long-term gains.Alere Inc. (ALR), Cigna Corporation (CI), FMC Corporation (FMC), Syngenta AG (SYT), and Tri Pointe Group (TPH): These are very small (less than ~1% of the US long portfolio each) stakes dropped this quarter.Stake Increases:Mylan NV (MYL): MYL is a fairly large (top five) 6.7% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase in the following quarter at prices between $38 and $50. Q4 2016 also saw a one-third increase at prices between $34 and $39. This quarter saw another ~23% increase at prices between $36.50 and $40. The stock currently trades well below those ranges at $30.13. For investors attempting to follow Greenlight, MYL is a good option to consider for further research.Perrigo plc (PRGO): The ~3% PRGO position was purchased last quarter at prices between $66 and $87 and increased by ~50% this quarter at prices between $66 and $76.50. The stock is now at $77.77.Note 1: Perrigo plc has had a previous round-trip in the portfolio: a very small stake purchased in Q2 2016 was disposed of the following quarter.Dillard’s (DDS): The 2.34% DDS position had seen a ~40% increase in Q4 2015 at prices between $66 and $94. Q2 2016 saw a ~25% further increase at prices between $55.50 and $88. This quarter saw another one-third increase at prices between $47 and $59.50. The stock is now at $57.17.Note: Greenlight controls ~10% of Dillard’s.Micron Technology (MU): MU is a 1.28% position purchased last quarter at prices between $21.50 and $29 and increased by roughly two-thirds this quarter at prices between $26.50 and $32.50. The stock is now at $29.68.Note: MU has had a previous successful roundtrip in the portfolio in the 2013-2015 timeframe.DSW Inc. (DSW): DSW is a small 0.64% of the portfolio position established in Q4 2015 at prices between $21.50 and $26.50 and increased by ~20% in Q2 2016 at prices between $19 and $28. There was a ~16% selling in Q3 2016 at prices between $20.50 and $26 and that was followed with another ~40% reduction the following quarter at prices between $20 and $26. This quarter saw a ~11% increase. The stock currently trades at $16.08.Stake Decreases:General Motors (GM): GM is Greenlight’s largest position at ~31% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled in Q4 2016 thru the purchase of Calls as the underlying traded between $31 and $38. The stake was almost doubled again last quarter at prices between $34 and $38.50. The Calls were eliminated (~25% nominal reduction) this quarter as the underlying traded between $32.50 and $35.50. GM currently goes for $35.54.Note 1: Greenlight controls ~3.8% of General Motors.Note 2: In March, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. In response, Greenlight nominated three members to the board but GM shareholders rejected the proposal and the nominations in June.Note 3: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Apple Inc. (AAPL): AAPL is Einhorn’s third-largest position at ~9% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. In Q3 2015, the pattern reversed: ~60% increase at prices between $103 and $132. Q4 2015 saw a ~50% reduction at prices between $105 and $123 while in Q1 2016 there was a ~30% increase at prices between $93 and $110. The next two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again in Q4 2016: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction last quarter at prices between $116 and $144 and that was followed with marginal trimming this quarter. The stock currently trades at $162.Chemours Co. (CC): CC is currently a ~2.2% portfolio stake. It saw a ~85% increase in Q2 2016 at prices between $7 and $10.50. Q4 2016 saw a ~45% selling at prices between $15 and $30 and that was followed with another ~45% reduction last quarter at prices between $21 and $39. There was another ~30% selling this quarter at prices between $35 and $45.50. The stock is now at $46.90. Greenlight is harvesting huge gains.Note: Greenlight’s cost-basis on CC is $6.58. The buy thesis was based on earnings reaching ~$2 in 2017 and ~$3 in 2018. Greenlight also believed that the litigation threat is overstated.Fred’s Inc. (FRED), Monsanto Company (MON), PVH Corporation (PVH), and Quorum Health (QHC): These are very small (less than ~1% of the US long portfolio each) stakes reduced this quarter.Note 1: Last September, Bayer AG (BAYRY) agreed to buy Monsanto in a $128 per share all-cash deal. Greenlight has a large position in Bayer AG (native listed shares and so not in the 13F report). At the Robinhood Investor Conference last November, Bayer AG was Einhorn’s stock pick.Note 2: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April 2016. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio. QHC is down ~75% since the spinoff.Kept Steady:AerCap Holdings N.V. (AER): AER is a large (top three) 9.33% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% increase at prices between $25.50 and $42. The stock currently trades just above those ranges at $48.55.Note: Greenlight controls ~7% of AerCap Holdings.Consol Energy (CNX): CNX is a fairly large (top five) 5.46% stake purchased in Q3 2014 at prices between $36.50 and $46. The position was increased by over 170% in the following quarter at prices between $32 and $41.50. H1 2015 saw an additional ~70% increase at prices between $22 and $34 and that was followed by another ~30% increase in Q3 2015 at prices between $9.50 and $22. The three quarters thru Q4 2016 had seen a ~50% combined reduction at prices between $11 and $22. The pattern reversed last quarter: ~50% increase at prices between $14.90 and $19.50. The stock currently trades at $14.52. For investors attempting to follow Einhorn, CNX is a good option to consider for further research.Note: Greenlight controls ~10% of Consol Energy.Green Brick Partners (GRBK): The 4.46% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Altaba Inc. (AABA) previously Yahoo: The 3.76% AABA stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $59.99. H2 2016 had seen marginal trimming.Voya Financial (VOYA) previously ING US: The 3.52% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q1 2016 saw a ~20% increase at prices between $26 and $37 and the following quarter saw another ~13% further increase at prices between $23 and $33.50. The stock currently trades at $38.90. There was a very minor ~5% further increase in Q3 2016 and that was followed with a ~15% increase in Q4 2016 at prices between $28.50 and $41.Gold Miner ETF (GDX): GDX stake is currently at 2.83%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.50 and $22. H2 2016 had seen marginal trimming. The stock currently trades at $22.56.Note: Einhorn also has a large holding (top-five) in physical gold. He has a long-term bullish stance on gold.Calpine Corporation (CPN): The 2.39% CPN position was purchased in Q2 2016 at prices between $13.50 and $16 and almost doubled the following quarter at prices between $12 and $15. The stock is now at $13.91.Conduent Inc. (CNDT): Conduent, the Xerox spinoff started trading last December at ~$16 and currently goes for $16.82. The position was established last quarter at prices between $13.25 and $17.25.Note 1: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.Note 2: Greenlight had a fairly large ~3% portfolio stake in Xerox: it was purchased in 2011 in the low-7s and disposed of in 2013 in the mid-8s.Amerco (UHAL): The 1.30% of the portfolio UHAL stake was established in Q2 2016 at prices between $337 and $380 and increased by ~180% the following quarter at prices between $321 and $397. The stock currently trades at $376.Rite Aid (RAD): RAD is a 0.80% stake established in Q2 2016 at prices between $7.50 and $8.20 and increased by ~30% in Q3 2016 at prices between $6.85 and $8.21. Q4 2016 saw another ~50% increase at prices between $6.50 and $8.50. There was an about turn last quarter: ~20% sold at prices between $4.25 and $8.70. The stock currently trades at $2.31.Note: Walgreens Boots Alliance (WBA) was to acquire Rite Aid at $9 per share but in January the price was negotiated down to a $6.50 to $7 range. In June, WBA scrapped the merger and replaced it with a plan to buy half the stores from Rite Aid.Alcoa Corporation (AA), The Stars Group (TSG) previously Amaya, CNX Coal Resources LP (CNXC), Clipper Realty (CLPR), and Varex Imaging (VREX): These are very small (less than ~1.5% of the US long portfolio each) stakes kept steady this quarter.Note 1: Varex Imaging is a spinoff from Varian Medical Systems (VAR) that started trading at ~$27 in January and currently goes for ~$29.33.Note 2: Clipper Realty, the New York focused residential REIT had an IPO in February at ~$13.50 per share. The stock is currently at $10.41.Per Greenlight’s Q2 2017 letter, the top disclosed long positions were AerCap, Bayer, CONSOL Energy, General Motors, and gold. Toshiba (TOSBF) (TOSYY) was identified as a new long position in the native market at a cost-basis of 234.79 yen (currently at ~300, believes fair value is ~400). The letter also identified the following as having lost money: Short positions in Tesla (TSLA), Amazon (AMZN), Athenahealth (ATHN), Netflix (NFLX), Caterpillar (CAT), and the decade long short of credit rating agencies (MCO) (SPGI). The short position in credit rating agencies was exited during the quarter.In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q2 2017:Regulatory Filings thru 5/16/2017: None.: Q1 2017 return is 1.3% compared to S&P 500’s 6.1% - ~16% annualized since May 1996 inception. Longs gained but lagged S&P while the shorts lost while generating alpha. Winners: AAPL, CC, and Gold. Losers: bubble basket, RAD (trimmed this quarter), and the short Tesla stake. NEW Longs: three small new stakes - PRGO, CNDT the Xerox spinoff, and a European Financial stock. SHORT: difficult time to short the bubble basket and TESLA - estimates are falling & they are missing expectations but the stocks are rising - the bubble will pop but timing is uncertain. EXITS: three Canadian bank stock shorts (losses - oil & gas credit loss thesis did not sufficiently materialize), LYB short (loss - their thesis that new capacity would kill margins was slow to materialize), RPC short (small loss - favorable industry tailwinds offset their company-specific short thesis). SIG (gain - negative comps & class action caused the stock to fall). Largest disclosed longs: AerCap, Bayer, CONSOL Energy, General Motors (accused management of misrepresenting their proposal to credit rating agencies - getting ready for a proxy fight - nominated 4 to the board), and Gold. Long/Short Ratio: 108% long and 80% short.4/12/2017: Greenlight capital to the GM board. They also identified GM as their largest individual stock position in their quarterly conference call on May 3rd.3/28/2017: SA says Einhorn asked for two classes for GM shares (one with dividend & the other without) but the proposal was rejected."
"Tracking David Einhorn’s Portfolio – Q1 2017 Update"	"David Einhorn's US long portfolio value increased from $5.82B to $7.19B this quarter.Greenlight's long/short ratio is at 108% long and 80% short compared to 106% long and 81% short last quarter.Greenlight almost doubled General Motors while reducing Apple, Time Warner, and Chemours.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/15/2017. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2016.Greenlight Capital’s US long portfolio value stood at $7.19B this quarter. It is up ~24% compared to $5.82B as of last quarter. The long/short ratio shifted marginally to the short side this quarter: 108% long and 80% short - net exposure at 28% compared to 25% EOY2016. The top five holdings represent ~62% of the US long portfolio. The number of 13F stakes increased from 31 to 35.Einhorn’s Q1 2017 letter reported that the fund returned 1.3% in the quarter. This is compared to 6.1% for the S&P 500 Index. In 2016, they were up 8.4% compared to up 12% for the S&P 500 Index. Since inception in May 1996, the fund is up ~16% annualized net-of-fees and expenses. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Perrigo plc (PRGO) and Conduent Inc. (CNDT): These are small (less than ~1.5% of the portfolio each) positions established this quarter. The PRGO position was purchased at prices between $66 and $87 and the stock is now at $74.55. Conduent, the Xerox spinoff started trading last December at ~$16 and currently goes for $17.27. The position was established at prices between $13.25 and $17.25.Note 1: Perrigo plc is back in the portfolio after a quarter’s gap: a very small stake purchased in Q2 2016 was disposed of the following quarter.Note 2: Conduent’s business is identical to Affiliated Computer Services which Xerox (XRX) had acquired in 2010.Note 3: Greenlight had a fairly large ~3% portfolio stake in Xerox: it was purchased in 2011 in the low-7s and disposed of in 2013 in the mid-8s.Micron Technology (MU), Alere Inc. (ALR), Varex Imaging (VREX), and Clipper Realty (CLPR): These are very small stakes (less than ~0.5% of the portfolio each) established this quarter.Note 1: Varex Imaging is a spinoff from Varian Medical Systems (VAR) that started trading at ~$27 in January and currently goes for ~$34.Note 2: Clipper Realty, the New York focused residential REIT had an IPO in February at ~$13.50 per share. The stock is currently at $10.89.Stake Disposals:Avangrid Inc. (AGR) previously UIL Holdings (UIL): AGR was a ~1% of the portfolio stake. It was established in Q1 2015 at prices between $31.50 and $41.50 and increased by ~90% the following quarter at prices between $35 and $41. 2016 saw a combined ~70% reduction at prices between $37.50 and $46.50 and the disposal this quarter was at prices between $37.50 and $44. The stock currently trades at $44.22.Note: UIL merged with Iberdrola USA to form the new entity Avangrid which started trading in December 2015. UIL shareholders got $10.50 per share cash and one share of AGR for each UIL share held. The prices quoted above are adjusted for this.Yelp Inc. (YELP): YELP was a very small 0.57% of the portfolio stake established in Q1 2016 at a cost-basis of $21.16. Q2 2016 saw a ~10% trimming at prices between $19.50 and $30.50 and that was followed with another ~21% selling last quarter at prices between $29 and $42. The disposal over the last two quarters happened at prices between $31.50 and $43. The stock is now at $28.52. Greenlight harvested gains.Stake Increases:General Motors (GM): GM is Greenlight’s largest position at ~36% of the portfolio. The position was established during the first three quarters of 2015 at prices between $28.50 and $39. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled last quarter thru the purchase of Calls as the underlying traded between $31 and $38. The stake was almost doubled again this quarter at prices between $34 and $38.50. The stock currently trades at $33.42. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note 1: Greenlight controls ~5% of General Motors.Note 2: In March, Greenlight proposed GM shares be split into two classes (one with dividend & the other without) but management rejected the plan. Last month, Greenlight started preparing for a proxy fight and nominated three members to the board.Note 3: Greenlight had a previous successful roundtrip with GM: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Consol Energy (CNX): CNX is a fairly large 5.29% stake purchased in Q3 2014 at prices between $36.50 and $46. The position was increased by over 170% in the following quarter at prices between $32 and $41.50. H1 2015 saw an additional ~70% increase at prices between $22 and $34 and that was followed by another ~30% increase in Q3 2015 at prices between $9.50 and $22. Last three quarters had seen a ~50% combined reduction at prices between $11 and $22. The pattern reversed this quarter: ~50% increase at prices between $14.90 and $19.50. The stock currently trades at $16.22. For investors attempting to follow Einhorn, CNX is a good option to consider for further research.Note: Greenlight controls ~10% of Consol Energy.Mylan NV (MYL): MYL is a fairly large 4.71% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase in the following quarter at prices between $38 and $50. Last quarter also saw a one-third increase at prices between $34 and $39. The stock is currently at $39.15. There was a marginal increase this quarter.Dillard’s (DDS): The 1.37% DDS position had seen a ~40% increase in Q4 2015 at prices between $66 and $94. Q2 2016 saw a ~25% further increase at prices between $55.50 and $88. The stock is now at $49.14. Last quarter saw a ~9% trimming while this quarter saw a ~7% increase.Note: Greenlight controls ~6.7% of Dillard’s.Syngenta AG (SYT) and Fred’s Inc. (FRED): These are small stakes established last quarter and increased this quarter. The 1.26% SYT stake was purchased at prices between $75.50 and $88 and increased by ~10% this quarter. The stock is now at $92.76. The 0.40% FRED position was established at prices between $8 and $20 and increased by ~45% this quarter at prices between $13 and $19. The stock is now at $14.26.Stake Decreases:AerCap Holdings N.V. (AER): AER is a large (top three) ~8% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% further increase at prices between $25.50 and $42. The stock currently trades at $44.78. There was marginal trimming in the last two quarters.Note: Greenlight controls ~7% of AerCap Holdings.Apple Inc. (AAPL): AAPL is Einhorn’s third-largest position at ~8% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. In Q3 2015, the pattern reversed: ~60% increase at prices between $103 and $132. Q4 2015 saw a ~50% reduction at prices between $105 and $123 while in Q1 2016 there was a ~30% increase at prices between $93 and $110. The next two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again last quarter: ~12% increase at prices between $106 and $118. There was a roughly one-third reduction this quarter at prices between $116 and $144. The stock currently trades at $156.Time Warner Inc. (TWX): TWX is a ~3% of the US long portfolio stake. It was established in Q4 2014 at a cost-basis of $72.72. Q4 2015 saw a ~70% increase at prices between $63.50 and $77.50. 2016 saw a combined ~50% reduction at prices between $62 and $96 and that was followed with a ~40% selling this quarter at prices between $93 and $99. The stock currently trades at $97.87. Greenlight is harvesting gains.Chemours Co. (CC): CC is currently a ~2.7% portfolio stake. It saw a ~85% increase in Q2 2016 at prices between $7 and $10.50. Last quarter saw a ~45% selling at prices between $15 and $30 and that was followed with another ~45% reduction this quarter at prices between $21 and $39. The stock is now at $45.38. Greenlight is harvesting huge gains.Note: Greenlight’s cost-basis on CC is $6.58. The buy thesis was based on earnings reaching ~$2 in 2017 and ~$3 in 2018. Greenlight also believed that the litigation threat is overstated.Rite Aid (RAD): RAD is a ~1% stake established in Q2 2016 at prices between $7.50 and $8.20 and increased by ~30% in Q3 2016 at prices between $6.85 and $8.21. Last quarter saw another ~50% increase at prices between $6.50 and $8.50. There was an about turn this quarter: ~20% sold at prices between $4.25 and $8.70. The stock currently trades at $3.78.Note: Walgreens Boots Alliance (WBA) was to acquire Rite Aid at $9 per share but in January the price was negotiated down to a $6.50 to $7 range.IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81. The pattern reversed in Q4 2015: two-thirds increase at prices between $59 and $72. Q1 2016 saw another about-turn: ~55% reduction at prices between $40 and $60 and that was followed with another ~12% trimming in the following quarter. Last two quarters have also seen another one-third reduction at prices between $57 and $77. The stock currently trades at $104 and the stake is at 0.72% of the US long portfolio.DSW Inc. (DSW): DSW is a small 0.59% of the portfolio position established in Q4 2015 at prices between $21.50 and $26.50 and increased by ~20% in Q2 2016 at prices between $19 and $28. There was a ~16% selling in Q3 2016 at prices between $20.50 and $26 and that was followed with another ~40% reduction last quarter at prices between $20 and $26. The stock currently trades at $18.65. There was a ~5% trimming this quarter.Quorum Health (QHC) and FMC Corporation (FMC): These are very small (less than ~0.5% of the US long portfolio each) stakes that saw reductions this quarter.Note: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April 2016. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio. QHC is down ~80% since the spinoff. Greenlight controls ~7.2% of Quorum Health.Kept Steady:Green Brick Partners (GRBK): The 3.34% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Voya Financial (VOYA) previously ING US: The ~3% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q1 2016 saw a ~20% increase at prices between $26 and $37 and the following quarter saw another ~13% further increase at prices between $23 and $33.50. The stock currently trades at $36.39. There was a very minor ~5% further increase in Q3 2016 and that was followed with a ~15% increase last quarter at prices between $28.50 and $41.Yahoo Inc. (YHOO): The 2.76% YHOO stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $50.96. Last two quarters had seen marginal trimming.Gold Miner ETF (GDX): GDX stake is currently at ~2.5%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.50 and $22. The stock currently trades at $22.96. Last two quarters had seen marginal trimming.Note: Einhorn also has a large holding (top-five) in physical gold. He has a long-term bullish stance on gold.Liberty Global (LBTYA) (LBTYK): Liberty Global position accounts for 2.23% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. Last significant activity was in Q1 2016 when the stake saw a ~6% increase.Calpine Corporation (CPN): The ~1.7% CPN position was purchased in Q2 2016 at prices between $13.50 and $16 and almost doubled the following quarter at prices between $12 and $15. The stock is now at $12.40. Last quarter had seen minor trimming.Amerco (UHAL): The 1.17% of the portfolio UHAL stake was established in Q2 2016 at prices between $337 and $380 and increased by ~180% the following quarter at prices between $321 and $397. The stock currently trades at $367.Alcoa Corporation (AA), Amaya Inc. (AYA), CNX Coal Resources LP (CNXC), Cigna Corporation (CI), Monsanto Company (MON), PVH Corporation (PVH), and Tri Pointe Group (TPH): These are very small (less than ~1.5% of the US long portfolio each) stakes kept steady this quarter.Note: Last September, Bayer AG (BAYRY) agreed to buy Monsanto in a $128 per share all-cash deal. Greenlight has a large position in Bayer AG (native listed shares and so not in the 13F report). At the Robinhood Investor Conference last November, Bayer AG was Einhorn’s stock pick.Per Greenlight’s Q1 2017 letter, the top disclosed long positions were AerCap, Bayer, CONSOL Energy, General Motors, and gold. The letter also identified the winners and losers for the quarter: Long stakes in Apple, Chemours, and Gold were winners while the “bubble basket”, Rite Aid, and the short Tesla (TSLA) stake were losers.Note 1: Greenlight is known to be short Netflix (NFLX), a bunch of oil frackers, and a bunch of industrial cyclicals including Caterpillar (CAT).Note 2: Per Q1 2017 letter, Greenlight realized losses in their short book during the quarter: three Canadian bank stocks, LyondellBasell Industries NV (LYB), and RPC Inc. (RES) short stakes were covered. Signet Jewelers (SIG) was a short stake that was exited at a gain.In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q1 2017:Regulatory Filings Thru 2/19/2017: 13G/As filed 2/14/2017: CNX - 15.4M shares - 6.7%. DDS - 1.8M shares - 6%. AER - 12.6M shares - 6.9%. QHC - 2.5M shares - 8.5%.: Q4 2016 return is 4.5%, YTD 8.4%. S&P500 3.8% & 12.0% respectively - for the year, the long-portfolio returned 19.9% while the short lost 11.7%. 16.1% annualized since May 1996 inception. On Trump presidency: long a variety of low-multiple, tax-paying US value stocks: a) Amerco, CC, Dillard’s, and DSW, b) Long Apple, c) Long GM, d) Short “bubble basket” - they don’t have profits, and so won’t benefit from corporate tax cuts, also high-growth low/no-profit businesses - NFLX, d) short oil frackers, e) short CAT and other similar industrial cyclicals, and f) likes gold as not having a core policy can cause uncertainty and less stability. Winners: CC, GM, Resona. Losers: gold. NEW Longs: mid-size financial business in Europe was the only new position, Increased Bayer & GM substantially as well. SHORT: . EXITS: Aercom (ACM) - modest gain - revenue synergies with URS integration did not materialize and declining oil&gas business headwind. KORS - 20% IRR as the business stabilized - exited as potential global growth drivers disappointed and department store promotions in the US eroded pricing power at company owned stores. TTWO - doubled money over 3-year holding period - exited as analyst estimates have caught up with their own estimates. Six-year short in FLSmidth covered at a decent gain. MJN short covered at a gain. RAI short covered at -38% IRR - expected menthol regulations never came to fruition & BAT buyout. Largest disclosed longs: AerCap, Apple, CONSOL Energy, General Motors, and Gold. Long/Short Ratio: 106% long and 81% short.11/28/2016 Robinhood Conference Pick: ."
"Tracking David Einhorn’s Portfolio – Q4 2016 Update"	"David Einhorn's US long portfolio value increased from $5.23B to $5.82B this quarter.Greenlight's long/short ratio is at 106% long and 81% short compared to 108% long and 80% short last quarter.Greenlight substantially increased General Motors while reducing Chemours and dropping Michael Kors.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/14/2017. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q3 2016.Greenlight Capital’s US long portfolio value stood at $5.82B this quarter. It is up ~11% compared to $5.23B as of last quarter. The long/short ratio shifted significantly to the long side in 2016: 106% long and 81% short - net exposure at 25% compared to 14% EOY2015. The top five holdings represent ~55% of the US long portfolio. The number of 13F stakes decreased from 35 to 31.Einhorn’s Q4 2016 letter reported that the fund returned 4.5% in the quarter. In 2016, they were up 8.4% compared to up 12% for the S&P 500 Index. Since inception in May 1996, the fund is up ~16.1% annualized net-of-fees and expenses. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Syngenta AG (SYT), Monsanto Company (MON), Alcoa Corporation (AA), and Fred’s Inc. (FRED): These are small new stakes established this quarter. The 1.26% SYT stake was purchased at prices between $75.50 and $88 and the stock is now at $85.36. The 0.74% MON position was established at prices between $98 and $108 and the stock currently trades just above that range at $109. AA is a very small 0.62% stake purchased at prices between $21 and $32 and it now goes for $36.21. The 0.48% FRED position was established at prices between $8 and $20 and the stock is now at $17.68.Note: Last September, Bayer AG (BAYRY) agreed to buy Monsanto in a $128 per share all-cash deal. Greenlight has a large position in Bayer AG (native listed shares and so not in the 13F report). At the Robinhood Investor Conference last November, Bayer AG was Einhorn’s stock pick.Stake Disposals:Michael Kors Holdings (KORS): KORS was a ~3% of the US long portfolio position established in Q2 2015 at prices between $42 and $66 and almost doubled the following quarter at prices between $38 and $45.50. Q4 2015 saw another 27% increase at prices between $38.50 and $44. Last three quarters had seen a two-thirds reduction at prices between $35.50 and $58.50 and the elimination this quarter was at prices between $42.50 and $52. The stock currently trades at $38.30.Note: Greenlight’s Q4 2016 investor letter had the following regarding KORS: potential global growth drivers disappointed and department store promotions in the US eroded pricing power at company owned stores thus prompting the exit. The position managed to generate a ~20% IRR.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.50 and $22.50. The position was decreased by ~11% in Q2 2015 at prices between $23.50 and $29 and another 25% in Q4 2015 at prices between $28.50 and $36.50. The stake was again reduced by ~50% last quarter at prices between $38 and $46 and the disposal this quarter was at prices between $42 and $51. The stock currently trades at $59.69.Note: Greenlight’s Q4 2016 investor letter had the following on the TTWO exit: doubled money over a 3-year holding period - exited as sell-side estimates caught up with Greenlight’s own estimates.Aecom Technology (ACM): ACM was a ~1% stake first purchased in Q3 2014 at prices between $31.50 and $38 and more than doubled the following quarter at prices between $28 and $34. Q4 2015 saw a 50% reduction at prices between $27 and $32 and that was followed with another roughly one-third reduction last quarter at prices between $27.50 and $36. The remaining stake was sold this quarter at prices between $27 and $40. The stock currently trades at $37.75.Note: Greenlight’s Q4 2016 investor letter had the following on the ACM exit: revenue synergies with URS integration did not materialize and headwind due to declining O&G business. Greenlight generated a modest gain on the position.The Geo Group (GEO) and United States Steel (X): These were the two new positions last quarter. They were both exited this quarter. GEO was a minutely small 0.13% portfolio stake established at prices between $19.50 and $35 and exited at prices between $23 and $36. The stock is now at $45.14. X was a 1.11% position purchased at prices between $16 and $27.50 and exited at prices between $16.50 and $37.50. The stock is now at $39.80.ARRIS International plc (ARRS), Terraform Global (GLBL), and TerraForm Power (TERP): These are very small (less than ~1% of the US long portfolio each) stakes that were reduced last quarter and disposed of this quarter.Stake Increases:General Motors (GM): GM is Greenlight’s largest position at ~23% of the portfolio. The original stake was increased by ~55% in Q2 2015 at prices between $33 and $37.50 and another ~11% the following quarter at prices between $27 and $33.50. The three quarters thru Q2 2016 had also seen a combined ~22% increase at prices between $27 and $34. The position was more than doubled this quarter thru the purchase of Calls as the underlying traded between $31 and $38. The stock currently trades at $37.22. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note 1: At the Great Investors’ Best Ideas Symposium last December, Einhorn made the following comment regarding GM valuation: “GM has a reasonable chance to earn its entire market cap probably before Tesla (TSLA) is able to earn its first year of annual profit.”Note 2: GM had a previous very successful roundtrip in the portfolio: A huge ~10% stake was disposed in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Apple Inc. (AAPL): AAPL is Einhorn’s second-largest position at ~12% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. In Q3 2015, the pattern reversed: ~60% increase at prices between $103 and $132. Q4 2015 saw a ~50% reduction at prices between $105 and $123 while in Q1 2016 there was a ~30% increase at prices between $93 and $110. Last two quarters had seen a combined ~35% selling at prices between $90 and $116. The pattern reversed again this quarter: ~12% increase at prices between $106 and $118. The stock currently trades at $136.Mylan NV (MYL): MYL is a fairly large ~6% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Q2 2016 saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase last quarter at prices between $38 and $50. This quarter also saw a one-third increase at prices between $34 and $39. The stock is currently at $42.05.Note: The buy thesis projects an earnings expectation in the low-6s for 2018. This has come down from a previous expectation of $7 as of last quarter.Voya Financial (VOYA) previously ING US: The ~4% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q1 2016 saw a ~20% increase at prices between $26 and $37 and the following quarter saw another ~13% further increase at prices between $23 and $33.50. The stock currently trades at $41.90. There was a very minor ~5% further increase last quarter and that was followed with a ~15% increase this quarter at prices between $28.50 and $41.Rite Aid (RAD): RAD is a ~3% stake established in Q2 2016 at prices between $7.50 and $8.20 and increased by ~30% last quarter at prices between $6.85 and $8.21. This quarter saw another ~50% increase at prices between $6.50 and $8.50. The stock currently trades at $5.94. For investors attempting to follow Einhorn, RAD is a good option to consider for further research.Note: Walgreens Boots Alliance (WBA) was to acquire Rite Aid at $9 per share but last month the price was negotiated down to a $6.50 to $7 range.PVH Corporation (PVH): PVH is a ~1% of the US long portfolio position purchased in Q1 2016 at a cost-basis of $75.65. Last quarter saw a ~14% trimming at prices between $92 and $111 while this quarter saw a ~17% increase at prices between $90 and $114. It currently trades at $90.32.Note: Greenlight expects Calvin Klein’s growth in Europe and Tommy Hilfiger Chinese joint venture interest purchase to result in good earnings growth going forward.Stake Decreases:AerCap Holdings N.V. (AER): AER is a large (top three) ~9% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. First three quarters of 2016 had also seen another ~70% further increase at prices between $25.50 and $42. The stock currently trades at $46.65. There was marginal trimming this quarter.Note: Greenlight controls ~7% of AerCap Holdings.Time Warner Inc. (TWX): TWX is a large (top five) ~5.5% of the US long portfolio stake. It was established in Q4 2014 at a cost-basis of $72.72. Q4 2015 saw a ~70% increase at prices between $63.50 and $77.50. 2016 saw a combined ~50% reduction at prices between $62 and $96. The stock currently trades at $96.48.Consol Energy (CNX): CNX is a fairly large ~5% stake purchased in Q3 2014 at prices between $36.50 and $46. The position was increased by over 170% in the following quarter at prices between $32 and $41.50. H1 2015 saw an additional ~70% increase at prices between $22 and $34 and that was followed by another ~30% increase in Q3 2015 at prices between $9.50 and $22. Last three quarters have seen a ~50% combined reduction at prices between $11 and $22. The stock currently trades at $16.94.Note: Greenlight controls 6.7% of Consol Energy.Chemours Co. (CC): CC is currently a 3.4% portfolio stake. It saw a ~85% increase in Q2 2016 at prices between $7 and $10.50. This quarter saw a ~45% selling at prices between $15 and $30. The stock is now at $33.06. Greenlight is harvesting huge gains.Note: Greenlight’s cost-basis on CC is $6.58. The buy thesis was based on earnings reaching ~$2 in 2017 and ~$3 in 2018. Greenlight also believes that the litigation threat is overstated.Gold Miner ETF (GDX): GDX stake is currently at ~3%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.50 and $22. The stock currently trades at $24.79. Last two quarters have seen marginal trimming.Note: Einhorn also has a large holding (top-five) in physical gold. He has a long-term bullish stance on gold.Yahoo Inc. (YHOO): The fairly large ~3% YHOO stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $45.10. Last two quarters saw marginal trimming.Calpine Corporation (CPN): The ~2% CPN position was purchased in Q2 2016 at prices between $13.50 and $16 and almost doubled last quarter at prices between $12 and $15. The stock is now below those ranges at $11.47. This quarter saw minor trimming.Dillard’s (DDS): The ~2% DDS position had seen a ~40% increase in Q4 2015 at prices between $66 and $94. Q2 2016 saw a ~25% further increase at prices between $55.50 and $88. The stock is now at $58.39. This quarter saw a ~9% trimming.Note: Greenlight controls ~6% of Dillard’s.IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81. The pattern reversed in Q4 2015: two-thirds increase at prices between $59 and $72. Q1 2016 saw another about-turn: ~55% reduction at prices between $40 and $60 and that was followed with another ~12% trimming in the following quarter. The stock currently trades at $75.38 and the stake is at ~1% of the US long portfolio. This quarter also saw a ~8% trimming.Avangrid Inc. (AGR) previously UIL Holdings (UIL): AGR is a ~1% of the portfolio stake. It was established in Q1 2015 at prices between $31.50 and $41.50 and increased by ~90% the following quarter at prices between $35 and $41. 2016 saw a combined ~70% reduction at prices between $37.50 and $46.50. The stock currently trades at $40.91.Note: UIL merged with Iberdrola USA to form the new entity Avangrid which started trading last December 2015. UIL shareholders got $10.50 per share cash and one share of AGR for each UIL share held. The prices quoted above are adjusted for this.DSW Inc. (DSW): DSW is a small ~1% of the portfolio position established in Q4 2015 at prices between $21.50 and $26.50 and increased by ~20% in Q2 2016 at prices between $19 and $28. There was a ~16% selling last quarter at prices between $20.50 and $26 and that was followed with another ~40% reduction this quarter at prices between $20 and $26. The stock currently trades at $21.46.Yelp Inc. (YELP): YELP is a very small 0.57% of the portfolio stake established in Q1 2016 at a cost-basis of $21.16. Q2 2016 saw a ~10% trimming at prices between $19.50 and $30.50 and that was followed with another ~21% selling last quarter at prices between $29 and $42. There was another ~60% reduction this quarter at prices between $32 and $42. The stock is now at $34.67. Greenlight harvested short-term gains.Kept Steady:Green Brick Partners (GRBK): The ~4% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Liberty Global (LBTYA) (LBTYK): Liberty Global position accounts for 2.34% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. Last significant activity was in Q1 2016 when the stake saw a ~6% increase.Amerco (UHAL): The 1.40% of the portfolio UHAL stake was established in Q2 2016 at prices between $337 and $380 and increased by ~180% last quarter at prices between $321 and $397. The stock currently trades at $381.Tri Pointe Group (TPH): TPH is a very small 0.41% of the US long portfolio stake established in Q4 2014 at prices between $12.50 and $15.50. Last quarter saw a 54% reduction at prices between $12 and $14. The stock currently trades at $12.07.Note: TPH is a homebuilder with significant exposure to the California market. It had an IPO in February 2013 and trading started at ~$19 per share. In November 2013, Weyerhaeuser (WY) split-off its homebuilder subsidiary in a Reverse Morris Trust transaction with TPH.Quorum Health (QHC), Amaya Inc. (AYA), CNX Coal Resources LP (CNXC), Cigna Corporation (CI), and FMC Corporation (FMC): These are very small (less than ~1.5% of the US long portfolio each) stakes kept steady this quarter.Note: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio. QHC is down 43% since the spinoff. Greenlight controls ~8.5% of Quorum Health.Per Greenlight’s Q4 2016 letter, the top disclosed long positions were AerCap, Apple, CONSOL Energy, General Motors, and gold. The letter also identified the winners and losers for the quarter: Long stakes in Chemours, General Motors, and Resona were winners while gold was a loser. Greenlight is short Netflix (NFLX), a bunch of oil frackers, and a bunch of industrial cyclicals including Caterpillar (CAT).In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2016:Form 3/4, 13D/G/A thru 11/21/2016: CNX - 8/15/2016 13G/A - 18.07M shares - 7.9% as of 8/5.: Q3 2016 return is 3.4%, YTD 3.8%. S&P500 3.9% & 7.8% respectively. Winners: AAPL - iPhone7 & speculation on foreign cash repatriation deal, Chemours (CC) - original cost-basis Q22016 new long - $6.58 - more than doubled - earnings should reach $2 by 2017 & $3 by 2018 and litigation threat is overstated, and CNX. Losers: Mostly in the short book - PXD (believes CEO claim that operating costs of $2 BOE is a massive lie) & others. Macro was flat. NEW Longs: One medium-sized utility, SHORT: Talked about CLR in a negative light but did not say whether they are short. EXITS: VOD original 2009 stake - 20% compounded annual return. Evonik - small gain. Largest disclosed longs: AerCap, Apple, CONSOL Energy, General Motors and gold. Long/Short Ratio: 108% long and 80% short."
"Tracking David Einhorn’s Portfolio – Q3 2016 Update"	"David Einhorn's US long portfolio decreased from $5.45B to $5.23B this quarter.Greenlight's long/short ratio is at 108% long and 80% short compared to 96% long and 69% short last quarter.Greenlight substantially increased Amerco, Calpine, and Rite Aid while dropping Hatteras Financial and Twenty First Century Fox.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2016. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q2 2016.Greenlight Capital’s US long portfolio stood at $5.23B this quarter. It is down ~4% compared to $5.45B as of last quarter. The long/short ratio has shifted significantly to the long side this year: 108% long and 80% short - net exposure at 28% compared to 14% EOY2015. The top five holdings represent ~43% of the US long portfolio. The number of 13F stakes decreased from 43 to 35.Einhorn’s Q3 2016 letter reported that the fund returned 3.4% in the quarter. YTD, they are up 3.8% compared to up 7.8% for the S&P 500 Index. Since inception in May 1996, the fund is up ~16.5% annualized net-of-fees and expenses. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:The Geo Group (GEO) and United States Steel (X): These are the two new positions this quarter. GEO is a minutely small 0.13% portfolio stake established at prices between $19.50 and $35 and the stock is now at $31.64. X is a 1.11% position purchased at prices between $16 and $27.50 and the stock is now at $28.78. They have both spiked since the quarter ended: ~50% increase for United States Steel and ~25% for Geo Group.Stake Disposals:Hatteras Financial (HTS): HTS was a 2.28% of the US long portfolio stake established in Q1 2016 at a cost-basis of $12.34. Last quarter saw a ~21% increase at prices between $14.25 and $16.61. Annaly (NLY) agreed to acquire HTS in April ($15.85 per share for the all-cash option) and that transaction closed in July, thus eliminating the position.Community Health Systems (CYH): CYH was a very small 0.53% of the portfolio position. The stake was more than doubled last quarter at prices between $12 and $17.50. The disposal this quarter was at prices between $10 and $13.30. CYH currently trades at $5.81.Note: The prices quoted above for Community Health Systems are adjusted for the spinoff of Quorum Health in April.Twenty First Century Fox (FOXA): FOXA was a 2.37% stake. The position was built from Q2 2015 at prices between $24.50 and $34.50. The stake was sold out this quarter at prices between $23.50 and $28. The stock is now at $27.80.AmerisourceBergen (ABC), Hertz Global (HTZ), Humana Inc. (HUM), Lamar Advertising (LAMR), Liberty Global LiLac (LILAK) (LILA), Perrigo plc (PRGO), and Vodafone Group (VOD): These very small (less than ~1% of the portfolio each) positions were disposed of this quarter.Note: The original Vodafone stake goes back to 2009. Greenlight disclosed in the Q3 2016 letter that the position returned ~20% annualized over the holding period.Stake Increases:AerCap Holdings N.V. (AER): AER is a large (top three) 9.39% position. It was established in Q2 2014 at prices between $39 and $48. Q4 2014 thru Q3 2015 saw a combined ~270% increase at prices between $36.50 and $48.50. YTD, there has been another ~73% increase at prices between $25.50 and $42. The stock currently trades at $45.17.Amerco (UHAL), Calpine Corporation (CPN) and Rite Aid (RAD): These three positions were established last quarter and significantly increased this quarter. The 1.36% of the portfolio UHAL stake was established at prices between $337 and $380 and increased by ~180% this quarter at prices between $321 and $397. The stock currently trades at $343. The 2.72% CPN position was purchased at prices between $13.50 and $16 and almost doubled this quarter at prices between $12 and $15. The stock is now just below those ranges at $11.75. RAD is a ~2% stake established at prices between $7.50 and $8.20 and increased by ~30% this quarter at prices between $6.85 and $8.21. The stock currently trades at $7.74. For investors attempting to follow Einhorn, these are good options to consider for further research.Mylan NV (MYL): MYL is a fairly large 4.66% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. Last quarter saw a ~70% increase at prices between $38.50 and $49 and that was followed with another ~30% increase this quarter at prices between $38 and $50. The stock is currently below those ranges at $36.68.Note: The buy thesis projects an earnings expectation of around $7 in 2018.Voya Financial (VOYA) previously ING US: The 2.25% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q1 2016 saw a ~20% increase at prices between $26 and $37 and last quarter saw another ~13% further increase at prices between $23 and $33.50. The stock currently trades at $37.56. There was a very minor ~5% further increase this quarter.Stake Decreases:Aecom Technology (ACM): ACM is a ~1% stake first purchased in Q3 2014 at prices between $31.50 and $38 and more than doubled the following quarter at prices between $28 and $34. Q4 2015 saw a 50% reduction at prices between $27 and $32 and that was followed with another roughly one-third reduction this quarter at prices between $27.50 and $36. The stock currently trades at $37.02.Apple Inc. (AAPL): AAPL is Einhorn’s largest position at 11.22% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. In Q3 2015, the pattern reversed: ~59% increase at prices between $103 and $132. Q4 2015 saw a ~47% reduction at prices between $105 and $123 while in Q1 2016 there was a ~31% increase at prices between $93 and $110. Last two quarters have seen a combined ~35% selling at prices between $90 and $116. The stock currently trades at $112.Avangrid Inc. (AGR) previously UIL Holdings (UIL): AGR is a 2.47% of the portfolio stake. It was established in Q1 2015 at prices between $31.50 and $41.50 and increased by ~92% the following quarter at prices between $35 and $41. YTD saw a ~60% reduction at prices between $36.50 and $46.50. The stock currently trades at $37.24.Note: UIL merged with Iberdrola USA to form the new entity Avangrid which started trading last December. UIL shareholders got $10.50 per share cash and one share of AGR for each UIL share held. The prices quoted above are adjusted for this.Chemours Co. (CC): CC is currently a 2.48% portfolio stake. It saw a ~85% increase last quarter at prices between $7 and $10.50 and the stock is now at $23.24. This quarter saw marginal trimming. Greenlight is sitting on huge gains.Note: Greenlight’s cost-basis on CC is $6.58. The buy thesis was based on earnings reaching ~$2 in 2017 and ~$3 in 2018. Greenlight also believes that the litigation threat is overstated.Consol Energy (CNX): CNX is a fairly large 6.56% stake (top-five) purchased in Q3 2014 at prices between $36.50 and $46. The position was increased by over 170% in the following quarter at prices between $32 and $41.50. H1 2015 saw an additional ~70% increase at prices between $22 and $34 and that was followed by another ~30% increase in Q3 2015 at prices between $9.50 and $22. Last two quarters have seen a ~40% combined reduction at prices between $8.50 and $19.50. The stock currently trades at $19.10.Dillard’s (DDS): The ~2% DDS position had seen a ~40% increase in Q4 2015 at prices between $66 and $94. Last quarter saw a ~24% further increase at prices between $55.50 and $88. The stock is now at $71. There was a marginal trimming this quarter.DSW Inc. (DSW): DSW is a small 1.40% of the portfolio position established in Q4 2015 at prices between $21.50 and $26.50 and increased by ~21% last quarter at prices between $19 and $28. There was a ~16% selling this quarter at prices between $20.50 and $26. The stock currently trades at $23.07.General Motors (GM): GM is Greenlight’s second-largest position at 10.32% of the portfolio. The original stake was increased by ~55% in Q2 2015 at prices between $33 and $37.50 and another ~11% the following quarter at prices between $27 and $33.50. Last three quarters had also seen a combined ~22% increase at prices between $27 and $34. The stock currently trades at $33.01. For investors attempting to follow Einhorn, GM is a good option to consider for further research. This quarter saw a marginal reduction.Note: GM has seen a previous roundtrip: A huge 9.55% stake was disposed of in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Michael Kors Holdings (KORS): KORS is a 2.74% of the US long portfolio position established in Q2 2015 at prices between $42 and $66 and almost doubled the following quarter at prices between $38 and $45.50. Q4 2015 saw another 27% increase at prices between $38.50 and $44. YTD has seen a two-thirds reduction at prices between $35.50 and $58.50. The stock currently trades at $48.14.PVH Corporation (PVH): PVH is a ~1% of the US long portfolio position purchased in Q1 2016 at a cost-basis of $75.65. This quarter saw a ~14% trimming at prices between $92 and $111 and it currently trades at $108. Greenlight is starting to harvest gains.Note: The stake in the global apparel company was established at 11-times projected 2016 earnings. Greenlight expects Calvin Klein’s growth in Europe and Tommy Hilfiger Chinese joint venture interest purchase to result in good earnings growth going forward.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.50 and $22.50. The position was decreased by ~11% in Q2 2015 at prices between $23.50 and $29 and another 25% in Q4 2015 at prices between $28.50 and $36.50. The position was again reduced by ~50% this quarter at prices between $38 and $46. The stock currently trades at $48.03. The remaining stake is at ~1% of the 13F portfolio. Greenlight is harvesting gains.Time Warner Inc. (TWX): TWX is a large (top five) 5.88% of the US long portfolio stake. It was established in Q4 2014 at a cost-basis of $72.72. Q4 2015 saw a ~70% increase at prices between $63.50 and $77.50. YTD has seen a 40% combined reduction at prices between $60 and $81. The stock currently trades at $91.56.Tri Pointe Group (TPH): TPH is a very small 0.52% of the US long portfolio stake established in Q4 2014 at prices between $12.50 and $15.50. This quarter saw a 54% reduction at prices between $12 and $14. The stock currently trades at $11.54.Note: TPH is a homebuilder with significant exposure to the California market. It had an IPO in February 2013 and trading started at ~$19 per share. In November 2013, Weyerhaeuser (WY) split-off its homebuilder subsidiary in a Reverse Morris Trust transaction with TPH.Gold Miner ETF (GDX): GDX stake is currently at ~4%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.50 and $22. The stock currently trades at $21.48. This quarter saw a marginal trimming.Note: Einhorn also has a large holding (top-five) in physical gold.Yahoo Inc. (YHOO): The fairly large 3.61% YHOO stake saw a huge ~120% stake increase in Q1 2016 at prices between $27 and $37. The stock is currently at $41.11. This quarter saw a marginal reduction.Yelp Inc. (YELP): YELP is a 1.83% of the portfolio stake established during H1 2016 at a cost-basis of $21.16. Last quarter saw a ~10% trimming at prices between $19.50 and $30.50 and that was followed with another ~21% selling this quarter at prices between $29 and $42. The stock is now at $38.33.ARRIS International plc (ARRS), Quorum Health (QHC), Terraform Global (GLBL), and TerraForm Power (TERP): These are very small (less than ~1% of the US long portfolio each) stakes that were further reduced this quarter.Note: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio. QHC is down ~50% since the spinoff.Kept Steady:Green Brick Partners (GRBK): The 3.81% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed (October 2014) with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81. The pattern reversed in Q4 2015: two-thirds increase at prices between $59 and $72. Q1 2016 saw another about-turn: ~55% reduction at prices between $40 and $60 and that was followed with another ~12% trimming last quarter. The stock currently trades at $68.46 and the stake is at ~1% of the US long portfolio.Liberty Global (LBTYA) (LBTYK): Liberty Global position accounts for 2.89% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. Last significant activity was in Q1 2016 when the stake saw a ~6% increase.Amaya Inc. (AYA), CNX Coal Resources LP (CNXC), Cigna Corporation (CI), and FMC Corporation (FMC): These are very small (less than ~1.5% of the US long portfolio each) stakes kept steady this quarter.Per Greenlight’s Q3 2016 letter, the top disclosed long positions are AerCap, Apple, CONSOL Energy, General Motors, and gold. The letter also identified the winners and losers for the quarter: Long stakes in Apple, Chemours, and Consol Energy were winners while several short positions including Pioneer Natural Resources (PXD) were losers. Einhorn believes the operating costs disclosed by PXD and Continental Resources (CLR) are suspect.In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q3 2016:: Q2 2016 return is -2.6%. Winners: gold, gold stocks, and CNX. Losers: Mostly in the short book - undisclosed oil fracker short and Amazon short. In the long book, Apple & Macys. NEW Longs: CC cost-basis $6.58 - earnings should reach $2 by 2017 & litigation threat is overstated. SHORT: No new disclosures. EXITS: Macys at $32.08 - easy comparison thesis invalidated by 2016 guidance. AGNC - small gain - acquired external manager which was bad news but the stock popped. BAX - at a gain as the stock reached fair value. IM - small position at a good return - getting acquired by Tianjin Tianhai. OIS - loss - victim of oil commodity rout & bad Civeo investment that was spunoff. ISRG short - at a loss. UA short - at a nice profit. URI short - sizable winner over a couple of years Largest disclosed longs: AerCap, Apple, CONSOL Energy, General Motors, and gold. Long/Short Ratio: 96% long and 69% short."
"Tracking David Einhorn’s Portfolio – Q2 2016 Update"	"David Einhorn's US long portfolio decreased from $5.90B to $5.45B this quarter.Greenlight's long/short ratio is at 96% long and 69% short compared to 99% long and 79% short last quarter.Greenlight substantially increased AerCap, General Motors, and Mylan while dropping Macys and reducing Apple, Consol Energy, and Michael Kors.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/15/2016. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q1 2016.Greenlight Capital’s US long portfolio stood at $5.45B this quarter. It is down 7.57% compared to $5.90B as of last quarter. The long/short ratio shifted further to the long side this quarter: 96% long and 69% short compared to 99% long and 79% short as of Q4 2015 - net exposure at 27% compared to 20% last quarter and 14% EOY2015. The top five holdings represent 40.83% of the US long portfolio. The number of 13F stakes decreased from 44 to 43.Einhorn’s Q2 2016 letter reported that the fund lost 2.6% in the quarter. Since inception in May 1996, the fund is up ~16.5% annualized net-of-fees and expenses. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Calpine Corporation (CPN) and Rite Aid (RAD): These are small (less than ~2% of the portfolio each) new stakes purchased this quarter. The 1.53% CPN position was purchased at prices between $13.41 and $16 and the stock is now below that range at $12.77. RAD is a 1.42% stake established at prices between $7.49 and $8.19 and the stock currently trades at $7.70.Amaya Inc. (AYA), Amerco (UHAL), AmerisourceBergen (ABC), ARRIS International plc (ARRS), FMC Corporation (FMC), Hertz Global (HTZ), Liberty Global LiLac (LILAK) (LILA), Perrigo plc (PRGO), and Quorum Health (QHC): These are very small (less than ~1% of the portfolio each) positions established this quarter.Note: Quorum Health (QHC) is a spinoff from Community Health Systems (CYH) that started trading in April. The terms called for CYH shareholders to receive one share for every four shares held. Greenlight had CYH shares for which they received QHC shares in that ratio. Both positions were substantially increased as well. QHC is down over 50% since the spinoff.Stake Disposals:Macys Inc. (M): Macys was a fairly large 5.69% of the 13F portfolio stake purchased in Q4 2015 at a cost-basis of $45.69. The exit this quarter was at $32.08. The stock currently trades at $40.70. Greenlight realized losses.Note: Greenlight’s Q2 2016 letter discusses this exit. Basically, they believed the firm would have easy comparisons in 2016 but management guidance invalidated that thesis. Part of their original thesis was also that an eventual REIT spinoff of the real estate assets would unlock tremendous value. Macys added a real estate expert to the board in March.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. In Q4 2014, the position was almost eliminated at prices between $37.12 and $56.58. Q4 2015 saw a huge ~235% increase at prices between $19.68 and $27.68. The exit this quarter was at prices between $29 and $36.52. The stock currently trades at $32.65.Note: Civeo (CVEO) was spun off from OIS in July 2015. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held. The prices quoted above are adjusted for that transaction.Sunedison Inc. (SUNEQ) & Notes: The position in SUNEQ was first purchased in Q4 2013 with the bulk the following quarter at an average entry price of $15.55. In Q2 2014, the stake was increased by another 79% at prices between $16.74 and $22.87. Q1 2015 saw a further ~18% increase at prices between $14.30 and $22.86. In Q3 2015, there was an about turn: ~25% reduction at prices between $6.66 and $31.84. Last quarter saw a ~13% increase but the position was sold out this quarter. The 13F report also showed a very small position in Sunedison Notes which was also eliminated.Note: SUNEQ filed for Chapter 11 bankruptcy protection in April. Greenlight had added a director to SUNEQ board but in their Q1 2016 letter disclosed the action was too late as the patient was already terminally ill.Ingram Micro (IM): IM was a very small 0.69% of the US long portfolio position that saw a ~13% reduction last quarter at prices between $27 and $37. The elimination this quarter was at prices between $33 and $36. The stock is now at $34.54.Note: In February, Tianjin Tianhai agreed to acquire IM in a $38.90 all-cash deal.Allergan plc (AGN) and EMC Corporation (EMC): These were small merger-arbitrage stakes established in Q4 2015. It is rare for the firm to dip into such situations. Both stakes were increased last quarter but disposed of this quarter.American Capital Agency (AGNC) and Baxter International (BAX): These were small stakes established in Q4 2015 and increased significantly last quarter. This quarter saw an about turn as both positions were exited.Note: Greenlight’s Q2 2016 letter mentioned that the AGNC exit was at a small gain. It was purchased at a cost-basis of $17.41 (0.77 times BV). They chose to exit as they view the acquisition of external manager as being a negative.Globalstar Inc. (GSAT): GSAT was a very small 0.28% of the portfolio position established last quarter but eliminated this quarter.Stake Increases:AerCap Holdings N.V. (AER): AER is a large (top three) 7.02% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% in Q4 2014 at prices between $36.68 and $45.22 and another ~50% the following quarter at prices between $37.84 and $45.94. Q3 2015 also saw another ~50% increase at prices between $37.71 and $48.49. Q4 2015 saw a ~12% trimming while the last two quarters have seen a ~40% increase at prices between $25.54 and $43.16. The stock currently trades at $38.55. For investors attempting to follow Einhorn, AER is a good option to consider for further research.Dillard’s (DDS): The 2.16% DDS position had seen a ~40% increase in Q4 2015 at prices between $65.87 and $93.77. Last quarter saw an about-turn: ~10% trimming at prices between $61.24 and $87.74. This quarter saw a ~24% increase at prices between $55.45 and $87.74. The stock is now at $69.63.DSW Inc. (DSW): DSW is a small 1.65% of the portfolio position established in Q4 2015 at prices between $21.62 and $26.34 and increased by ~21% this quarter at prices between $19.20 and $27.64. The stock currently trades at $24.35.General Motors (GM): GM is Greenlight’s second-largest position at 8.94% of the portfolio. The original stake was increased by ~55% in Q2 2015 at prices between $33.23 and $37.50 and another ~11% the following quarter at prices between $27.28 and $33.23. Q4 2015 saw a ~15% trimming while the last two quarters have seen a combined ~24% increase at prices between $26.90 and $34.01. The stock currently trades at $31.71. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note: GM has seen a previous roundtrip: A huge 9.55% stake was disposed of in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Hatteras Financial (HTS): HTS is a 2.28% of the US long portfolio stake established last quarter at a cost-basis of $12.34. This quarter saw a ~21% increase at prices between $14.25 and $16.61.Note: Annaly (NLY) agreed to acquire HTS in April and that transaction closed last month.Mylan NV (MYL): MYL is a fairly large 3.92% of the portfolio position established in Q4 2015 at a cost-basis of $45.32. This quarter saw a ~70% increase at prices between $38.62 and $48.80. The stock is currently at $48.53.Note: The buy thesis projects an earnings expectation of around $7 in 2018.Voya Financial (VOYA) previously ING US: The 2.25% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Last quarter saw a ~20% increase at prices between $26 and $37 and this quarter saw another ~13% further increase at prices between $23.38 and $33.27. The stock currently trades at $28.77.Chemours Co. (CC) and Community Health Systems (CYH): CC and CYH are currently at 2.48% and 0.53% of the portfolio respectively. The CC position saw a ~85% increase this quarter at prices between $7 and $10.44 and the stock is now at $12.12. CYH position was more than doubled at prices between $12 and $17.50 and it currently trades at $10.78.Note 1: The prices quoted above for Community Health Systems are adjusted for the spinoff of Quorum Health in April.Note 2: For Chemours, the overall cost-basis is $6.58. The buy thesis is based on earnings reaching ~$2 by 2017. Greenlight also believes that the litigation threat is overstated.Stake Decreases:Aecom Technology (ACM): ACM is a 1.79% stake first purchased in Q3 2014 at prices between $31.66 and $38.13 and more than doubled the following quarter at prices between $28.12 and $33.91. Q4 2015 saw a 50% reduction at prices between $27.31 and $32.09. The stock currently trades at $33.44. There was a ~5% trimming this quarter.Apple Inc. (AAPL): AAPL is Einhorn’s largest position at 12.02% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. In Q3 2015, the pattern reversed: ~59% increase at prices between $103 and $132. Q4 2015 saw a ~47% reduction at prices between $105 and $123 while in the last quarter there was a ~31% increase at prices between $93 and $110. This quarter saw a ~17% trimming at prices between $90 and $112. The stock currently trades at $109.Avangrid Inc. (AGR) previously UIL Holdings (UIL): AGR is a medium-sized 2.81% of the portfolio stake. It was established in Q1 2015 at prices between $31.50 and $41.50 and increased by ~92% the following quarter at prices between $35.32 and $40.92. The stock currently trades above those ranges at $42.95. Last quarter saw a one-third stake reduction at prices between $36.72 and $42.01 and that was followed with a ~5% trimming this quarter.Note: UIL merged with Iberdrola USA to form the new entity Avangrid. UIL shareholders got $10.50 per share cash and one share of AGR for each UIL share held. The prices quoted above are adjusted for this.Consol Energy (CNX): CNX is a fairly large 6.49% stake (top-five) purchased in Q3 2014 at prices between $36.53 and $46.07. In Q4 2014, the position was increased by over 170% at prices between $32.13 and $41.61 and the following quarter saw a further ~55% increase at prices between $26.56 and $34.34. Q2 2015 had also seen a ~11% increase at prices between $21.74 and $33.34 and that was followed by another ~30% increase the following quarter at prices between $9.41 and $21.79. This quarter saw a ~26% reduction at prices between $10.79 and $16.09. The stock currently trades at $17.86.Note: Regulatory 13G/A filing on 08/15/2016 shows the current position at 18M shares (~7.9% of the business). This is compared to 22M shares in the 13F.IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81. The pattern reversed in Q4 2015: two-thirds increase at prices between $59 and $72. Last quarter saw another about-turn: ~55% reduction at prices between $40 and $60 and that was followed with another ~12% trimming this quarter. The stock currently trades at $57.80 and the stake is at ~1% of the US long portfolio.Michael Kors Holdings (KORS): KORS is a fairly large 4.39% of the US long portfolio position established in Q2 2015 at prices between $42 and $66 and almost doubled the following quarter at prices between $38.06 and $45.37. Q4 2015 saw another 27% increase at prices between $38.53 and $43.89. There was a ~25% selling last quarter at prices between $35.57 and $58.50 and that was followed with another ~28% reduction this quarter at prices between $40.70 and $57. The stock currently trades at $49.90.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was decreased by ~11% in Q2 2015 at prices between $23.70 and $28.62 and another 25% in Q4 2015 at prices between $28.54 and $36.49. The stock currently trades at $41.22. The stake is at ~1.90% of the 13F portfolio. Last quarter saw a ~9% trimming while this quarter saw a very minor ~4% further reduction.Time Warner Inc. (TWX): TWX is a large (top five) 6.36% of the US long portfolio stake. It was established in Q4 2014 at a cost-basis of $72.72. Q4 2015 saw a ~69% increase at prices between $63.41 and $77.30. Last two quarters have seen a combined ~30% reduction at prices between $60 and $77. The stock currently trades at $81.05.Tri Pointe Group (TPH): TPH is a very small ~1% of the US long portfolio stake established in Q4 2014 at prices between $12.73 and $15.34 and increased by ~9% the following quarter at prices between $13.59 and $16.03. The stock currently trades at $13.68. There was a minor ~6% trimming this quarter.Note: TPH is a homebuilder with significant exposure to the California market. It had an IPO in February 2013 and trading started at ~$19 per share. In November 2013, Weyerhaeuser (WY) split-off its homebuilder subsidiary in a Reverse Morris Trust transaction with TPH.Yelp Inc. (YELP): YELP is a 1.62% of the portfolio stake established over the last two quarters at a cost-basis of $21.16. This quarter saw a ~10% trimming at prices between $19.42 and $30.36. The stock is now at $37.54.Terraform Global (GLBL), TerraForm Power (TERP), and Vodafone Group (VOD): These are minutely small (less than ~0.5% of the US long portfolio each) stakes that were further reduced this quarter.Kept Steady:Green Brick Partners (GRBK): The 3.22% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Liberty Global (LBTYA) (LBTYK): Liberty Global position accounts for 2.39% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. Last quarter saw a minor ~6% increase.Gold Miner ETF (GDX): GDX stake is currently at ~4.19%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.59 and $21.94. The stock currently trades at $30.78. Last quarter saw a ~3% trimming.Note: Einhorn also has a large holding (top-five) in physical gold.PVH Corporation (PVH): PVH is a 1.06% of the US long portfolio position purchased last quarter at a cost-basis of $75.65. It currently trades at $105.Note: The stake in the global apparel company was established at 11-times projected 2016 earnings. Greenlight expects Calvin Klein’s growth in Europe and Tommy Hilfiger Chinese joint venture interest purchase to result in good earnings growth going forward.Twenty First Century Fox (FOXA): FOXA is a 2.37% stake that saw a ~35% increase in Q4 2015 at prices between $27 and $31. The stock is now at $25.46. Last quarter also saw a ~10% further increase.Yahoo Inc. (YHOO): The fairly large ~3% YHOO stake saw a huge ~120% stake increase last quarter at prices between $27 and $37. The stock is currently at $42.49.CNX Coal Resources LP (CNXC), Cigna Corporation (CI), Humana Inc. (HUM), and Lamar Advertising (LAMR): These are very small (less than ~1% of the US long portfolio each) stakes that were kept steady this quarter.Per Greenlight’s Q2 2016 letter, the top disclosed long positions are AerCap, Apple, CONSOL Energy, General Motors, and gold. The letter also identified the winners for the quarter: long positions in gold, gold stocks, and Consol Energy. Long position in Apple & Macys and short stakes in “an undisclosed oil fracking stock” and Amazon (AMZN) were losers.In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE). The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q2 2016:Form 3/4, 13D/G/A thru 05/18/2016: CNX - 5/16/2016 Form 4 - Sold ~170K shares @ $15.1657. SUNE - 4/18/2016 13D/A - indicates ownership has dropped below 5%. FSAM - 4/24/2016 13G/A & Form 4 - sold some at $3.4082 - 0.: Q1 2016 return is 3%. Winners: CNX, KORS, bubble basket, and gold - they are bullish on gold. Losers: Resona Holdings (negative Japan interest rates a problem but 0.6x BV is a value) and Sunedison (added member to the board but underestimated the fragility - patient was in terminal condition). NEW Longs: Re-initiated AGNC at $17.41 (0.77xBV) & HTS at $12.34 (0.64xBV) - MREITS - previously owned in 2014. PVH at $75.65 - purchased at 11x2016 estimates - Calvin Klein growth in Europe and Tommy Hilfiger joint venture interest purchase should both be beneficial. YELP at $21.16. Believes revenue should double by 2019 and it is trading at depressed valuation partly because of a negative documentary. Also new natural gas long macro play. SHORT: PXD short confirmed. Daily Mail & General Trust multi-year shorts covered unsuccessfully. JCP short covered successfully. Bubble basket - successful - includes Veeva & MobileEye. GMCR minor loss - JAB holding acquisition offer. EXITS: CBI with a small loss and SNC-Lavalin with a small gain. Delta Lloyd sold at breakeven - victim of European negative bond yields. Greek Banks - sold at almost complete loss. ON Semi with a small gain - doesn’t believe Fairchild acquisition is beneficial. Largest disclosed longs: Apple, CONSOL Energy, General Motors, gold and Time Warner. Long/Short Ratio: 99% long and 79% short."
"Tracking David Einhorn’s Portfolio – Q1 2016 Update"	"David Einhorn's US long portfolio increased from $5.47B to $5.90B this quarter.Greenlight's long/short ratio is at 99% long and 79% short compared to 90% long and 76% short last quarter.Greenlight substantially increased Apple, General Motors, Yahoo, and Yelp while dropping Chicago Bridge & Iron and reducing IAC Interactive and Michael Kors.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/16/2016. Please visit our series for an idea on his investment philosophy and our for the fund’s moves during Q4 2015.Greenlight Capital’s US long portfolio stood at $5.90B this quarter. It is up 7.85% compared to $5.47B as of last quarter. The long/short ratio shifted to the long side this quarter: 99% long and 79% short compared to 90% long and 76% short as of Q4 2015 - net exposure at 20% compared to 14% last quarter. The top five holdings represent 46.27% of the US long portfolio. The number of 13F stakes decreased from 48 to 44. Einhorn’s Q1 2016 letter reported that the fund gained 3% in the quarter. Since inception in May 1996, the fund is up ~16.5% annualized net-of-fees and expenses.To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Hatteras Financial (HTS): HTS is a 1.64% of the US long portfolio stake established this quarter at a cost-basis of $12.34. The stock currently trades at $16.50. Hatteras is focused on single-family residential agency mortgage-backed securities and the stake was acquired at 0.64 times Book Value.PVH Corporation (PVH): PVH is a 1.11% of the US long portfolio position purchased this quarter at a cost-basis of $75.65. It currently trades at $86.65. The stake in the global apparel company was established at 11-times projected 2016 earnings. Greenlight expects Calvin Klein’s growth in Europe and Tommy Hilfiger Chinese joint venture interest purchase to result in good earnings growth going forward.Community Health Systems (CYH), Globalstar Inc. (GSAT), and Lamar Advertising (LAMR): These are very small (less than 0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Chicago Bridge & Iron (CBI): CBI was a 2.46% of the US long portfolio position established in Q4 2014 at prices between $37.78 and $57.85 and increased by ~130% the following quarter at prices between $34.51 and $49.48. Q3 2015 saw a ~11% further increase at prices between $37.24 and $53.26. Last quarter saw an about-turn: ~54% reduction at prices between $37.58 and $45.48. The elimination this quarter was at prices between $31.52 and $39.72. The stock currently trades at $37.75. Overall, Greenlight realized modest losses on this investment.ON Semiconductor (ON): ON position was established in Q3 2014 at prices between $8.34 and $9.91 and increased by ~18% the following quarter at prices between $6.94 and $10.22. Last quarter saw a ~82% reduction at prices between $9.29 and $11.60 and the elimination this quarter was at prices between $7 and $10. The stock currently trades at $8.95.Note: Greenlight’s Q1 2016 letter discussed this exit - they do not believe ON’s Fairchild Semiconductor (FCS) acquisition would benefit shareholders.Owens Illinois (OI): The ~1.5% of the US long portfolio stake was purchased in Q2 2015 at prices between $23 and $26. It was disposed of this quarter at prices between $12 and $17. The stock is now at $18.78. Greenlight realized losses from this position.Sunedison Semiconductor (SEMI): SEMI was a minutely small 0.07% of the US long portfolio stake. It was established in Q1 2015 at prices between $15.19 and $27.14 and increased by 37% the following quarter at prices between $17.27 and $26.46. Q3 2015 saw a ~49% reduction at prices between $10 and $18.14. Last quarter, the remaining stake was almost eliminated at prices between $7.61 and $11.59. The stock currently trades at $4.45. The remnant stake was sold this quarter.SanDisk Corporation (SNDK): The very small 0.65% of the portfolio merger-arbitrage stake established last quarter was disposed of this quarter.Note: Western Digital’s (WDC) acquisition of SNDK closed earlier this month.Fifth Street Asset Management (FSAM), Garmin Ltd. (GRMN), Liberty Global LiLAC (LILA) (LILAK), Match Group Inc. (MTCH), and Scientific Games Corp. (SGMS): These are very small stakes (less than ~0.5% of the portfolio each) eliminated this quarter.Note: IAC Interactive owned Match Group had an IPO in November 2015. Einhorn has a position in IAC Interactive as well.Stake Increases:AerCap Holdings N.V. (AER): AER is a fairly large (top five) 6.41% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% in Q4 2014 at prices between $36.68 and $45.22 and another ~50% the following quarter at prices between $37.84 and $45.94. Q3 2015 also saw another ~50% increase at prices between $37.71 and $48.49. The stock currently trades at $38.01. Last quarter saw a ~12% trimming while this quarter saw a ~23% increase. For investors attempting to follow Einhorn, AER is a good option to consider for further research.Apple Inc. (AAPL): AAPL is Einhorn’s largest position at 16.37% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. In Q3 2015, the pattern reversed: ~59% increase at prices between $103 and $132. Last quarter saw a ~47% reduction at prices between $105 and $123 while in this quarter there was a ~31% increase at prices between $93 and $110. The stock currently trades at $93.49.General Motors (GM): GM is Greenlight’s second-largest position at 8.79% of the portfolio. The original stake was increased by ~55% in Q2 2015 at prices between $33.23 and $37.50 and another ~11% the following quarter at prices between $27.28 and $33.23. The stock currently trades at $30.62. Last quarter saw a ~15% trimming while there was a ~10% increase this quarter. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note: GM has seen a previous roundtrip: A huge 9.55% stake was disposed of in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 3.14% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. This quarter saw a minor ~6% increase.Macys Inc. (M): Macys is a fairly large 5.69% of the 13F portfolio stake purchased last quarter at a cost-basis of $45.69. The stock currently trades below that range at $30.41. This quarter saw a ~5% increase.Note: Greenlight’s Q4 2015 letter discusses this position. Basically, the firm believes tremendous value can be unlocked by separating the real estate assets in an REIT structure.Sunedison Inc. (SUNEQ) & Notes: The very small 0.23% of the US long portfolio position in SUNEQ established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. In Q2 2014, the stake was increased by another 79% at prices between $16.74 and $22.87. Q1 2015 saw a further ~18% increase at prices between $14.30 and $22.86. In Q3 2015, there was an about turn: ~25% reduction at prices between $6.66 and $31.84. This quarter saw a ~13% increase. The 13F report also shows a very small position in Sunedison Notes.Note: SUNEQ filed for Chapter 11 bankruptcy protection last month. Greenlight had added a director to SUNEQ board but in their Q1 2016 letter disclosed the action was too late as the patient was already terminally ill.Twenty First Century Fox (FOXA): FOXA is a 2.43% stake that saw a ~35% increase last quarter at prices between $27 and $31. The stock is now at $28.69. This quarter also saw a ~10% further increase.Voya Financial (VOYA) previously ING US: The 2.39% VOYA position was established in Q2 2013 at a cost-basis of $20.29. This quarter saw a ~20% increase at prices between $26 and $37. The stock currently trades at $30.82.Allergan plc (AGN), Cigna Corporation (CI), EMC Corporation (EMC), and Humana Inc. (HUM): These are merger-arbitrage stakes established last quarter. It is rare for the firm to dip into such situations. All four stakes were increased this quarter.American Capital Agency (AGNC), Baxter International (BAX), Chemours Co. (CC), and Yelp Inc. (YELP): These are very small (less than ~0.5% of the portfolio each) stakes established last quarter and increased significantly this quarter.Note: AGNC and YELP stakes were both mentioned in Greenlight’s Q1 2016 letter. AGNC was purchased at a cost-basis of $17.41 (0.77 times BV) while for YELP the cost-basis was $21.16. With YELP, the thesis is that valuation is currently depressed and that revenue should double by 2019.Vodafone Group (VOD) and Yahoo Inc. (YHOO): VOD is a very small 0.60% of the portfolio stake that saw a ~20% stake increase this quarter at prices between $29 and $33. The stock is now at $33.58. YHOO saw a huge ~120% stake increase this quarter at prices between $27 and $37. The position is now very sizable at 2.97% of the portfolio. The stock is currently at $37.27.Stake Decreases:Avangrid Inc. (AGR) previously UIL Holdings (UIL): AGR is a medium-sized 2.57% of the portfolio stake. It was established in Q1 2015 at prices between $31.50 and $41.50 and increased by ~92% the following quarter at prices between $35.32 and $40.92. The stock currently trades at $40.59. Greenlight’s overall cost-basis was at $39.07. This quarter saw a one-third stake reduction at prices between $36.72 and $42.01.Note: UIL merged with Iberdrola USA to form the new entity Avangrid. UIL shareholders got $10.50 per share cash and one share of AGR for each UIL share held. The prices quoted above are adjusted for this.Dillard’s (DDS): The 2.44% DDS position had seen a ~40% increase last quarter at prices between $65.87 and $93.77. This quarter saw an about-turn: ~10% trimming at prices between $61.24 and $87.74. The stock is now at $57.39.IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81 and the following quarter also saw a minor ~6% trimming. The pattern reversed last quarter: two-thirds increase at prices between $59 and $72. This quarter saw another about-turn: ~55% reduction at prices between $40 and $60. The stock currently trades at $53.84 and the stake is at ~1% of the US long portfolio.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at ~3%. It is a very long-term position that has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.59 and $21.94. The stock currently trades at $25.58. This quarter saw a ~3% trimming.Note: Einhorn also has a large holding (top-five) in physical gold.Michael Kors Holdings (KORS): KORS is a fairly large (top five) 7.03% of the US long portfolio position established in Q2 2015 at prices between $42 and $66 and almost doubled the following quarter at prices between $38.06 and $45.37. Last quarter saw another 27% increase at prices between $38.53 and $43.89. There was a ~25% selling this quarter at prices between $35.57 and $58.50. The stock currently trades at $41.63.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was decreased by ~11% in Q2 2015 at prices between $23.70 and $28.62 and another 25% last quarter at prices between $28.54 and $36.49. The stock currently trades at $36. The stake is at ~2% of the 13F portfolio. This quarter saw a ~9% trimming.Time Warner Inc. (TWX): TWX is a large (top three) 7.67% of the US long portfolio stake. It was established in Q4 2014 at a cost-basis of $72.72. Last quarter saw a ~69% increase at prices between $63.41 and $77.30 while this quarter saw a ~10% reduction. The stock currently trades at $72.82. For investors attempting to follow Greenlight, TWX is a good option to consider for further research.Ingram Micro (IM): IM is a very small 0.69% of the US long portfolio position that saw a ~13% reduction this quarter at prices between $27 and $37. The stock is now at $33.23.Note: In February, Tianjin Tianhai agreed to acquire IM in a $38.90 all-cash deal.Kept Steady:Aecom Technology (ACM): ACM is a 1.82% stake first purchased in Q3 2014 at prices between $31.66 and $38.13 and more than doubled the following quarter at prices between $28.12 and $33.91. Last quarter saw a 50% reduction at prices between $27.31 and $32.09. The stock currently trades at $32.40.Consol Energy (CNX): CNX is a fairly large 6.11% stake (top-five) purchased in Q3 2014 at prices between $36.53 and $46.07. In Q4 2014, the position was increased by over 170% at prices between $32.13 and $41.61 and the following quarter saw a further ~55% increase at prices between $26.56 and $34.34. Q2 2015 had also seen a ~11% increase at prices between $21.74 and $33.34 and that was followed by another ~30% increase the following quarter at prices between $9.41 and $21.79. The stock currently trades at $14.48. For investors attempting to follow Einhorn, CNX is a good option to consider for further research.Note 1: A regulatory Form 4 filing on 5/16/2016 shows minor reduction of the stake after the end of the quarter- sold around 170K shares @ $15.1657.Note 2: CNX completed an IPO for its coal business as CNX Coal Resources (CNXC) in July 2015.Note 3: Regulatory Form 4 filings between 11/3/2015 & 11/12/2015 showed the net long exposure to CNX was increased by around one-third through the purchase of total return swaps (Jan 2017 expiry).DSW Inc. (DSW): DSW is a small 1.77% of the portfolio position established last quarter at prices between $21.62 and $26.34. The stock currently trades near the low end of that range at $21.96.Green Brick Partners (GRBK): The 3.35% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Mylan NV (MYL): MYL is a 2.45% of the portfolio position established last quarter at a cost-basis of $45.32. The buy thesis projects an earnings expectation of around $7 in 2018. The stock is currently at $41.02.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. In Q4 2014, the position was almost eliminated at prices between $42.42 and $61.90. Last quarter saw a huge ~235% increase at prices between $25 and $33. The stock currently trades at $31.74. The stake is still very small at 0.51%.Note: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of Civeo (CVEO) from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Tri Pointe Group (TPH): TPH is a very small ~1% of the US long portfolio stake established in Q4 2014 at prices between $12.73 and $15.34 and increased by ~9% the following quarter at prices between $13.59 and $16.03. The stock currently trades at $10.85.Note: TPH is a homebuilder with significant exposure to the California market. It had an IPO in February 2013 and trading started at ~$19 per share. In November 2013, Weyerhaeuser (WY) split-off its homebuilder subsidiary in a Reverse Morris Trust transaction with TPH.CNX Coal Resources LP (CNXC), Terraform Global (GLBL), and TerraForm Power (TERP): These are very small (less than ~1% of the US long portfolio each) stakes that were kept steady this quarter.Per Greenlight’s Q1 2016 letter, the top disclosed long positions in the partnership are Apple, CONSOL Energy, General Motors, gold and Time Warner. The letter also disclosed some details of their short book: the positions in Pioneer Natural Resources (PXD), Veeva Systems (VEEV), and Mobileye NV (MBLY) are still on, the multi-year stake in Daily Mail & General Trust was covered unsuccessfully, the JC Penney (JCP) position was covered successfully, and the Keurig Green Mountain (GMCR) stake was covered at a minor loss.In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q1 2016:: Q4 2015 return is (3.8%). 2015 return is (20.2%) net of fees. NEW LONGS: E.ON (EOAN Germany - entry at 8.93 euros ended the year at 8.92 euros - one of the largest European utilities down 35% due to uncertainties - Germany abandoned nuclear generation. Split-up happening. M - Macys - entry at $45.69. Activist argued separating store real estate into REIT should unlock $125 in value. Chance for PE firm to team up with an REIT to buy up the firm to unlock value. MYL - entry at $45.32. ~$7 earnings expectation for 2018. Also a handful of merger-arbitrage stakes - somewhat rare for them. EXITS:AMAT - Entry at $20.31 and exit at $18.21 - small loss - risk of pending cyclical downturn caused the exit. BK - Exited with a small gain - grew uncomfortable with investment services & mgmt. segments. May be overvalued based on too much fed rate hike expectation. Cairn Energy - Exited 2012 stake with losses (2.72 pounds to 1.54 pounds) - ongoing retroactive extraterritorial taxation claims by India prompted the exit. MU - biggest winner of 2014 became biggest loser of 2015. Entry - $19.93, Exit - $22.14, IRR - 14%. ARM Holding Short - Moved on with small losses - falling chip prices & smart phone growth materialized but Intel competition was not great and royalties increased. Largest disclosed longs: Apple, Consol Energy, General Motors, gold, and Time Warner. Long/Short Ratio: 90% long and 76% short.Form 3/4, 13D/G/A thru 02/17/2016: DDS - 2/16/2016 13G - 1.74M shares - 5.3%. HYH & CONN - 2/16/2016 13G/A - 0. TTWO - 2/16/2016 13G - 3.12M shares - 3.7%. SUNE - 1/27/2016 - 13D/A - 27.15M shares - 6.8%.Form 3/4, 13D/G/A after 8/15/2015: CNX 11/12/2015 Form 4 - Net exposure reduced to 129K shares through total return swaps."
"Tracking David Einhorn’s Portfolio – Q4 2015 Update"	"David Einhorn's US long portfolio decreased from $6.03B to $5.47B this quarter.Greenlight's long/short ratio is at 90% long and 76% short compared to 91% long and 66% short last quarter.Greenlight substantially increased Time Warner and Michael Kors while decreasing Apple and Chicago Bridge & Iron.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/16/2016. Please visit our series for an idea on his investment philosophy and our highlighting the fund’s moves during Q3 2015.Greenlight Capital’s US long portfolio stood at $5.47B this quarter. It is down 9.35% compared to $6.03B as of last quarter. The long/short ratio shifted to the short side this quarter: 90% long and 76% short compared to 91% long and 66% short as of Q3 2015 - net exposure at 14% compared to 25% last quarter. The top five holdings represent 40.76% of the US long portfolio. The number of 13F stakes increased from 39 to 48 as the firm added several new stakes. Einhorn’s Q4 2015 letter reported that the fund lost 3.8% in the quarter and 20.2% for 2015. Since May 1996 inception the fund is up 16.5% annualized net-of-fees and expenses.To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:DSW Inc. (DSW): DSW is a small 1.53% of the portfolio position established this quarter at prices between $21.62 and $26.34. The stock currently trades at $24.93.Macys Inc. (M): Macys is a fairly large 4.31% of the 13F portfolio stake purchased this quarter at a cost-basis of $45.69. The stock currently trades below that range at $41.10.Note: Greenlight’s Q4 2015 letter discusses this position. Basically, the firm believes tremendous value can be unlocked by separating the real estate assets in an REIT structure.Mylan NV (MYL): MYL is a 2.86% of the portfolio position established this quarter at a cost-basis of $45.32. The buy thesis projects an earnings expectation of around $7 in 2018. The stock is currently at $46.27.Allergan plc (AGN), Cigna Corporation (CI), EMC Corporation (EMC), Humana Inc. (HUM), and SanDisk Corporation (SNDK): These are merger-arbitrage stakes established this quarter. It is rare for the firm to dip into such situations. This time, they found several opportunities in large cap mergers where the spreads are decent and there is limited downside risk if the deals break.American Capital Agency (AGNC), Baxter International (BAX), Chemours Co. (CC), Match Group Inc. (MTCH), TerraForm Power (TERP), & Yelp Inc. (YELP): These are very small (less than ~0.5% of the portfolio each) stakes established this quarter.Note: IAC Interactive owned Match Group had an IPO in November 2015. Einhorn has a position in IAC Interactive as well.Stake Disposals:Applied Materials (AMAT): AMAT was a small 1.22% stake purchased in Q2 2015 at a cost-basis of $20.31. Last quarter saw a ~38% reduction and that was followed with the elimination this quarter at an exit price average of $18.21. Overall, the position realized short-term losses. The stock currently trades at $17.14. Risk of pending cyclical downturn was the primary reason for the exit.Bank of New York Mellon (BK): BK was a 2.60% stake as of last quarter. It was established in Q1 2015 and the following quarter saw a more than 10x increase at prices between $40 and $44. The elimination this quarter happened at prices between $39 and $44. Overall, the position realized a modest gain. The stock currently trades at $34.91.Micron Technology (MU): MU had the dubious distinction of going from the biggest winner for 2014 to the largest loser in 2015. It was first purchased in Q4 2013. The average purchase was at $19.93 and exit at $22.14. Overall, the position had an IRR of ~14%. The stock currently trades at $11.43.Kapstone Paper & Packaging (KS), Santander Consumer USA Holdings (SC), and Vivint Solar (VSLR): These are very small (less than ~1% of the portfolio each) stakes that were eliminated this quarter.Stake Increases:IAC Interactive (IAC): IAC was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Q2 2015 saw a ~37% reduction at prices between $67 and $81 and last quarter also saw a minor ~6% trimming. The pattern reversed this quarter: two-thirds increase at prices between $59 and $72. The stock currently trades at $43.92 and the stake is at 2.75% of the US long portfolio.Michael Kors Holdings (KORS): KORS is a fairly large (top five) 6.57% of the US long portfolio position established in Q2 2015 at prices between $42 and $66 and almost doubled last quarter at prices between $38.06 and $45.37. This quarter saw another 27% increase at prices between $38.53 and $43.89. The stock currently trades at $52.49. For investors attempting to follow Einhorn, KORS is a good option to consider for further research.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. In Q4 2014, the position was almost eliminated at prices between $42.42 and $61.90. This quarter saw a huge ~235% increase at prices between $25 and $33. The stock currently trades at $24.82. The stake is still very small at 0.44%.Note: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of Civeo (CVEO) from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Time Warner Inc. (TWX): TWX is a large (top three) 7.62% of the US long portfolio stake. It was established in Q4 2014 at a cost-basis of $72.72. This quarter saw a ~69% increase at prices between $63.41 and $77.30. The stock currently trades at $64.69. For investors attempting to follow Greenlight, TWX is a good option to consider for further research.Dillard’s (DDS), Garmin Ltd. (GRMN) and Twenty First Century Fox (FOXA): These small stakes (less than ~2% of the portfolio each) saw significant buying this quarter. The 2.10% DDS position saw a ~40% increase at prices between $65.87 and $93.77 and the stock is now at $73.35. GRMN saw a one-third increase at prices between $32 and $38 and the stake is still very small at 0.57%. FOXA is a 2.15% stake that saw a ~35% increase this quarter at prices between $27 and $31. The stock is now at $26.47.Stake Decreases:Aecom Technology (ACM): ACM is a 1.78% stake first purchased in Q3 2014 at prices between $31.66 and $38.13 and more than doubled the following quarter at prices between $28.12 and $33.91. This quarter saw a 50% reduction at prices between $27.31 and $32.09. The stock currently trades at $26.07.AerCap Holdings N.V. (AER): AER is a fairly large (top five) 5.81% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% in Q4 2014 at prices between $36.68 and $45.22 and another ~50% the following quarter at prices between $37.84 and $45.94. Last quarter also saw another ~50% increase at prices between $37.71 and $48.49. The stock currently trades at $30.97. This quarter saw a ~12% trimming. For investors attempting to follow Einhorn, AER is a good option to consider for further research.Apple Inc. (AAPL): AAPL is Einhorn’s largest position at 12.10% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It has seen several profitable trades over the years. The six quarters thru Q2 2015 had seen a combined ~55% reduction at prices between $72 and $133. Last quarter, the pattern reversed: ~59% increase at prices between $103 and $132. This quarter saw a ~47% reduction at prices between $105 and $123. The stock currently trades at $98.12.Chicago Bridge & Iron (CBI): CBI is a 2.46% of the US long portfolio position established in Q4 2014 at prices between $37.78 and $57.85 and increased by ~130% the following quarter at prices between $34.51 and $49.48. Last quarter saw a ~11% further increase at prices between $37.24 and $53.26. This quarter saw an about-turn: ~54% reduction at prices between $37.58 and $45.48. The stock currently trades at $33.74.General Motors (GM): GM is Greenlight’s second-largest position at 8.66% of the portfolio. The original stake was increased by ~55% in Q2 2015 at prices between $33.23 and $37.50 and another ~11% last quarter at prices between $27.28 and $33.23. The stock currently trades at $29.26. This quarter saw a ~15% trimming. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note: GM has seen a previous roundtrip: A huge 9.55% stake was disposed of in Q1 2014 at an average exit price of $35.76 compared to an average entry price of $23.87.ON Semiconductor (ON): ON position was established in Q3 2014 at prices between $8.34 and $9.91 and increased by ~18% the following quarter at prices between $6.94 and $10.22. This quarter saw a ~82% reduction at prices between $9.29 and $11.60. The stock currently trades at $7.90 and the stake is now very small at 0.56%.Sunedison Semiconductor (SEMI): SEMI is a minutely small 0.07% of the US long portfolio stake. It was established in Q1 2015 at prices between $15.19 and $27.14 and increased by 37% the following quarter at prices between $17.27 and $26.46. Last quarter saw a ~49% reduction at prices between $10 and $18.14. This quarter, the remaining stake was almost eliminated at prices between $7.61 and $11.59. The stock currently trades at $3.68.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was decreased by ~11% in Q2 2015 at prices between $23.70 and $28.62 and another 25% this quarter at prices between $28.54 and $36.49. The stock currently trades at $34.35. The stake is at ~2% of the 13F portfolio.Liberty Global LiLAC (LILA) (LILAK) and Scientific Games Corp. (SGMS): These are minutely small stakes (less than ~0.5% of the portfolio each) that saw further reductions this quarter.Kept Steady:Avangrid Inc. (AGR) previously UIL Holdings (UIL): AGR is a medium-sized 3.69% of the portfolio stake. It was established in Q1 2015 at prices between $31.50 and $41.50 and increased by ~92% the following quarter at prices between $35.32 and $40.92. The stock currently trades at $41.31. Greenlight’s overall cost-basis is at $39.07. For investors attempting to follow Greenlight, AGR is a good option to consider for further research.Note: UIL merged with Iberdrola USA to form the new entity Avangrid. UIL shareholders got $10.50 per share cash and one share of AGR for each UIL share held. The prices quoted above are adjusted for this.Consol Energy (CNX): CNX is a fairly large 4.28% stake (top-five) purchased in Q3 2014 at prices between $36.53 and $46.07. In Q4 2014, the position was increased by over 170% at prices between $32.13 and $41.61 and the following quarter saw a further ~55% increase at prices between $26.56 and $34.34. Q2 2015 had also seen a ~11% increase at prices between $21.74 and $33.34 and that was followed by another ~30% increase last quarter at prices between $9.41 and $21.79. The stock currently trades at $8.87. For investors attempting to follow Einhorn, CNX is a good option to consider for further research.Note 1: CNX completed an IPO for its coal business as CNX Coal Resources (CNXC) in July 2015.Note 2: Regulatory Form 4 filings between 11/3/2015 & 11/12/2015 shows the net long exposure to CNX was increased by around one-third through the purchase of total return swaps (Jan 2017 expiry).Green Brick Partners (GRBK): The 3.18% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 3.23% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at 2.14%. It is a very long-term position and has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.59 and $21.94. The stock currently trades at $17.82.Note: Einhorn also has a large holding (top-five) in physical gold.Sunedison Inc. (SUNE) & Notes: The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. In Q2 2014, the stake was increased by another 79% at prices between $16.74 and $22.87. Q1 2015 saw a further ~18% increase at prices between $14.30 and $22.86. Last quarter saw a ~25% reduction at prices between $6.66 and $31.84. The stock currently trades at $1.66. Greenlight controls ~5.9% of the business. The 13F report this quarter also shows a very small position in Sunedison Notes.Note: SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July 2014 and TerraForm Global (GLBL) in August 2015.Tri Pointe Homes (TPH): TPH is a very small ~1% of the US long portfolio stake established in Q4 2014 at prices between $12.73 and $15.34 and increased by ~9% the following quarter at prices between $13.59 and $16.03. The stock currently trades at $9.57.Note: TPH, a homebuilder with significant exposure to the California market is a spin-off from Weyerhaeuser Company (WY). It started trading in February 2013. The stock is well below the IPO price of $19.Voya Financial (VOYA) previously ING US: The 2.46% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q4 2014 saw a 37% increase at prices between $35.23 and $43.07. Last quarter saw a ~38% reduction at prices between $38.25 and $47.87. The stock currently trades at $29.24.CNX Coal Resources LP (CNXC), Fifth Street Asset Management (FSAM), Ingram Micro (IM), Owens Illinois (OI), Terraform Global (GLBL), Vodafone Group (VOD), and Yahoo Inc. (YHOO): These are very small (less than ~1.5% of the US long portfolio each) stakes that were kept steady this quarter.Per Greenlight’s Q3 2015 letter, the top disclosed long positions in the partnership are Apple, Consol Energy, General Motors, gold, and Time Warner Inc. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2015:: Q3 2015 return is (14.3%) compared to (8.2%) for S&P 500 index. YTD 2015 return is (17.1%) net of fees compared to (5.3)% for the S&P 500 Index. General Commentary on some holdings that went south from June 3 to Sept 30: AER - $48.50 to $38.24 - emerging market concerns despite very strong quarter and sharply rising estimates. AAPL - $129.36 to $110.30 - China concerns & tougher comparisons despite good quarter and rising estimates. CBI - $54.85 to $39.66 - energy exposure despite strong quarter and rising estimates for this year and next. GM - $35.54 to $30.02 - China concerns despite good quarter and stable estimates. ATHN short - $116.71 to $133.35 - unjustifiable spike after earnings. GMCR short - $83.39 to $52.14 - reentered at $102.08 - biggest winner this year. MNK short - $124.28 to $63.95 - levered an at risk due to changing climate for drug price gougers. Also lowered guidance. PXD short - $148.69 to $121.64 - fell but nowhere near what it should have with oil below $60. Bubble basket fell 9%. NEW LONGS: KORS cost-basis $45.18, UIL cost-basis $49.57, EXITS: CFG entry $22.36 & exit $26.28 - lowered estimates negating thesis that there was upside to estimates. LRCX entry $54.07 & exit $75.30 - believes cycle is peaking, putting 2016 estimates at risk. SPR entry $20.28 & exit $50.55 - reached fair value. INTC short entry $34.23 & exit $29.28. RHI short entry $28.96 & exit $41.61 - multi-year holding but company performed better than anticipated. JOE short entry $36.90 & exit $17.17 - decade long successful short. X short entry $27.07 & exit $23.21 - did not cover well thus reducing profits. Largest disclosed longs: Apple, Consol Energy, General Motors, gold, and Resona Holdings. Long/Short Ratio: 91% long and 66% short.Note: 7/23/2015 - added new a holding for Q1 2015 - UIL Holdings - ~2.1M shares.Note - 13D/G/etc. after 6/30/2015: 1) 7/22/2015 - - CNX - 29.61M shares - 12.9% of business, 7/7/2015 - - CNXC - 5.49M shares - 47.3% of business, 7/1/2015 - - GRBK (previously Biofuel) - 24.13M shares 49.9% of business,"
"Tracking David Einhorn’s Portfolio – Q3 2015 Update"	"David Einhorn's US long portfolio decreased from $7.97B to $6.03B this quarter.Greenlight's long/short ratio is at 91% long and 66% short compared to 103% long and 86% short last quarter.Greenlight substantially increased AerCap, Apple, and Michael Kors while dropping Citizens Financial Group.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/16/2015. Please visit our series for an idea on his investment philosophy and our highlighting the fund’s moves during Q2 2015.Greenlight Capital’s US long portfolio stood at $6.03B this quarter. It is down ~24% compared to $7.97B as of last quarter. The long/short ratio shifted further to the long side this quarter: 91% long and 66% short compared to 103% long and 86% short as of Q2 2015 - net exposure at 25% compared to 17% last quarter. The top five holdings represent 44.72% of the US long portfolio. The number of 13F stakes decreased from 41 to 39.Einhorn’s Q3 2015 letter reported that the fund lost 14.3% in the quarter and 17.1% YTD 2015. Big losers among the longs include Apple, General Motors, Aercap, and Chicago Bridge & Iron. A short stake on athenahealth (ATHN) also showed losses. Winners in the quarter include short positions in Pioneer Natural Resources (PXD), Keurig Green Mountain (GMCR), and Mallinckrodt (MNK). The letter also revealed that the following short positions were covered in the quarter: a multi-year position in Robert Half International (RHI) for a loss, Intel (INTC) for a small gain, a decade-long position in St. Joe (JOE) for handsome gains, and United States Steel (X) for decent gains.To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:CNX Coal Resources LP (CNXC), Garmin Ltd. (GRMN), Liberty Global LiLAC (LILA) (LILAK), Terraform Global (GLBL), and Vivint Solar (VSLR): These are very small (less than ~1% of the portfolio each) stakes established this quarter. All except Garmin were the result of recent spinoff transactions.Stake Disposals:Citizens Financial Group (CFG): CFG was a 4.3% position established at a cost-basis of $22.36 last year. This quarter, the entire stake was eliminated at $26.28. The stock currently trades at $26.12. Greenlight exited as the upside they anticipated to the company’s estimates did not materialize.Note: It is a carve-out from Royal Bank of Scotland (RBS) that debut on 9/23/2014.Halyard Health (HYH): HYH was a minutely small 0.06% of the US long portfolio position. It was established in Q4 2014 at prices between $35.82 and $48.30 and reduced by ~70% the following quarter at prices between $43.07 and $49.62. Last quarter, the remaining stake was almost eliminated at prices between $40 and $51. The stock currently trades at $31.16.Note: HYH, a surgical infection prevention products business is a spin-off from Kimberly Clark (KMB). It started trading in November 2014.Lam Research (LRCX): LRCX is a 1.67% of the US long portfolio position first purchased in Q1 2014 and more than doubled the following quarter. The selling started in Q1 2015 when there was a one-third reduction at prices between $70.24 and $84.48 and last quarter saw a marginal further reduction. Overall, Greenlight’s cost-basis was $54.07 and the exit was at $75.30. Greenlight sold as they expect the cycle to peak shortly thereby putting 2016 estimates at risk.Macys Inc. (M): M was a small 0.86% of the US long portfolio stake established in Q1 2015 at prices between $62.10 and $67.81. The position was sold down by ~39% last quarter at prices between $63 and $71 and eliminated this quarter at prices between $50.29 and $72.80. The stock currently trades at $38.54.NorthStar Asset Management (NSAM): The 0.71% NSAM position was established as a result of the spin-off of NSAM from NorthStar Realty Finance that was completed in July 2014. It currently trades at $13.61 compared to an IPO price of $18.80. The original stake was reduced by ~30% in Q1 2015 at prices between $20.56 and $24.75. The exit this quarter happened at prices between $13.60 and $19.37.Spirit Aerosystems (SPR): SPR was a 1.48% position that had seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% in Q4 2013 at prices between $21.50 and $26 and another 20% in Q1 2014 at prices between $26.51 and $35.89. In Q3 2014, the pattern reversed as the stake was reduced by 29% at prices between $32.57 and $39.73. The elimination this quarter happened at prices between $47.62 and $57.16. The stock currently trades at $53.37. Einhorn has disclosed that the overall cost-basis on SPR was $20.28 & average exit price was $50.55.Hertz Global (HTZ): HTZ was a very small 1.23% stake established last quarter at prices between $18.12 and $22.37 and sold this quarter at prices between $15.79 and $21.17. The stock currently trades at $16.75.Note: Carl Icahn has a large activist stake in HTZ.Stake Increases:AerCap Holdings N.V. (AER): AER is a fairly large (top five) 5.29% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% in Q4 2014 at prices between $36.68 and $45.22 and another ~50% the following quarter at prices between $37.84 and $45.94. This quarter also saw another ~50% increase at prices between $37.71 and $48.49. The stock currently trades at $42.83.Apple Inc. (AAPL): AAPL is Einhorn’s largest position by far at 21.47% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $82 and $100 but upped by 45% in Q4 2012 at prices between $72 and $96. In Q1 2013, the position was again increased by around 50% at prices between $60 and $78. Last six quarters had seen a combined ~55% reduction at prices between $72 and $133. This quarter, the pattern reversed: ~59% increase at prices between $103 and $132. The stock currently trades at $119.Chicago Bridge & Iron (CBI): CBI is a 4.92% of the US long portfolio position established in Q4 2014 at prices between $37.78 and $57.85 and increased by ~130% the following quarter at prices between $34.51 and $49.48. This quarter saw a ~11% further increase at prices between $37.24 and $53.26. The stock currently trades at $42.75.Consol Energy (CNX): CNX is a fairly large 4.81% stake (top-five) purchased in Q3 2014 at prices between $36.53 and $46.07. In Q4 2014, the position was increased by over 170% at prices between $32.13 and $41.61 and the following quarter saw a further ~55% increase at prices between $26.56 and $34.34. Last quarter had also seen a ~11% increase at prices between $21.74 and $33.34 and that was followed by another ~30% increase this quarter at prices between $9.41 and $21.79. The stock currently trades at $7.83.Note 1: CNX completed an IPO for its coal business as CNX Coal Resources (CNXC) in July.Note 2: A regulatory Form 4 filing on 11/9/2015 shows the position was almost eliminated through the purchase of total return swaps (Jan 2017 expiry).General Motors (GM): GM is Greenlight’s second-largest position at 8.11% of the portfolio. The original stake was increased by ~55% last quarter at prices between $33.23 and $37.50 and another ~11% this quarter at prices between $27.28 and $33.23. The stock currently trades at $36.13. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note: GM was Greenlight’s third-largest position at 9.55% of the US long portfolio in Q4 2013. That stake was disposed of the following quarter at an average exit price of $35.76 compared to an average entry price of $23.87. Greenlight expected 2014 to be a break-out earnings year but the guidance disappointed and that resulted in the exit decision. The current thesis boils down to the expectation that GM will likely beat the 2015 earnings projection of $4.63 per share.Michael Kors Holdings (KORS): KORS is a fairly large (top five) 4.93% of the US long portfolio position established last quarter at prices between $42 and $66 and almost doubled this quarter at prices between $38.06 and $45.37. The stock currently trades at $40.88. For investors attempting to follow Einhorn, KORS is a good option to consider for further research.Time Warner Inc. (TWX): TWX is a fairly large 4.35% of the US long portfolio stake established in Q4 2014 at a cost-basis of $72.72. The stock currently trades at $70.98. This quarter saw a marginal increase.UIL Holdings Corporation (UIL): UIL is a medium-sized 2.87% of the portfolio stake. It was established in Q1 2015 at prices between $42 and $52 and increased by ~92% last quarter at prices between $45.82 and $51.42. The stock currently trades at $48.10. Greenlight’s overall cost-basis is at $49.57. This quarter saw a very minor increase. For investors attempting to follow Greenlight, UIL is a good option to consider for further research.Note: UIL is combining with Iberdrola USA. UIL shareholders are to get $10.50 per share cash and one share of the newly listed entity for each share held.Dillard’s (DDS), Owens Illinois (OI), Santander Consumer USA Holdings (SC), Twenty First Century Fox (FOXA), and Vodafone Group (VOD): These are small (less than ~2% of the portfolio each) stakes that were increased this quarter.Note 1: Alex Roepers has a huge activist position in Owens Illinois.Note 2: Twenty First Century Fox is a popular stake among super-investors: Donald Yacktman, Wallace Weitz, and Leon Cooperman among others have substantial positions.Stake Decreases:Aecom Technology (ACM): ACM is a 2.95% stake first purchased in Q3 2014 at prices between $31.66 and $38.13 and more than doubled the following quarter at prices between $28.12 and $33.91. Last two quarters have seen marginal decreases. The stock currently trades at $31.22.Applied Materials (AMAT): AMAT is a small 1.22% stake purchased last quarter at a cost-basis of $20.31. This quarter saw a ~38% reduction at prices between $14.37 and $19.61. The stock currently trades at $18.20.IAC Interactive (IACI): IACI was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. Last quarter saw a ~37% reduction at prices between $67 and $81. The stock currently trades at $62.26 and the stake is at 1.62% of the US long portfolio. This quarter saw a ~6% trimming.Kapstone Paper & Packaging (KS): KS is a minutely small 0.08% of the US long portfolio stake. The original position was increased by ~60% in Q1 2015 at prices between $28.82 and $35.43. Last quarter saw an about-turn: one-third reduction at prices between $23 and $33. This quarter saw a further ~70% reduction at prices between $16.34 and $25. The stock currently trades at $23.38.Micron Technology (MU): MU was Einhorn’s third-largest 13F position at 8.97% of the US long portfolio as of last quarter. It was reduced by around two-thirds this quarter at prices between $14.06 and $20.12. The original stake was purchased in Q4 2013 at an average cost-basis of $16.49. Q1 2014 saw a ~8% trimming at prices between $20.67 and $25.49 and the following quarter saw an additional ~8% trimming at prices between $21 and $32.50. In Q3 2014, almost 25% of the remaining position was sold at prices between $29.68 and $34.64. Last quarter saw a ~13% increase at prices between $18.73 and $29.52. The stock currently trades at $15.87.Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. In Q2 2014, the stake was increased by another 79% at prices between $16.74 and $22.87. Q1 2015 saw a further ~18% increase at prices between $14.30 and $22.86. This quarter saw a ~25% reduction at prices between $6.66 and $31.84. The stock currently trades at $2.87. Greenlight controls ~5.9% of the business.Note: SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July 2014 and TerraForm Global (GLBL) in August 2015.Sunedison Semiconductor (SEMI): SEMI is a small 0.33% of the US long portfolio stake established in Q1 2015 at prices between $15.19 and $27.14. It was increased by 37% last quarter at prices between $17.27 and $26.46. This quarter saw a ~49% reduction at prices between $10 and $18.14. The stock currently trades at $8.68. Einhorn controls ~4.5% of the business.Note: Seth Klarman (Baupost Group) also has a large ~20% stake in the business.Voya Financial (VOYA) previously ING US: The 2.35% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q4 2014 saw a 37% increase at prices between $35.23 and $43.07. This quarter saw a ~38% reduction at prices between $38.25 and $47.87. The stock has more than doubled from his original purchase and currently trades at $41.60.Fifth Street Asset Management (FSAM): FSAM is a minutely small 0.07% of the portfolio stake that had a marginal reduction this quarter.Kept Steady:Bank of New York Mellon (BK) and Ingram Micro (IM): These two positions were established in Q1 2015 and increased last quarter. BK saw a more than 10x increase at prices between $40 and $44. It is now at 2.60% of the portfolio. The stock currently trades at $43.83. The IM position saw a ~9% increase last quarter but is still very small at 0.55%.Green Brick Partners (GRBK): The 4.33% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.94% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at 1.94%. It is a very long-term position and has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.59 and $21.94. The stock currently trades at $13.97.Note: Einhorn also has a large holding (top-five) in physical gold.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. In Q4 2014, the position was almost eliminated at prices between $42.42 and $61.90. The stock currently trades at $29.90.Note: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of CVEO from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.ON Semiconductor (ON): ON is a 2.70% position established in Q3 2014 at prices between $8.34 and $9.91 and increased by ~18% the following quarter at prices between $6.94 and $10.22. Last two quarters had seen minor reductions. The stock currently trades at $10.10.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was decreased by ~11% last quarter at prices between $23.70 and $28.62 and the stock currently trades at $34.63. The stake is at 1.98% of the US long portfolio and Einhorn controls ~4.9% of the business.Tri Pointe Homes (TPH): TPH is a very small ~1% of the US long portfolio stake established in Q4 2014 at prices between $12.73 and $15.34 and increased by ~9% the following quarter at prices between $13.59 and $16.03. The stock currently trades at $13.56.Note: TPH, a homebuilder with significant exposure to the California market is a spin-off from Weyerhaeuser Company (WY). It started trading in February 2013. The stock is still below the IPO price of $19.Scientific Games Corp. (SGMS) and Yahoo Inc. (YHOO): These are very small (less than ~1% of the US long portfolio each) stakes that were kept steady this quarter.Per Greenlight’s Q3 2015 letter, the top disclosed long positions in the partnership are Apple, Consol Energy, General Motors, gold, and Resona Holdings. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q3 2015:: H1 2015 return is (3.3%) net of fees. CNU & MU were the big losers and SUNE was a winner. NEW LONGS: AMAT @ 20.31, BK @ 40.61. EXITS: Altice (good profit), Conn’s (small profit), EMC (small profit), ISRG Short (small gain), MRVL (15% compounded over several years), NOK (healthy profit), Playtech (23% compounded), Vale Short (good profit - down ~50% since entry). Largest disclosed longs: AAPL, CNX, GM, gold, MU, and SUNE. Long/Short Ratio: 103% long and 86% short.5/15/2015 13G: CVEO - 3.11M shares, 2.9% of business.: Q1 2015 return is (1.5%) net of fees. H1 2015 at (3.3%). S&P 500 H1 2015 return was +1.2%. NEW LONGS: AER @ $41.02, CBI @ $42.93, GM @ $34.62. EXITS:AET with 44% IRR, DOX with 24% IRR, Also closed the following shorts at a loss as they were acquired: SWY @ (31%) IRR, FSL @ (71%) IRR, and LO @ (25%) IRR. LO short rolled to RAI as well. The largest disclosed long positions in the Partnerships were Apple, Consol Energy, gold, ISS A/S, Micron Technology and SunEdison. The Partnershipshad an average exposure of 102% long and 88% short - Net exposure down from 30% to 14% in the quarter - they believe there is a good chance that earnings will shrink this year."
"Tracking David Einhorn’s Portfolio – Q2 2015 Update"	"David Einhorn's US long portfolio increased from $7.65B to $7.97B this quarter.Greenlight's long/short ratio is at 103% long and 86% short compared to 102% long and 88% short last quarter.Greenlight added Applied Materials and Michael Kors while substantially increasing stakes in General Motors, Bank of New York Mellon, and UIL Holdings.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2015. Please visit our series for an idea on his investment philosophy and our highlighting the fund’s moves during Q1 2015.Greenlight Capital’s US long portfolio stood at $7.97B this quarter. It is up 2.4% compared to $7.79B as of last quarter. The long/short ratio shifted marginally to the long side this quarter: 103% long and 86% short as of Q2 2015 compared to 102% long and 88% short as of Q1 2015 - net exposure at 17% compared to 14% last quarter. The top five holdings represent 42.25% of the US long portfolio. The number of 13F stakes decreased from 43 to 41.Einhorn’s Q2 2015 letter reported that the fund lost 1.5% in the quarter and 3.3% for H1 2015 - Consol Energy and Micron Technology were the big losers while Sunedison was a winner. Greenlight is known to be short Pioneer Natural Resources (PXD). The letter also revealed two short positions that were covered in the quarter: Intuitive Surgicals (ISRG) for a small gain and Vale SA ADR (VALE) for a large gain.To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Applied Materials (AMAT): AMAT is a 1.93% of the US long portfolio stake established this quarter at a cost-basis of $20.31. The stock currently trades well below that at $16.64. For investors attempting to follow Einhorn, AMAT is a good option to consider for further research.Michael Kors Holdings (KORS): KORS is a 1.91% of the US long portfolio position established this quarter at prices between $42 and $66. The stock currently trades near the low-end of that range at $43.37.Dillard’s (DDS), Hertz Global (HTZ), Owens Illinois (OI), and Twenty First Century Fox (FOXA): These are very small (less than ~1.25% of the portfolio each) stakes established this quarter.Note: Hertz and Owens Illinois have seen recent activist involvement: Carl Icahn has a large stake in Hertz while Alex Roepers has a huge position in Owens Illinois. Twentry First Century Fox is a popular stake among super-investors: Donald Yacktman, Wallace Weitz, and Leon Cooperman among others have substantial positions.Stake Disposals:Civeo Corporation (CVEO): CVEO was a minutely small 0.35% of the US long portfolio position established in Q2 2014 as a result of its spin-off from Oil States International. Einhorn held 2.75M shares of Oil States and per the spin-off terms received 5.5M shares (2:1 ratio). In Q4 2014, the position was increased by ~73% at prices between $3.92 and $13.25. The elimination this quarter happened at prices between $2.54 and $4.80.Note: CVEO started trading in May 2014 at $22.80 and the stock is currently at $1.58.Conn’s Inc. (CONN): CONN was a 1.41% of the US long portfolio position established in Q1 2014 at an average purchase price of $35.49. The exit this quarter resulted in a small overall loss. The stock currently trades at $35.36.Note: The specialty retailer fell ~50% in February 2014 after announcing increased credit losses. Einhorn purchased the shares on the thesis that the market had over-reacted. The shares fell to the mid-teens in Q4 2014. Greenlight exited as the stock price recovered after they unveiled plans to sell their loan book.EMC Corporation (EMC): The original position in EMC was established in Q4 2013 at around $24 per share. It was doubled in Q1 2014 at prices between $23.66 and $28.18. Q4 2014 saw a ~39% increase at prices between $26.89 and $30.89 but last quarter the pattern reversed: ~48% reduction at prices between $25.17 and $29.83. The remaining 1.41% stake was eliminated this quarter at prices between $25.47 and $27.46. The stock currently trades at $26.62. Overall, the partnership had a small profit in the EMC round-trip.Keysight Technologies (KEYS) & Life Time Fitness (LTM): These are small (less than ~2% of the portfolio each) positions established in Q4 2014 and eliminated this quarter. Keysight was a 2.15% position purchased at a cost-basis of ~$31 and the elimination was at prices between $31 and $37. The stock currently trades at $30.37. LTM was a 1.68% stake established at prices between $47.77 and $56.75. The stake got eliminated as LTM got acquired in a cash-deal for $72.10 in a private equity transaction that closed in June.Marvell Technology Group (MRVL): MRVL was a top-five position at 4.77% of the US long portfolio as of Q4 2014. It was reduced by almost two-thirds to a 1.74% portfolio stake last quarter at prices between $14.28 and $16.59 and eliminated this quarter at prices between $13.14 and $15.38. Q3 2014 had also seen a one-third reduction at prices between $12.80 and $14.64. The original position was from Q3 2011. Einhorn’s cost-basis was ~$11. Greenlight had an annualized ~15% return compounded over several years on this position.Time Inc. (TIME): Time Warner (TWX) spun-off Time Inc. (magazine publisher subsidiary) in June 2014. Greenlight established a 1.13% stake in Q2 2014 at prices between $20.85 and $24.43. Q3 2014 saw an almost one-third increase at prices between $22.59 and $25.62. In Q4 2014, the pattern reversed as the position was reduced by ~11% at prices between $19.41 and $24.98. Last quarter, the remaining stake was almost eliminated at prices between $21.64 and $25.60 and the minutely small remainder stake was disposed of this quarter. The stock currently trades at $21.69.FCB Financial Holdings (FCB) and Nokia Corporation (NOK): These are very small (less than ~1% of the portfolio each) stakes eliminated this quarter. The NOK exit was at a healthy profit.Stake Increases:Bank of New York Mellon (BK) and Ingram Micro (IM): These two positions were established last quarter and increased this quarter. BK saw a more than 10x increase this quarter at prices between $40 and $44. It is now at 2.11% of the portfolio. The stock currently trades at $44.07. The IM position saw a ~9% increase this quarter but is still minutely small at 0.38%.Consol Energy (CNX): CNX is a large 6.23% stake (top-five) purchased in Q3 2014 at prices between $36.53 and $46.07. In Q4 2014, the position was increased by over 170% at prices between $32.13 and $41.61 and last quarter saw a further ~55% increase at prices between $26.56 and $34.34. This quarter also saw a ~11% increase at prices between $21.74 and $33.34. The stock currently trades at $12.93. The substantial stake build-up indicates a clear bullish bias. Einhorn controls ~10% of the business.Note: CNX completed an IPO for its coal business as CNX Coal Resources (CNXC) last month. Greenlight established a huge position in the MLP soon after.General Motors (GM): GM is a large (top-five) 6.12% of the US long portfolio positon established in Q4 2014 at a cost-basis of $34.62. The stake was increased by ~55% this quarter at prices between $33.23 and $37.50. The stock currently trades below his purchase price ranges at $31.50. For investors attempting to follow Einhorn, GM is a good option to consider for further research.Note: GM was Greenlight’s third-largest position at 9.55% of the US long portfolio in Q4 2013. That stake was disposed of the following quarter at an average exit price of $35.76 compared to an average entry price of $23.87. Greenlight expected 2014 to be a break-out earnings year but the guidance disappointed and that resulted in the exit decision. The current thesis boils down to the expectation that GM will likely beat the 2015 earnings projection of $4.63 per share.Green Brick Partners (GRBK): The 3.31% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Note: The share-count increased by ~8.5M shares this quarter but Einhorn’s ownership stake remained steady as GRBK had a ~17M share common-stock offering in June.Micron Technology (MU): MU is Einhorn’s third-largest 13F position at 8.97% of the US long portfolio. The original stake was purchased in Q4 2013 at an average cost-basis of $16.49. Q1 2014 saw an 8% trimming at prices between $20.67 and $25.49 and the following quarter saw an additional 8% trimming at prices between $21 and $32.50. In Q3 2014, almost 25% of the remaining position was sold at prices between $29.68 and $34.64. This quarter saw a ~13% increase at prices between $18.73 and $29.52. The stock currently trades at $16.95.Sunedison Semiconductor (SEMI): SEMI is a small 0.80% of the US long portfolio stake established last quarter at prices between $15.19 and $27.14. It was increased by 37% this quarter at prices between $17.27 and $26.46. The stock currently trades below his purchase price ranges at $12.95. Einhorn controls ~9% of the business.Note: Seth Klarman also has a large ~19% stake in the business.UIL Holdings Corporation (UIL): UIL is a medium-sized 2.87% of the portfolio stake. It was established last quarter at prices between $42 and $52 and increased by ~92% this quarter at prices between $45.82 and $51.42. The stock currently trades at $47.62.Note: UIL stock experienced a ~25% price-spike in February as Iberdola made an acquisition offer. Connecticut utility regulators rejected the proposal in June.Stake Decreases:Aecom Technology (ACM): ACM is a 2.64% stake first purchased in Q3 2014 at prices between $31.66 and $38.13 and more than doubled the following quarter at prices between $28.12 and $33.91. This quarter saw a marginal decrease. The stock currently trades at $29.Apple Inc. (AAPL): AAPL is Einhorn’s largest position at 11.61% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $82 and $100 but upped by 45% in Q4 2012 at prices between $72 and $96. In Q1 2013, the position was again increased by around 50% at prices between $60 and $78. Last six quarters have seen a combined ~55% reduction at prices between $72 and $133. The stock currently trades at $116. Einhorn is opportunistically realizing large long-term gains from this position.Chicago Bridge & Iron (CBI): CBI is a 4.22% of the US long portfolio position established in Q4 2014 at prices between $37.78 and $57.85 and increased by ~130% last quarter at prices between $34.51 and $49.48. This quarter saw a marginal decrease. The stock currently trades at $51.74.Citizens Financial Group (CFG): CFG is a 3.98% position established at an average-cost-basis of $22.01 in Q3 2014. Last two quarters had seen a ~50% stake increase at prices between $21.80 and $25.60. The stock currently trades at $26.38. This quarter saw a marginal decrease.Note: It is a carve-out from Royal Bank of Scotland (RBS) that debut on 9/23/2014.Halyard Health (HYH): HYH is a minutely small 0.06% of the US long portfolio position. It was established in Q4 2014 at prices between $35.82 and $48.30 and reduced by ~70% last quarter at prices between $43.07 and $49.62. This quarter, the remaining stake was almost eliminated at prices between $40 and $51. The stock currently trades at $32.97.Note: HYH, a surgical infection prevention products business is a spin-off from Kimberly Clark (KMB). It started trading in November 2014.IAC Interactive (IACI): IACI was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. The position has wavered since. This quarter saw a ~37% reduction at prices between $67 and $81. The stock currently trades at $75.15 and the stake is at 1.60% of the US long portfolio.Kapstone Paper & Packaging (KS): KS is a minutely small 0.27% of the US long portfolio stake. It was increased by ~60% last quarter at prices between $28.82 and $35.43 but this quarter saw an about-turn: one-third reduction at prices between $23 and $33. The stock currently trades at $23.84.Lam Research (LRCX): LRCX is a 1.67% of the US long portfolio position first purchased in Q1 2014 and more than doubled the following quarter. Greenlight’s cost-basis is at $54.07 and the stock currently trades at $72.71. Last quarter saw a one-third reduction at prices between $70.24 and $84.48 and this quarter saw a marginal further reduction.Macys Inc. (M): M is a small 0.86% of the US long portfolio stake established last quarter at prices between $62.10 and $67.81. The position was sold down by ~39% this quarter at prices between $63 and $71. The stock currently trades at $63.36.ON Semiconductor (ON): ON is a 2.54% position established in Q3 2014 at prices between $8.34 and $9.91 and increased by ~18% the following quarter at prices between $6.94 and $10.22. Last two quarters have seen minor reductions. The stock currently trades at $9.91.NorthStar Asset Management (NSAM): The 0.71% NSAM position was established as a result of the spin-off of NSAM from NorthStar Realty Finance that was completed in July 2014. It currently trades at $18.47 compared to an IPO price of $18.80. The original stake was reduced by ~30% last quarter at prices between $20.56 and $24.75. This quarter also saw a ~4% further reduction.Spirit Aerosystems (SPR): SPR is a 1.48% position that had seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% in Q4 2013 at prices between $21.50 and $26 and another 20% in Q1 2014 at prices between $26.51 and $35.89. In Q3 2014, the pattern reversed as the stake was reduced by 29% at prices between $32.57 and $39.73. This quarter saw a minor decrease. The stock currently trades at $56.Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. In Q2 2014, the stake was increased by another 79% at prices between $16.74 and $22.87. Last quarter saw a further ~18% increase at prices between $14.30 and $22.86. This quarter saw a marginal decrease. The stock currently trades at $14.15. SUNE is currently Greenlight’s second-largest 13F position at 9.32% of the US long portfolio and they control ~8% of the business.Note: SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July 2014 and TerraForm Global (GLBL) this month.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was decreased by ~11% this quarter at prices between $23.70 and $28.62 and the stock currently trades at $30.72. The stake is at 1.44% of the US long portfolio and Einhorn controls ~4.9% of the business.Voya Financial (VOYA) previously ING US: The 3.42% VOYA position was established in Q2 2013 at a cost-basis of $20.29. Q4 2014 saw a 37% increase at prices between $35.23 and $43.07. Last quarter saw a minor increase while this quarter saw a marginal decrease. The stock has more than doubled from his original purchase and currently trades at $45.05.Kept Steady:AerCap Holdings N.V. (AER): AER is a 3.21% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% in Q4 2014 at prices between $36.68 and $45.22 and another ~50% last quarter at prices between $37.84 and $45.94. The stock currently trades at $47.27.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.76% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at 1.90%. It is a very long-term position and has wavered over the years. Last significant activity was a ~35% increase in Q4 2014 at prices between $16.59 and $21.94. The stock currently trades at $14.49.Note: Einhorn also has a large holding (top-five) in physical gold.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. In Q4 2014, the position was almost eliminated at prices between $42.42 and $61.90. The stock currently trades at $28.60.Note 1: In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. The business was spun-off as Civeo Corporation (CVEO) in May 2014.Note 2: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of CVEO from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Time Warner Inc. (TWX): TWX is a fairly large 4.14% of the US long portfolio stake established in Q4 2014 at a cost-basis of $72.72. The stock currently trades at $78.23.Tri Pointe Homes (TPH): TPH is a very small 0.92% of the US long portfolio stake established in Q4 2014 at prices between $12.73 and $15.34 and increased by ~9% last quarter at prices between $13.59 and $16.03. The stock currently trades at $14.77.Note: TPH, a homebuilder with significant exposure to the California market is a spin-off from Weyerhaeuser Company (WY). It started trading in February 2013. The stock is still below the IPO price of $19.Fifth Street Asset Management (FSAM), Santander Consumer USA Holdings (SC), Scientific Games Corp. (SGMS), Vodafone Group (VOD), and Yahoo Inc. (YHOO): These are very small (less than ~1% of the US long portfolio each) stakes that were kept steady this quarter. Greenlight controls 9.98% of FSAM.Per Greenlight’s Q2 2015 letter, the top disclosed long positions in the partnership are Apple, Consol Energy, General Motors, gold, Micron Technology and SunEdison. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q2 2015:"
"Tracking David Einhorn’s Portfolio – Q1 2015 Update"	"David Einhorn's US long portfolio increased from $7.52B to $7.65B this quarter.Greenlight's long/short ratio is at 102% long and 88% short compared to 96% long and 66% short last quarter.Greenlight added General Motors and substantially increased stakes in Chicago Bridge & Iron, Consol Energy, and AerCap Holdings.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/15/2015. Please visit our series for an idea on his investment philosophy and our highlighting the fund’s moves during Q4 2014.Greenlight Capital’s US long portfolio stood at $7.65B this quarter. It is up marginally compared to $7.52B as of last quarter. The long/short ratio shifted significantly to the short side this quarter: 102% long and 88% short as of Q4 2014 compared to 96% long and 66% short as of Q4 2014 - net exposure at 14% compared to 30% last quarter. The top five holdings represent around 44% of the US long portfolio. The number of 13F stakes increased from 41 to 43.Einhorn’s Q1 2015 letter reported that the fund lost 1.7% in the quarter - although the longs performed well, substantial losses were realized in several short positions: Safeway (SWY), Freescale Semiconductor (FSL), and Lorillard (LO). Greenlight is known to be short athenahealth (ATHN), Reynolds American (RAI) and Pioneer Natural Resources (PXD).To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:General Motors (GM): GM is a large (top-five) 4.64% of the US long portfolio positon established this quarter at a cost-basis of $34.62. The stock currently trades at $34.91.GM was Greenlight’s third-largest position at 9.55% of the US long portfolio in Q4 2013. That stake was disposed of the following quarter at an average exit price of $35.76 compared to an average entry price of $23.87. Greenlight expected 2014 to be a break-out earnings year but the guidance disappointed and that resulted in the exit decision. The current thesis boils down to the expectation that GM will likely beat the 2015 earnings projection of $4.63 per share.Macys Inc. (M): M is a small 1.42% of the US long portfolio stake established this quarter at prices between $62.10 and $67.81. The stock currently trades at $66.53.Sunedison Semiconductor (SEMI): SEMI is a small 0.91% of the US long portfolio stake established this quarter at prices between $15.19 and $27.14. The stock currently trades at $22.14. Einhorn controls ~6.5% of the business. Seth Klarman also has a large ~19% stake in the business.Santander Consumer USA Holdings (SC): SC is a very small 0.66% of the US long portfolio position established this quarter at prices between $17.85 and $23.34. The stock currently trades just outside that range at $24.81.Bank of New York Mellon (BK), Ingram Micro (IM), & Scientific Games Corp. (SGMS): These are minutely small positions (less than 0.5% of the portfolio each) established this quarter. Greenlight controls ~2.3% of SGMS.Stake Disposals:Aetna Inc. (AET): AET was a top-five position as of Q3 2013. Q4 2013 & Q1 2014 together saw a ~50% stake reduction at prices between $60.75 and $76. In Q3 2014, the pattern continued with a ~7% decrease at prices between $75 and $85 and last quarter saw a further ~56% reduction at prices between $73.43 and $90.84. The remaining 1.59% stake was disposed of this quarter at prices between $88 and $110. The original position was established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $113. Einhorn realized 44% IRR on this holding.Amdocs (DOX): The very small 0.81% DOX position was established in Q2 2013 at prices between $34 and $37. It was increased by just over 50% in Q4 2013 at prices between $40 and $45. Last quarter saw a ~43% reduction at prices between $44.43 and $48.75 and the remaining stake was disposed of this quarter at prices between $46.03 and $54.78. The stock currently trades near the top-end of those ranges at $54.57. Einhorn realized 24% IRR on this holding.Covidien PLC (COV): COV was a 1.16% of the US long portfolio position established last quarter and eliminated this quarter. Einhorn established this merger-arbitrage stake when the Medtronic (MDT) deal-spread was at $8.79 - the deal closed on January 26, 2015.Kennametal Inc. (KMT): KMT was a minutely small 0.35% position as of Q3 2014. Last quarter, the position was increased by ~280% to a 1.05% portfolio stake at prices between $33.60 and $41.68. This quarter saw the position eliminated at prices between $30.99 and $35.90. The stock currently trades at $38.06.California Resources Corp. (CRC) & Green Dot Corp. (GDOT): These are minutely small (less than 0.5% of the portfolio each) stakes that were eliminated this quarter.Stake Increases:AerCap Holdings N.V. (AER): AER is a 3.18% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% last quarter at prices between $36.68 and $45.22 and another ~50% this quarter at prices between $37.84 and $45.94. The stock currently trades at $48.96. The aggressive stake build-up indicates a clear bullish bias.Chicago Bridge & Iron (CBI): CBI is a 4.35% of the US long portfolio position established last quarter at prices between $37.78 and $57.85 and increased by ~130% this quarter at prices between $34.51 and $49.48. The stock currently trades at $55.01. For investors attempting to follow Einhorn, CBI is a good option to consider for further research.Citizens Financial Group (CFG): CFG is a 3.98% position established at an average-cost-basis of $22.01 in Q3 2014. Last two quarters have seen a ~50% stake increase at prices between $21.80 and $25.60. The stock currently trades at $25.93. It is a carve-out from Royal Bank of Scotland (RBS) that debut on 9/23/2014.Consol Energy (CNX): CNX is a large 7.50% stake (top-five) purchased in Q3 2014 at prices between $36.53 and $46.07. Last quarter, the position was increased by over 170% at prices between $32.13 and $41.61 and this quarter saw a further ~55% increase at prices between $26.56 and $34.34. The stock currently trades at $32.05. The substantial stake build-up indicates a clear bullish bias. Einhorn controls ~9% of the business.Micron Technology (MU): MU is Einhorn’s second-largest 13F position at 11.89% of the US long portfolio. The original stake was purchased in Q4 2013 at an average cost-basis of $16.49. Q1 2014 saw an 8% trimming at prices between $20.67 and $25.49 and the following quarter saw an additional 8% trimming at prices between $21 and $32.50. In Q3 2014, almost 25% of the position was sold at prices between $29.68 and $34.64. Last two quarters have seen minor buying. The stock currently trades at $26.33.Tri Pointe Homes (TPH): TPH is a very small 0.96% of the US long portfolio stake established last quarter at prices between $12.73 and $15.34 and increased by ~9% this quarter at prices between $13.59 and $16.03. The stock currently trades at $14.51. The homebuilder with a significant exposure to the California market is a spin-off from Weyerhaeuser Company (WY). It started trading in February 2013. The stock is still below the IPO price of $19.Voya Financial (VOYA) previously ING US: The 3.33% VOYA position was established in Q2 2013 at an average cost-basis of $20.29. Last quarter saw a 37% increase at prices between $35.23 and $43.07 and this quarter saw a minor increase. The stock currently trades at $44.81.Kapstone Paper & Packaging (KS): KS is a very small 0.61% of the US long portfolio stake that was increased by ~60% this quarter at prices between $28.82 and $35.43. The stock currently trades below that range at $27.41.Stake Decreases:Apple Inc. (AAPL): AAPL is Einhorn’s largest position at 12.09% of the US long portfolio. The stake was first purchased in the low-40s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $82 and $100 but upped by 45% in Q4 2012 at prices between $72 and $96. In Q1 2013, the position was again increased by around 50% at prices between $60 and $78. Last five quarters have seen a combined ~55% reduction at prices between $72 and $130. The stock currently trades at $129. Einhorn is realizing large long-term gains from this position.EMC Corporation (EMC): The original position in EMC was established in Q4 2013 at around $24 per share. It was doubled in Q1 2014 at prices between $23.66 and $28.18. Last quarter saw a ~39% increase at prices between $26.89 and $30.89 but this quarter the pattern reversed: ~48% reduction at prices between $25.17 and $29.83. The remaining stake is at 1.41% of the US long portfolio. The stock currently trades at $26.88.Halyard Health (HYH): HYH is a very small 0.46% of the US long portfolio position established last quarter at prices between $35.82 and $48.30 and reduced by ~70% this quarter at prices between $43.07 and $49,62. The stock currently trades at $42.35. HYH, a surgical infection prevention products business is a spin-off from Kimberly Clark (KMB). It started trading in November 2014.IAC Interactive (IACI): IACI was a minutely small 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the stake was substantially increased at prices between $43.50 and $51.50. Q1 2014 saw an about-turn as the position was reduced by 28% at prices between $65 and $80. In Q2 2014, the pattern reversed again: 36% stake increase at prices between $62 and $72.59. In Q3 2014, the position was increased by 60% at prices between $63.80 and $72.96. This quarter saw a ~15% reduction at prices between $59.95 and $69.78. The stock currently trades at $74.17 and the stake is at 2.24% of the US long portfolio.Lam Research (LRCX): LRCX is a 1.52% of the US long portfolio position first purchased in Q1 2014 and more than doubled the following quarter. Greenlight’s cost-basis is at $54.07 and the stock currently trades at $78.73. This quarter saw a one-third reduction at prices between $70.24 and $84.48.Marvell Technology Group (MRVL): MRVL was a top-five position at 4.77% of the US long portfolio as of last quarter. It was reduced by almost two-thirds to a 1.74% portfolio stake this quarter at prices between $14.28 and $16.59. Q3 2014 also saw a one-third reduction at prices between $12.80 and $14.64. The original position is from Q3 2011. Einhorn’s average cost-basis in MRVL is at around $11. The stock currently trades at $14.29. The significant selling in a long-term position indicates a clear bearish bias.Time Inc. (TIME): Time Warner (TWX) spun-off Time Inc. (magazine publisher subsidiary) in June 2014. Greenlight established a 1.13% stake in Q2 2014 at prices between $20.85 and $24.43. Q3 2014 saw an almost one-third increase at prices between $22.59 and $25.62. Last quarter, the pattern reversed as the position was reduced by ~11% at prices between $19.41 and $24.98. This quarter, the remaining stake was almost eliminated at prices between $21.64 and $25.60. The stock currently trades at $22.11.Time Warner Inc. (TWX): TWX is a fairly large 4.17% of the US long portfolio stake established last quarter at an average cost-basis of $72.72. The position was marginally reduced this quarter. The stock currently trades at $85.29.Aecom Technology (ACM) & ON Semiconductor (ON): These are medium-sized (more than ~2% of the portfolio each) positions established in Q3 2014. They were both substantially increased last quarter but marginally reduced this quarter. ACM is a 2.64% stake purchased at prices between $31.66 and $38.13 and more than doubled last quarter at prices between $28.12 and $33.91. The stock currently trades at $33.58. ON is a 2.77% position established at prices between $8.34 and $9.91 and increased by ~18% last quarter at prices between $6.94 and $10.22. The stock currently trades at $12.61.Nokia Corporation (NOK) & NorthStar Asset Management (NSAM): These are very small (less than ~1% of the portfolio each) positions established in Q3 2014 and reduced substantially this quarter. The 0.64% NOK position was established at prices between $7.40 and $8.66 and reduced by ~18% this quarter at prices between $7.43 and $8.08. The stock currently trades at $6.90. The 0.97% NSAM position was established as a result of the spin-off of NSAM from NorthStar Realty Finance that was completed in July 2014. NSAM currently trades at $21.67 compared to an IPO price of $18.80. It was reduced by ~30% this quarter at prices between $20.56 and $24.75. The activity indicates a bearish bias toward these businesses.Keysight Technologies (KEYS) & Life Time Fitness (LTM): These are small (less than ~2% of the portfolio each) positions established last quarter and reduced marginally this quarter. KEYS is a 2.15% position purchased at an average cost-basis of ~$31 and the stock currently trades at $35.33. LTM is a 1.68% stake established at prices between $47.77 and $56.75 and the stock currently trades at $71.83.FCB Financial Holdings (FCB): FCB is a minutely small 0.20% of the US long portfolio position that was reduced by ~60% this quarter.Kept Steady:Civeo Corporation (CVEO): CVEO is a minutely small 0.35% of the US long portfolio position established in Q2 2014 as a result of its spin-off from Oil States International. Einhorn held 2.75M shares of Oil States and per the spin-off terms received 5.5M shares (2:1 ratio). Last quarter, the position was increased by ~73% at prices between $3.92 and $13.25. CVEO started trading in May at $22.80 and the stock is currently at $4.35.Conn’s Inc. (CONN): CONN is a 1.41% of the US long portfolio position established in Q1 2014 at an average purchase price of $35.49. Q2 2014 saw a 6% stake increase at prices between $38.59 and $49.87. The stock currently trades at $39.99. The specialty retailer fell ~50% in February 2014 after announcing increased credit losses. Einhorn purchased the shares on the thesis that the market has over-reacted. He currently controls 9.8% of the business. For investors attempting to follow Einhorn, CONN is a good option to consider for further research.Green Brick Partners (GRBK): The 1.69% of the US long portfolio GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.81% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at 2.03%. The original position was increased by ~47% in Q2 2013 at prices between $23.42 and $35.06. Q3 2014 saw a 27% reduction at prices between $21.36 and $27.32. Last quarter, the pattern reversed: ~35% increase at prices between $16.59 and $21.94. The stock currently trades at $20.72. Einhorn also has a large holding (top-five) in physical gold.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. Last quarter, the position was almost eliminated at prices between $42.42 and $61.90. The stock currently trades at $43.13. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. The business was spun-off as Civeo Corporation in May 2014.NOTE: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of CVEO from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Spirit Aerosystems (SPR): SPR is a 1.50% position that had seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% in Q4 2013 at prices between $21.50 and $26 and another 20% in Q1 2014 at prices between $26.51 and $35.89. In Q3 2014, the pattern reversed as the stake was reduced by 29% at prices between $32.57 and $39.73 and last quarter saw minor additional selling. The stock currently trades at $53.33.Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. In Q2 2014, the stake was increased by another 79% at prices between $16.74 and $22.87. Last quarter saw a further ~18% increase at prices between $14.30 and $22.86. The stock currently trades at $28.96. SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July 2014. SUNE is currently Greenlight’s third-largest 13F position at 7.83% of the US long portfolio and they control 9.2% of the business.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was increased by ~15% in Q1 2014 at prices between $16.88 and $22.26 and the stock currently trades at $24.69. The stake is at 1.56% of the US long portfolio and Einhorn controls 5.6% of the business.Yahoo Inc. (YHOO): YHOO is a 1.36% position established last quarter at prices between $37.82 and $52.37 and the stock currently trades at $44.75.Fifth Street Asset Management (FSAM) & Vodafone Group (VOD): These are minutely small (less than 0.5% of the US long portfolio each) stakes that were kept steady this quarter. Greenlight controls 9.98% of FSAM.Per Greenlight’s Q1 2015 letter, the top disclosed long positions in the partnership are Apple, Consol Energy, gold, ISS A/S, Micron Technology and SunEdison. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q1 2015:Info from 2/13/2015 13Gs: TTWO - 4.7M shares (5.6% of business), Fifth Street Asset Management - FSAM - 599K - 9.98% of business, Halyard Health - HYH - 2.35M - 5.1% of business, Conn’s - CONN - 3.56M shares - 9.8% of business, Sunedison (SUNE) - 24.95M shares - 9.2% of business, Consol Energy - CNX - 13.25M shares - 5.8% of business, Marvel Tech. (MRVL) - 24.73M shares - 4.8% of business.: Q4 2014 return is 5.6% net of fees and for 2014 it was 8% (compared to 13% for S&P 500 index). Since May 1996, 18.9% annualized. Hedged oil (bought into the thesis presented at Sohn by Zachary Schreiber) to avoid losses in Anadarko, BP, McDermott, and National Oilwell Varco. Yen puts and shorts in an industrial and oil futures were all winners in the quarter. CVEO was the only big loser (not hedged). NEW LONGS: Citizens Financial Group (CFG) @ 22.01, ISS A/S (Denmark: ISS) @ 162.73 DKK, Keysight Technologies (KEYS) @ 30.54, tax-inversion related: SHPG round-trip- entry @ 174.35 & exit @ 211.6 and Medtronic/Covidien deal-spread arbitrage - rode from a spread of $8.79 to $1.93 at EOY. TWX @ 72.72. BIOF/GRBK - biofuel acquired JGBL & renamed - 49% ownership by Greenlight - shares advanced from $1.12 to $8.20 during the year. EXITS: BAGL - 5-bagger from 2001 onwards - 18% annualized - almost lost whole investment (converted preferred to common, replaced mgmt., etc.). JAB Holdings bought @ 20.25. JOE short from 2005 is now the longest holding. Cigna (CI) entry mid-2012 @ 45.77 & exit @ average 81.67. Osram Licht AG - entry after spin-off in 2013 @ 25.25, exit @ 35.66. CLF short - entry @ 29.37, exit @ 11.28. The largest disclosed long positions in the Partnerships were Apple, Consol Energy, gold, Marvell Technology, Micron Technology and SunEdison. The Partnershipshad an average exposure of 96% long and 66% short."
"Tracking David Einhorn’s Portfolio – Q4 2014 Update"	"David Einhorn's US long portfolio increased from $6.93B to $7.52B this quarter.Greenlight's long/short ratio is at 96% long and 66% short compared to 114% long and 75% short last quarter.Greenlight substantially increased stakes in Consol Energy and Sunedison while also adding a new medium-sized position in Time Warner.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/13/2015. Please visit our series for an idea on his investment philosophy and our highlighting the fund’s moves during Q3 2014.Greenlight Capital’s US long portfolio stood at $7.52B this quarter. It is up 8.56% compared to $6.93B as of last quarter: the long/short ratio shifted significantly this quarter - 96% long and 66% short as of Q4 2014 compared to 114% long and 75% short as of Q3 2014. The top five holdings represent around 44% of the US long portfolio. The number of individual stock positions decreased from 46 to 41. 36 of them are fairly large (greater than 0.5% of the portfolio each) and they are the focus of this article.Einhorn’s Q4 2014 letter reported that the fund returned 8% for 2014 - in a constantly rising bull-market, the fund is not expected to keep pace with the market, but the long-term performance of his absolute-returns strategy speaks for itself: 18.90% annualized returns (net of fees and expenses) since inception in 1996.To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Chicago Bridge & Iron (CBI): CBI is a 1.64% of the US long portfolio position established this quarter at prices between $37.78 and $57.85. The stock currently trades near the low end of that range at $38.69. For investors attempting to follow Einhorn, CBI is a very good option to consider for further research.Covidien PLC (COV): COV is a 1.16% of the US long portfolio position established this quarter. Einhorn has disclosed that the merger-arbitrage stake was established when the Medtronic (MDT) deal-spread was at $8.79 - the deal closed on January 26, 2015.Green Brick Partners (GRBK): GRBK stake was acquired as a result of BioFuel Energy’s JGBL Builder Finance acquisition and rename transaction. The deal closed with Greenlight owning 49% of the business. David Einhorn was appointed Chairman of the Board following the transaction.Halyard Health (HYH): HYH is a new 1.42% of the US long portfolio position established this quarter at prices between $35.82 and $48.30. The stock currently trades at $44.50. HYH, a surgical infection prevention products business, is a spin-off from Kimberly Clark (KMB) that started trading in November 2014. Greenlight initiated the stake soon after and they control 5.1% of the business.Time Warner Inc. (TWX): TWX is a fairly large 4.31% of the US long portfolio stake established this quarter at an average cost-basis of $72.72. The stock currently trades at $83.87. The substantial stake establishment indicates a clear bullish bias.Tri Pointe Homes (TPH): TPH is a very small 0.89% of the US long portfolio stake established this quarter at prices between $12.73 and $15.34. The stock currently trades just outside that range at $15.64. The homebuilder with a significant exposure to the California market is a spin-off from Weyerhaeuser Company (WY) that started trading in February 2013. The stock is still trading below the IPO price of $19.Keysight Technologies (KEYS), Life Time Fitness (LTM), & Yahoo Inc. (YHOO): These are small (less than ~2% of the portfolio each) positions established this quarter. KEYS is a 2% position purchased at an average cost-basis of $30.54 and the stock currently trades at $36.49. LTM is a 1.38% stake established at prices between $47.77 and $56.75 and the stock currently trades at $56.10. YHOO is a 1.36% position established at prices between $37.82 and $52.37 and the stock currently trades at $44.42.Stake Disposals:American Capital Agency (AGNC): The 1.74% AGNC stake was first purchased in Q1 2014 at prices between $19.29 and $22.66. It was increased by 8.59% last quarter at prices between $21.25 and $23.69. This quarter, the position was eliminated at prices between $21.25 and $23.29. The stock currently trades at $21.95.Anadarko Petroleum (APC): APC was a 1.70% of the US long portfolio position purchased in Q4 2013 at an average cost-basis of $78.55. It was increased by ~22% in Q1 2014 at prices between $78 and $87. Half the stake was disposed of in Q2 2014 at prices between $85 and $112 and the remaining position was eliminated this quarter at prices between $72.01 and $101.44. The stock currently trades at around $89.44.Babcock & Wilcox (BWC): The very small 0.53% of the US long portfolio BWC position was first purchased in Q3 & Q4 2012 at prices between $23.37 and $27. In Q2 2014, the stake was reduced by ~60% at prices between $31.89 and $35.49 and last quarter saw an additional ~11% selling at prices between $27.69 and $33.43. This quarter, the remaining position was eliminated at prices between $27.69 and $30.70. The stock currently trades at $29.88.BP PLC (BP): BP was a 1.31% of the US long portfolio position purchased in Q4 2013 at an average cost-basis of $47.39. The position was increased by just over 50% in Q1 2014 at prices between $46 and $51 and that was followed with a ~40% increase last quarter at prices between $43.95 and $53.38. This quarter, the stake was eliminated at prices between $34.94 and $43.95. The stock currently trades at $41.93.Chemtura Corporation (CHMT): CHMT was a 1.33% position established in Q2 2014 at prices between $22.14 and $26.09 and increased by over one-third last quarter at prices between $23.26 and $26.44. The stake was eliminated this quarter at prices between $21.49 and $24.94 and the stock currently trades at $24.77.Cigna Corporation (CI): CI was a top-five position in 2013 but had seen significant selling: Q4 2013 saw a ~10% trimming at prices between $73 and $88 and Q2 2013 saw a ~40% stake reduction at prices between $62.50 and $72.50. The original position was established in Q2 2012 at prices between $43 and $50. Q2 2014 saw another 26% reduction at prices between $75.64 and $92.11 and last quarter the pattern continued with a one-third reduction at prices between $88.75 and $96.80. This quarter, the remaining position was eliminated at prices between $87.71 and $105.20. The stock currently trades at around $114. Einhorn harvested large long-term gains from this position - his average cost-basis was $45.77 and the average exit price was at $81.67.Einstein Noah (BAGL): BAGL was a very long-term holding that was kept steady from 2009 to Q2 2013. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. Q4 2013 saw another ~27% stake reduction at prices between $14.50 and $18.11. The remaining position was at 1.96% of the US long portfolio (~6.7M shares) as of Q3 2014. On November 5, 2014, the shares were tendered at $20.25 following the acquisition offer from JAB Holding.Note: Einhorn disclosed that over the holding period, BAGL was a 5-bagger (2001 onwards - 18% annualized). Greenlight almost lost the whole investment as BAGL went through a near-death experience. In response, Greenlight converted their preferred holdings to common-stock, replaced management, etc. and was instrumental in the turnaround.Synchrony Financial (SYF) & Interpublic Group (IPG): SYF & IPG were very small 0.75% & 0.64% of the US long portfolio positions respectively established last quarter and disposed of this quarter. SYF purchase was at prices between $23 and $26 and the exit was at prices between $24.20 and $30.50. The stock currently trades at $32.80. It is a private-label credit card issuer spun-off from General Electric (GE) at the end of July 2014. IPG stake was established at prices between $18 and $20.54 and the exit was at prices between $16.51 and $20.83. The stock currently trades at $22.10.National-Oilwell Varco (NOV): NOV was a 2.44% of the US long portfolio position first purchased in Q1 2014 at prices between $73 and $80. In Q2 2014, the position was increased by around 42% at prices between $77 and $84 and last quarter saw a further ~27% increase at prices between $76.10 and $86.43. This quarter, the stake was eliminated at prices between $61.55 and $76.10. The stock currently trades at $53.36.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s Now Inc. (DNOW) spinoff in May 2014. The terms called for NOV shareholders to receive one share of DNOW for every four shares of NOV held. It is interesting that Einhorn chose to liquidate DNOW while increasing NOV substantially.URS Corporation (URS): The 1.59% URS stake established in Q2 2013 at prices between $43 and $50 was increased by ~16% in Q4 2013 at prices between $50 and $55. Q1 2014 saw a ~50% stake increase at prices between $42.51 and $53.28. This quarter, the position was eliminated as a result of Aecom’s acquisition of URS for $56.31 in cash-and-stock that closed in October 2014.Stake Increases:AerCap Holdings N.V. (AER): AER is a small 1.93% position established in Q2 2014 at prices between $38.91 and $48.14. It was increased by ~68% this quarter at prices between $36.68 and $45.22 and the stock currently trades at $43.02.Civeo Corporation (CVEO): CVEO is a 0.58% of the US long portfolio position established in Q2 2014 as a result of its spin-off from Oil States International. Einhorn held 2.75M shares of Oil States and per the spin-off terms received 5.5M shares (2:1 ratio). This quarter, the position was increased by ~73% at prices between $3.92 and $13.25. CVEO started trading in May at $22.80 and the stock is currently at $3.87.Note: Einhorn’s disclosed that CVEO was the one significant loser in the quarter (excluding the O&G related losses that were hedged). The mistake was that they viewed CVEO as a real estate company and underestimated its sensitivity to commodity prices.EMC Corporation (EMC): The original position in EMC was established in Q4 2013 at around $24 per share. It was doubled in Q1 2014 at prices between $23.66 and $28.18. The average cost-basis as of last quarter was $25.79. This quarter saw a ~39% increase at prices between $26.89 and $30.89 and the stake is at 3.17% of the US long portfolio. The stock currently trades at $27.99. The activity indicates a clear bullish bias.Kennametal Inc. (KMT): KMT was a minutely small 0.35% position as of last quarter. This quarter, the position was increased by ~280% at prices between $33.60 and $41.68. The stake is now at 1.05% of the US long portfolio. The stock currently trades near the low-end of that range at $35.44.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at 2.08%. The original position was increased by ~47% in Q2 2013 at prices between $23.42 and $35.06. Last quarter saw a 27% reduction at prices between $21.36 and $27.32. This quarter, the pattern reversed: ~35% increase at prices between $16.59 and $21.94. The stock currently trades at $21.26. Einhorn also has a large holding in physical gold.Micron Technology (MU): MU is Einhorn’s largest 13F position at 14.54% of the US long portfolio. The original stake was purchased in Q4 2013 at an average cost-basis of $16.49. Q1 2014 saw an 8% trimming at prices between $20.67 and $25.49 and the following quarter saw an additional 8% trimming at prices between $21 and $32.50. Last quarter, almost 25% of the position was sold at prices between $29.68 and $34.64. This quarter saw a marginal increase. The stock currently trades at $31.85. Einhorn has started to opportunistically realize large gains from this position.Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. In Q2 2014, the stake was increased by around 79% at prices between $16.74 and $22.87. This quarter saw a ~18% increase at prices between $14.30 and $22.86. The stock currently trades at $21.45. SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July 2014. SUNE is currently Greenlight’s third-largest 13F position at 6.47% of the US long portfolio and they control 9.2% of the business.Voya Financial (VOYA) previously ING US: The 3.12% VOYA position was established in Q2 2013 at an average cost-basis of $20.29. This quarter saw a 37% increase at prices between $35.23 and $43.07. The stock currently trades at $43.19. The activity indicates a clear bullish bias.Consol Energy (CNX): CNX is a 5.96% stake purchased last quarter at prices between $36.53 and $46.07. This quarter, the position was increased by over 170% at prices between $32.13 and $41.61. It is now a top-five holding and the stock currently trades at $33.60. The substantial stake build-up indicates a clear bullish bias. Einhorn controls 5.8% of the business.Aecom Technology (ACM), Citizens Financial Group (CFG) & ON Semiconductor (ONNN): These are medium-sized (more than ~2% of the portfolio each) positions established last quarter and substantially increased this quarter. ACM is a 2.69% stake purchased at prices between $31.66 and $38.13 and more than doubled this quarter at prices between $28.12 and $33.91. The stock currently trades below those ranges at $27.79. CFG is a 3.34% position established at an average-cost-basis of $22.01 and the stock currently trades at $25.45. It is a carve-out from Royal Bank of Scotland (RBS) that debut on 9/23/2014. ONNN is a 2.39% position established at prices between $8.34 and $9.91 and increased by ~18% this quarter at prices between $6.94 and $10.22. The stock currently trades outside those ranges at $11.94. The substantial stake build-ups represent a bullish bias toward these businesses.Stake Decreases:Aetna Inc. (AET): AET was a top-five position as of Q3 2013. Q4 2013 & Q1 2014 together saw a ~50% stake reduction at prices between $60.75 and $76. Last quarter, the pattern continued with a ~7% decrease at prices between $75 and $85 and this quarter saw a further ~56% reduction at prices between $73.43 and $90.84. The original position was established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $96.12 and the remaining position is at 1.59% of the US long portfolio.Amdocs (DOX): The very small 0.81% DOX position was established in Q2 2013 at prices between $34 and $37. It was increased by just over 50% in Q4 2013 at prices between $40 and $45. This quarter saw a ~43% reduction at prices between $44.43 and $48.75. The stock currently trades at $51.15.Apple Inc. (AAPL): AAPL position was first purchased in the low-40s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $82 and $100 but upped by 45% in Q4 2012 at prices between $72 and $96. In Q1 2013, the position was again increased by around 50% at prices between $60 and $78 and had since been kept steady. Q1 2014 saw a ~13% stake reduction at prices between $71 and $80 and that was followed by a 35% reduction last quarter at prices between $74 and $94. Last two quarters have seen minor selling at prices between $96.26 and $119. The stock currently trades at around $127. Einhorn is starting to realize large long-term gains from this position. The remaining stake is currently his second-largest position.Lam Research (LRCX): LRCX is a 2.62% of the US long portfolio position first purchased in Q1 2014 and more than doubled the following quarter. Greenlight’s overall cost-basis is $54.07 and the stock currently trades at $82.21. This quarter saw minor selling. The buy thesis boils down to foreseeing excess demand for Lam’s etchers and deposition tools.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.78% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership. This quarter saw a very minor reduction.Marvell Technology Group (MRVL): MRVL is a top-five position at 4.77% of the US long portfolio. It was first purchased in Q3 2011. Einhorn’s average cost-basis in MRVL is around $11. The stock currently trades at $16.59. Last quarter saw a one-third stake reduction at prices between $12.80 and $14.64 and this quarter saw minor additional selling. Greenlight still controls 4.8% of the business. The significant selling in a long-term position indicates a bearish bias.Oil States International (OIS): OIS was a fairly large stake established in Q1 2013 at an average purchase price of $77.16. This quarter, the position was almost eliminated at prices between $42.42 and $61.90. The stock currently trades at $41.83. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. The business was spun-off as Civeo Corporation in May 2014.NOTE: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of CVEO from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Spirit Aerosystems (SPR): SPR is a 1.26% position that had seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% in Q4 2013 at prices between $21.50 and $26 and another 20% in Q1 2014 at prices between $26.51 and $35.89. Last quarter the pattern reversed as the stake was reduced by 29% at prices between $32.57 and $39.73 and this quarter saw minor additional selling. The stock currently trades at $49.35.Time Inc. (TIME): Time Warner (TWX) spun-off Time Inc. (magazine publisher subsidiary) in June 2014. Greenlight established a 1.13% stake in Q2 2014 at prices between $20.85 and $24.43. Last quarter saw an almost one-third increase at prices between $22.59 and $25.62. This quarter, the pattern reversed as the position was reduced by ~11% at prices between $19.41 and $24.98. The stock currently trades at $24.84 and the stake is at 1.28%.Kept Steady:Conn’s Inc. (CONN): CONN is a 0.89% of the US long portfolio position established in Q1 2014 at an average purchase price of $35.49. Q2 2014 saw a 6% stake increase at prices between $38.59 and $49.87. The stock currently trades below his purchase price ranges at $24.69. The specialty retailer fell ~50% in February 2014 after announcing increased credit losses. Einhorn purchased the shares on the thesis that the market has over-reacted. He currently controls 9.8% of the business. For investors attempting to follow Einhorn, CONN is a good option to consider for further research.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was substantially increased at prices between $43.50 and $51.50. Q1 2014 saw an about-turn as the position was reduced by 28% at prices between $65 and $80. In Q2 2014, the pattern reversed again: 36% stake increase at prices between $62 and $72.59. Last quarter, the position was increased by 60% at prices between $63.80 and $72.96. The stock currently trades at $64.60 and the stake is at 2.42% of the US long portfolio. The large stake build-up over several quarters indicates a bullish bias.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was increased by ~15% in Q1 2014 at prices between $16.88 and $22.26 and the stock currently trades at $28.40. The stake is at 1.75% of the US long portfolio and Einhorn controls 5.6% of the business.Nokia Corporation (NOK), & NorthStar Asset Management (NSAM): These are small (less than ~2% of the portfolio each) positions established last quarter and kept steady this quarter. The 0.82% NOK position was established at prices between $7.40 and $8.66 and the stock currently trades at $8.02. The 1.36% NSAM position was established as a result of the spin-off of NSAM from NorthStar Realty Finance that was completed in July. NSAM currently trades at $22.02 compared to an IPO price of $18.80.Other very small positions (less than 0.5% of the US long portfolio) include California Resources Corp. (CRC), FCB Financial Holdings (FCB), Fifth Street Asset Management (FSAM), Green Dot Corporation (GDOT), Kapstone Paper & Packaging (KS), and Vodafone Group (VOD). Greenlight controls 9.98% of FSAM.Per Greenlight’s Q4 2014 letter, the top disclosed long positions in the partnership are Apple, Consol Energy, gold, Marvell Technology, Micron Technology and SunEdison. Alpha Bank (ALBKY) and Resona Holdings (RSNHF) are no longer in the top-five. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).Note: Einhorn has disclosed that Greenlight had oil hedges in place and that helped mitigate the losses in Anadarko, BP, McDermott (MDR), and National Oilwell Varco.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2014:"
"Tracking David Einhorn’s Portfolio – Q3 2014 Update"	"David Einhorn's US long portfolio decreased marginally from $7.18B to $6.93B this quarter.Greenlight's long/short ratio is at 114% long and 75% short compared to 115% long and 71% short last quarter.Greenlight substantially increased medium-sized stakes in IAC Interactive and National Oilwell Varco while reducing the large positions in Micron Technology, Marvell Technology, and Cigna Corporation.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2014. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2014.Greenlight Capital’s US long portfolio stood at $6.93B this quarter. It is down 3.43% compared to $7.18B as of last quarter: the long/short ratio shifted only modestly during the quarter - 114% long and 75% short as of Q2 2014 compared to 115% long and 71% short as of Q2 2014. The top five holdings represent around 42% of the US long portfolio, down compared to almost 50% as of last quarter as all five positions were reduced in the quarter. The number of individual stock positions increased from 41 to 46. 38 of them are fairly large (greater than 0.5% of the portfolio each) and they are the focus of this article.Einhorn’s Q3 2014 letter reported that the fund returned 2.2% YTD - in a constantly rising bull-market, the fund is not expected to keep pace with the market, but the long-term performance of his absolute-returns strategy speaks for itself: over 19% annualized returns (net of fees and expenses) since inception in 1996. The letter disclosed exiting the long-standing short position in Keurig Green Mountain (GMCR) at a loss - entry average was $47.59 and exit average was $67.02To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Citizens Financial Group (CFG), Consol Energy (CNX), & ON Semiconductor (ONNN): These are medium-sized (more than ~2% of the portfolio each) positions established this quarter. CFG is a 2.70% position established at around $23 and the stock currently trades at $23.88. It is a carve-out from Royal Bank of Scotland (RBS) that debut on 9/23/2014. CNX is a 2.66% stake purchased at prices between $36.53 and $46.07 and the stock currently trades at $40.61. ONNN is a 1.93% position established at prices between $8.34 and $9.91 and the stock currently trades at $8.52. The substantial stake establishments represent a bullish bias toward these businesses.Aecom Technology (ACM), Nokia Corporation (NOK), & NorthStar Asset Management (NSAM): These are small (between ~1% and ~2% of the portfolio each) positions established this quarter. ACM is a 1.48% stake purchased at prices between $31.66 and $38.13 and the stock currently trades at $32.40. The 0.96% NOK position was established at prices between $7.40 and $8.66 and the stock currently trades at $7.93. The 1.21% NSAM position was established as a result of the spin-off of NSAM from NorthStar Realty Finance that was completed in July.Synchrony Financial (SYF) & Interpublic Group (IPG): SYF & IPG are very small 0.75% & 0.64% of the US long portfolio positions respectively established this quarter. SYF purchase was at prices between $23 and $26 and the stock currently trades at $28.95. It is a private-label credit card issuer spun-off from General Electric (GE) at the end of July. IPG stake was established at prices between $18 and $20.54 and the stock currently trades at $19.84.Stake Disposals:Computer Sciences Corporation (CSC): Einhorn purchased an initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The original stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68. The last six quarters saw a combined stake reduction of ~70% at prices between $44 and $64. This quarter, the remaining ~2% of the US long portfolio position was sold at prices between $56.63 and $65. The stock currently trades at $62.02. The average entry and exit prices were $27.89 and $51.04 respectively. Greenlight harvested long-term gains from this position.Northstar Realty Financial Corporation (NRF): NRF was a 1.10% position established last quarter at prices between $14.40 and $17.30. It was exited this quarter at prices between $16 and $19. The stock currently trades at $18.18. After the split-off of NSAM from NRF, Einhorn chose to keep NSAM and dispose of NRF.Tempur Sealy International (TPX): TPX was a 1.50% position established in Q3 2013 at prices between $36 and $47 and increased by ~57% in Q4 2013 at prices between $38 and $51. It was exited this quarter at prices between $54.28 and $61.34. The stock currently trades at $54.30. The average entry and exit prices were $39.81 and $59.46 respectively.Stake Increases:American Capital Agency (AGNC): The 1.74% AGNC stake was first purchased in Q1 2014 at prices between $19.29 and $22.66. It was increased by 8.59% this quarter at prices between $21.25 and $23.69 and the stock currently trades at $23.12.BP PLC (BP): BP is a 1.31% of the US long portfolio position purchased in Q4 2013 at an average cost-basis of $47.39. The position was increased by just over 50% in Q1 2014 at prices between $46 and $51 and that was followed with a ~40% increase this quarter at prices between $43.95 and $53.38. The stock currently trades at $41.19.Chemtura Corporation (CHMT): CHMT is a 1.33% position established last quarter at prices between $22.14 and $26.09 and increased by over one-third this quarter at prices between $23.26 and $26.44. The stock currently trades at $23.25.Conn’s Inc. (CONN): CONN is a 1.56% of the US long portfolio position established in Q1 2014 at an average purchase price of $35.49. Last quarter saw a 6% stake increase at prices between $38.59 and $49.87 and this quarter saw a marginal increase. The stock currently trades below his purchase price ranges at $32.50. The specialty retailer fell ~50% in February after announcing increased credit losses. Einhorn purchased the shares on the thesis that the market has over-reacted. For investors attempting to follow Einhorn, CONN is a good option to consider for further research.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was substantially increased to a 1.74% position at prices between $43.50 and $51.50. Q1 2014 saw an about-turn as the position was reduced by 28% at prices between $65 and $80. Last quarter, the pattern reversed: 36% stake increase at prices between $62 and $72.59. This quarter, the position was increased by 60% to a fairly large 2.85% stake at prices between $63.80 and $72.96. The stock currently trades at $64.56. The large stake build-up in the last two quarters indicates a bullish bias.National-Oilwell Varco (NOV): NOV is a 2.44% of the US long portfolio position first purchased in Q1 2014 at prices between $73 and $80. Last quarter, the position was increased by around 42% at prices between $77 and $84 and this quarter saw a further ~27% increase at prices between $76.10 and $86.43. The stock currently trades at $72.05.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s Now Inc. (DNOW) spinoff in May 2014. The terms called for NOV shareholders to receive one share of DNOW for every four shares of NOV held. It is interesting that Einhorn chose to liquidate DNOW while increasing NOV substantially.Time Inc. (TIME): Time Warner (TWX) spun-off Time Inc. (magazine publisher subsidiary) in June 2014. Greenlight established a 1.13% stake last quarter at prices between $20.85 and $24.43. This quarter saw an almost one-third increase at prices between $22.59 and $25.62. The stock currently trades at $22.50 and the current stake is at 1.49%.Stake Decreases:Aetna Inc. (AET): AET was a top-five position as of Q3 2013. Q4 2013 & Q1 2014 together saw a ~50% stake reduction at prices between $60.75 and $76. This quarter, the pattern continued with a ~7% decrease at prices between $75 and $85. The original position was established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $87.16 and the remaining position is still very substantial at 3.52% of the US long portfolio.Apple Inc. (AAPL): AAPL position was first purchased in the low-40s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $82 and $100 but upped by 45% in Q4 2012 at prices between $72 and $96. In Q1 2013, the position was again increased by around 50% at prices between $60 and $78 and had since been kept steady. Q1 2014 saw a ~13% stake reduction at prices between $71 and $80 and that was followed by a 35% reduction last quarter at prices between $74 and $94. This quarter saw marginal selling at prices between $92.93 and $103. The stock currently trades at $115. Einhorn is starting to realize large long-term gains from this position.Babcock & Wilcox (BWC): BWC is a 0.53% of the US long portfolio position first purchased in Q3 & Q4 2012 at prices between $23.37 and $27. Last quarter, the stake was reduced by ~60% at prices between $31.89 and $35.49 and this quarter saw an additional ~11% selling at prices between $27.69 and $33.43. The stock currently trades at $29.98. The substantial selling indicates a bearish bias.Cigna Corporation (CI): CI was a top-five position but has seen significant stake reductions in the last year: Q4 2013 saw a ~10% trimming at prices between $73 and $88 and Q2 2013 saw a ~40% stake reduction at prices between $62.50 and $72.50. The original position was established in Q2 2012 at prices between $43 and $50. Last quarter saw another 26% stake reduction at prices between $75.64 and $92.11 and this quarter the pattern continued with a one-third reduction at prices between $88.75 and $96.80. The stock currently trades at $104 and the remaining stake is at 2.71%. Einhorn is harvesting large long-term gains from this position.EMC Corporation (EMC): The original position in EMC was established in Q4 2013 at around $24 per share. It was doubled in Q1 2014 at prices between $23.66 and $28.18. This quarter saw minor selling and the stake currently stands at 2.44% with the stock trading at $30.39. The average cost-basis is at $25.79.Market Vectors Gold Miner ETF (GDX): GDX stake is currently at 1.95%. The original position was increased by ~47% in Q2 2013 at prices between $23.42 and $35.06. This quarter saw a 27% reduction at prices between $21.36 and $27.32. The stock currently trades at $20.33. Einhorn also has previously disclosed a large holding in physical gold.Marvell Technology Group (MRVL): MRVL is a top-five position at 5.13% of the US long portfolio. It was first purchased in Q3 2011. Einhorn’s average cost-basis on MRVL is around $11. The stock currently trades at $13.48. This quarter saw a one-third stake reduction at prices between $12.80 and $14.64. The significant selling of a long-term position indicates a bearish bias.McDermott Intl. (MDR): MDR stake was increased by ~80% in Q1 2014 at prices between $7.37 and $9.18 but was reduced by 23% last quarter at prices between $6.73 and $8.35. This quarter, ~75% of the remaining position was sold at prices between $5.72 and $8.09. The stock currently trades at $4.27 and the remaining stake is minutely small at 0.23%. The original position was established in Q4 2013 at prices between $6.93 and $9.16.Micron Technology (MU): MU is Einhorn’s largest 13F position at 15.06% of the US long portfolio. The original stake was purchased in Q4 2013 at an average cost-basis of $16.49. Q1 2014 saw an 8% trimming at prices between $20.67 and $25.49 and last quarter saw an additional 8% trimming at prices between $21 and $32.50. This quarter, almost 25% of the remaining position was sold at prices between $29.68 and $34.64. The stock currently trades at $32.87. Einhorn is realizing large short-term gains from this position.Oil States International (OIS): OIS is a 2.41% of the US long portfolio stake established in Q1 2013 at an average purchase price of $77.16. This quarter saw minor selling. The stock currently trades at $54.92. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. The business was spun-off as Civeo Corporation in May.NOTE: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of CVEO from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Spirit Aerosystems (SPR): SPR is a 1.26% position that had seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% in Q4 2013 at prices between $21.50 and $26 and another 20% in Q1 2014 at prices between $26.51 and $35.89. This quarter the pattern reversed as the stake was reduced by 29% at prices between $32.57 and $39.73. The stock currently trades at $41.78.Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position in Q1 2014 at an average entry price of $15.55. Last quarter, the stake was increased by around 79% at prices between $16.74 and $22.87. This quarter saw very minor selling. The stock currently trades at $21.48. SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was increased by ~15% in Q1 2014 at prices between $16.88 and $22.26 and the stock currently trades at $27.03. This quarter saw a very small decrease. The stake is at 1.49% of the US long portfolio.Kept Steady:AerCap Holdings N.V. (AER): AER is a small 1.31% position established last quarter at prices between $38.91 and $48.14 and it currently trades at $43.22.Amdocs (DOX): The 1.52% DOX position was established in Q2 2013 at prices between $34 and $37. It was increased by just over 50% in Q4 2013 at prices between $40 and $45. The stock currently trades at $47.41.Anadarko Petroleum (APC): APC is a 1.70% of the US long portfolio position purchased in Q4 2013 at an average cost-basis of $78.55. It was increased by ~22% in Q1 2014 at prices between $78 and $87. Half the stake was disposed of last quarter at prices between $85 and $112. The stock currently trades at around $89.39.Civeo Corporation (CVEO): CVEO is a 1.03% of the US long portfolio position established last quarter as a result of its spin-off from Oil States International. Einhorn held 2.75M shares of Oil States and per the spin-off terms received 5.5M shares (2:1 ratio). It is interesting that Einhorn has added to the position as the share count is at 6.15M shares. CVEO started trading in May at $22.80 and the stock is currently at $10.24. On October 9th, Greenlight reported a significant stake increase in CVEO through a 13D .Einstein Noah (BAGL): BAGL is a very long-term holding that was kept steady from 2009 to Q2 2013. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. Q4 2013 saw another ~27% stake reduction at prices between $14.50 and $18.11. The remaining position was at 1.96% of the US long portfolio (~6.7M shares) as of Q3 2014. On November 5, 2014, the shares were tendered at $20.25 following the acquisition offer from JAB Holding.Lam Research (LRCX): LRCX is a 2.85% of the US long portfolio position first purchased in Q1 2014 and more than doubled last quarter. Greenlight’s overall cost-basis is $54.07 and the stock currently trades at $79.29. The buy thesis boils down to foreseeing excess demand for Lam’s etchers and deposition tools going forward.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.61% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership. In Q1 2014, the net position remained steady although the LBTYA position was reduced and LBTYK increased (after stock splits in March 2014).URS Corporation (URS): The 1.59% URS stake established in Q2 2013 at prices between $43 and $50 was increased by ~16% in Q4 2013 at prices between $50 and $55. Q1 2014 saw a ~50% stake increase at prices between $42.51 and $53.28. The stock currently trades at $54.20.Voya Financial (VOYA) previously ING US: The 2.28% VOYA position was established in Q2 2013 at an average cost-basis of $20.29. Q1 2014 saw a ~5% trimming at prices between $33 and $37. The stock currently trades at $41.59.Other very small positions (less than 0.5% of the US long portfolio) include Biofuel Energy (BIOF), Colony Financial Inc. (CLNY), FCB Financial Holdings (FCB), Fifth Street Finance (FSC), Intrexon Corporation (XON), Kennametal Inc. (KMT), Talmer Bancorp (TLMR), and Vodafone Group (VOD).Per Greenlight’s Q3 2014 letter, the top disclosed long positions in the partnership are Alpha Bank (ALBKY), Apple, Gold, Marvell Technology, Micron Technology, Resona Holdings (RSNHF), and Sunedison. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q3 2014:: 1) YTD performance is 2.2% as of Q3 2014, 2) Added to “bubble basket” - includes AMZN short, 3) X, MNK, and CVEO are the material losers in the quarter, 4) CNX & EMC - new medium sized positions - CNX entry at $38.88 and EMC entry at $25.79, 5) Keurig Green Mountain short exit - primary thesis about losing monopoly was wrong - entry average was $47.59 and exit average was $67.02, 6) OTHER EXITS: CSC long - entry at $27.89 and exit at $51.04, Tempur Sealy Intl long - entry at $39.81 and exit at $59.46, Also exited following shorts: Bell Alliant, Galencia AG, Joy Global, Lululemon Athletica, and Under Armor. LARGEST DISCLOSED POSITIONS: Alpha Bank, Apple, Gold, Marvell Technology, Micron Technology, Resona Holdings, and Sunedison, LONG/SHORT ratio: 114% long and 75% short."
"Tracking David Einhorn’s Portfolio – Q2 2014 Update"	"David Einhorn's US long portfolio stood at $7.18 this quarter, up 5% compared to $6.83B as of last quarter.Greenlight's long/short ratio remained almost steady at 115% long and 71% short.Greenlight substantially increased Sunedison Inc. and Lam Research positions while reducing Apple and Cigna.This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2014. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2014.Greenlight Capital’s US long portfolio stood at $7.18B this quarter. It is up about 5% compared to $6.83B as of last quarter: the long/short ratio shifted only marginally during the quarter - 115% long and 71% short as of Q2 2014 compared to 120% long and 71% short as of Q1 2014. The number of holdings in the portfolio remained steady at 41. The top five holdings represent close to 50% of the US long portfolio.Einhorn’s Q2 2014 letter reported that the fund returned 7.9% in Q1 2014 and 6.4% in H1 2014 - it returned 19.1% in 2013 net-of-fees - in a constantly rising bull-market, the fund is not expected to keep pace with the market, but the long-term performance of his absolute-returns strategy speaks for itself: 19.5% annualized returns (net of fees and expenses) since inception in 1996. To learn about David Einhorn and the perils of shorting, check-out his “”. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).New Stakes:AerCap Holdings N.V. (AER), Chemtura Corporation (CHMT), & Northstar Realty Financial Corporation (NRF): These three are small positions (less than 2% of the US long portfolio each) established this quarter. AER is a 1.42% position established at prices between $38.91 and $48.14 and it currently trades at $47.05. CHMT is a 1.06% position established at prices between $22.14 and $26.09 and it currently trades at $24.43. NRF is a 1.10% position established at prices between $14.40 and $17.30 and it currently trades at $18.05 (adjusted for 2-for-1 split in July).Civeo Corporation (CVEO): CVEO is a 2.15% of the US long portfolio position established this quarter as a result of its spin-off from Oil States International. Einhorn held 2.75M shares of Oil States and per the spin-off terms received 5.5M shares (2:1 ratio). It is interesting that Einhorn has added to the position as the share count now is at 6.15M shares. CVEO started trading in May at $22.80 and the stock is currently at $24.52.Time Inc. (TIME): Time Warner (TWX) spun-off Time Inc. (magazine publisher subsidiary) in June 2014. Greenlight established a 1.13% stake at prices between $20.85 and $24.43 and the stock currently trades at $23.82.Stake Disposals:Lorillard Inc. (LO) PUTS: LO PUTS were a brand new short position established last quarter when the share price varied between $47.31 and $55.26. It was disposed of this quarter when the share price varied between $52 and $65. The stock currently trades at $60.55. The nominal value of the stake was at ~1% of the US long portfolio. Although these puts were sold out this quarter, Einhorn is also known to have a direct short position in Lorillard. On July 15, 2014, Reynolds American announced plans to acquire Lorillard at $68.88 per share.Rite Aid Corporation (RAD): RAD was a 0.51% of the US long portfolio position eliminated this quarter. The original ~1% position (just over 20M shares) was established in Q2 2013 and was sold at progressively higher prices every quarter. All told, Einhorn disclosed in the Q2 2014 investor letter that his compounded return on RAD was +215%.Stake Increases:Conn’s Inc. (CONN): CONN is a 2.41 % of the US long portfolio position established last quarter at an average purchase price of $35.49. This quarter saw a 6% stake increase at prices between $38.59 and $49.87. The stock currently trades at $41.02. The specialty retailer fell ~50% in February after announcing increased credit losses. Einhorn purchased the shares on the thesis that the market has over-reacted. For investors attempting to follow Einhorn, CONN is a good option to consider for further research.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was substantially increased to a 1.74% position at prices between $43.50 and $51.50. Last quarter saw an about-turn as the position was reduced by 28% at prices between $65 and $80. This quarter, the pattern reversed: 36% stake increase at prices between $62 and $72.59. The stock currently trades at $67.39 and accounts for 1.81% of the US long portfolio.Lam Research (LRCX): LRCX is a 2.49% of the US long portfolio position first purchased last quarter and more than doubled this quarter. His overall cost-basis is $54.07 and the stock currently trades at $69.65. The buy thesis boils down to foreseeing excess demand for Lam’s etchers and deposition tools going forward.Marvell Technology Group (MRVL): MRVL is a top-three position at 7.90% of the US long portfolio that was first purchased in Q3 2011. Einhorn’s average cost-basis on MRVL is around $11. The stock currently trades at $13.33. This quarter saw a marginal stake increase. Einhorn continues to stay bullish on MRVL.National-Oilwell Varco (NOV): NOV is a 2.01% of the US long portfolio position first purchased last quarter at prices between $73 and $80. This quarter, the position was increased by around 42% at prices between $77 and $84 and the stock currently trades at $82.11.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s Now Inc. (DNOW) spinoff in May 2014. The terms called for NOV shareholders to receive one share of DNOW for every four shares of NOV held. It is interesting that Einhorn chose to liquidate DNOW while increasing NOV substantially.Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established in Q4 2013 was increased to a fairly large 3.34% position last quarter at an average entry price of $15.55. This quarter, the position was increased by around 79% at prices between $16.74 and $22.87. The stock currently trades at $21.34. SUNE completed the IPO of its yield-co TerraForm Power (TERP) in July.Stake Decreases:Anadarko Petroleum (APC): APC is a 1.70% of the US long portfolio position purchased in Q4 2013 at an average cost-basis of $78.55. It was increased by ~22% last quarter at prices between $78 and $87. Half the position was disposed of this quarter at prices between $85 and $112. The stock currently trades at around $108. Einhorn is harvesting substantial short-term gains from this position.Apple Inc. (AAPL) and CALLs: AAPL position was first purchased in the low-40s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $82 and $100 but upped by 45% in Q4 2012 at prices between $72 and $96. In Q1 2013, the position was again increased by around 50% at prices between $60 and $78 and had since been kept steady. Last quarter saw a ~13% stake reduction at prices between $71 and $80 and that was followed by a 35% reduction this quarter at prices between $74 and $94. The stock currently trades at $97.98. Einhorn is starting to realize large long-term gains from this position.Babcock & Wilcox (BWC): BWC is a 0.67% of the US long portfolio position first purchased in Q3 & Q4 2012 at prices between $23.37 and $27. This quarter, the stake was reduced by ~60% at prices between $31.89 and $35.49. The stock currently trades at $28.54. The substantial selling indicates a bearish bias.Chico’s FAS (CHS): CHS is still a very small stake at 0.44% of the US long portfolio. It was first purchased in Q4 2013 and substantially increased the next quarter. This quarter, the positon was reduced by 27%. The quick turn-around indicates a bearish bias. The stock has lost ~10% over the last year.Cigna Corporation (CI): CI was a top-five position but has seen significant stake reductions in the last year: Q4 2013 saw a ~10% trimming at prices between $73 and $88 and Q2 2013 saw a ~40% stake reduction at prices between $62.50 and $72.50. The original position was established in Q2 2012 at prices between $43 and $50. This quarter saw another 26% stake reduction at prices between $75.64 and $92.11. The stock currently trades at $92.56. Einhorn is harvesting large long-term gains from this position.Computer Sciences Corporation (CSC): Einhorn purchased an initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The original stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68. The last six quarters saw a combined stake reduction of ~70% at prices between $44 and $64. The stock currently trades at $58.82. The remaining position is still significant at just over 2% of the portfolio.Intrexon Corporation (XON): XON is a very small position at 0.13% of the portfolio. The original 1% position was purchased in Q3 2013 at prices between $21 and $28. The position was almost eliminated over the last two quarters at prices between $15.30 and $26.29. The stock currently trades at $21.64.McDermott Intl. (MDR): MDR stake was increased by ~80% last quarter at prices between $7.37 and $9.18 but was reduced by 23% this quarter at prices between $6.73 and $8.35. The stock currently trades at $7.40. The original position was established in Q4 2013 at prices between $6.93 and $9.16.Micron Technology (MU): MU stake was purchased in Q4 2013 at an average cost-basis of $16.49. Last quarter saw an 8% trimming at prices between $20.67 and $25.49 and this quarter saw an additional 8% trimming at prices between $21 and $32.50. The stock currently trades at $31.49. Einhorn is starting to realize large short-term gains from this position.Kept Steady:Aetna Inc. (AET): AET was a top-five position as of Q3 2013. In Q4 2013, the position was reduced by ~23% at prices between $60.75 and $69. Last quarter saw a 25% stake reduction at prices between $65 and $76 and the position currently stands at a still significant 3.64% of the US long portfolio. The original position was established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $77.72.Amdocs (DOX): The 1.49% DOX position was established in Q2 2013 at prices between $34 and $37. It was increased by just over 50% in Q4 2013 at prices between $40 and $45. The stock currently trades at $45.42American Capital Agency (AGNC): The 1.71% AGNC stake was purchased last quarter at prices between $19.29 and $22.66 and the stock currently trades at $23.42.BP PLC (BP): BP is a 1.09% of the US long portfolio position purchased in Q4 2013 at an average cost-basis of $47.39. The position was increased by just over 50% last quarter at prices between $46 and $51. The stock currently trades at $47.39.EMC Corporation (EMC): The original position in EMC was established in Q4 2013 at around $24 per share. It was doubled last quarter at prices between $23.66 and $28.18. The stake currently stands at 2.17% and the stock is trading at $29.73.Einstein Noah (BAGL): BAGL is a very long-term holding that was kept steady from 2009 to Q2 2013. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. Q4 2013 saw another ~27% stake reduction at prices between $14.50 and $18.11. The remaining position accounts for 1.51% of the US long portfolio. The stock currently trades at $14.31.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.60% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership. Last quarter, the net position remained steady although the LBTYA position was reduced and LBTYK increased (after stock splits in March 2014).Market Vectors Gold Miner ETF (GDX): The 3.06% GDX position was increased by ~47% to a 4.04% position in Q2 2013 at prices between $23.42 and $35.06. The stock currently trades at $26.82. Einhorn also has previously disclosed a large holding in physical gold.Oil States International (OIS): OIS is a 2.46% of the US long portfolio stake established in Q1 2013 at an average purchase price of $77.16. The stock currently trades at $61.92. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. The business was spun-off as Civeo Corporation in May.NOTE: The performance implied by the quoted prices above understates the actual performance due to the effect of the spin-off of CVEO from OIS. The spin-off terms called for OIS shareholders to receive two shares of CVEO for every share of OIS held.Spirit Aerosystems (SPR): SPR is a 1.52% position that has seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% in Q4 2013 at prices between $21.50 and $26 and another 20% last quarter at prices between $26.51 and $35.89. It was kept steady this quarter. The stock currently trades at $36.47. The activity indicates a clear bullish bias.Take-Two Interactive (TTWO): TTWO was first purchased in Q4 2013 at prices between $18.81 and $22.38. The position was increased by ~15% last quarter at prices between $16.88 and $22.26 and the stock currently trades at $21.70. The stake is at 1.58% of the portfolio.Tempur Sealy International (TPX): TPX is a 1.50% position established in Q3 2013 at prices between $36 and $47 and increased by ~57% in Q4 2013 at prices between $38 and $51. The stock currently trades at $58.22.URS Corporation (URS): The 1.35% URS stake established in Q2 2013 at prices between $43 and $50 was increased by ~16% in Q4 2013 at prices between $50 and $55. Last quarter saw a ~50% stake increase at prices between $42.51 and $53.28. The stock currently trades at $59.42.Voya Financial (VOYA) previously ING US: The 2.05% VOYA position was established in Q2 2013 at an average cost-basis of $20.29. Last quarter saw a ~5% trimming at prices between $33 and $37. The stock currently trades at $38.01.Other very small positions (less than 0.5% of the US long portfolio) include Biofuel Energy (BIOF), DSW Inc. (DSW), Fifth Street Finance (FSC), Talmer Bancorp (TLMR), and Vodafone Group (VOD).Per Greenlight’s Q2 2014 letter, their short portfolio was affected negatively due to what they believe are imprudent acquisition activities. The short positions mentioned are Safeway (SWY) which is getting acquired by Albertson’s, Martin Marietta Materials (MLM) which is acquiring Texas Industries (TXI), Lorillard (LO) which is getting acquired by Reynolds American (RAI), and Questcor Pharmaceuticals (QCOR) which is getting acquired by Mallinckrodt Pharmaceuticals (MNK).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q2 2014:"
"Tracking David Einhorn’s Portfolio – Q1 2014 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/16/2014. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2013.Greenlight Capital’s US long portfolio stood at $6.68B this quarter. It is down about 8% compared to $7.29B as of last quarter: the long/short ratio shifted only marginally during the quarter - 120% long and 71% short as of Q1 2014 compared to 125% long and 70% short as of Q4 2013. The number of holdings in the portfolio increased from 38 to 41. The top five holdings represent ~51% of the US long portfolio compared to the ~56% as of last quarter.Einhorn’s Q1 2014 letter reported that the fund returned (1.5%) in Q1 2014 - it returned 19.1% in 2013 net-of-fees - in a constantly rising bull-market, the fund is not expected to keep pace with the market, but the long-term performance of his absolute-returns strategy speaks for itself: 19.5% annualized returns (net of fees and expenses) since inception in 1996. To learn about David Einhorn and the perils of shorting, check-out his “”. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE).New Stakes:Conn’s Inc. (CONN): CONN is a 1.92% of the US long portfolio position established this quarter at an average purchase price of $35.49. The stock currently trades at $42.11. The specialty retailer fell ~50% in February after announcing increased credit losses. Einhorn purchased the shares on the thesis that the market has over-reacted. For investors attempting to follow Einhorn, CONN is a good option to consider for further research.American Capital Agency (AGNC), National-Oilwell Varco (NOV), & Lam Research (LRCX): These are 1 to 2% of the US long portfolio positions established this quarter. The 1.69% AGNC stake was purchased at prices between $19.29 and $22.66 and the stock currently trades at $23.19. NOV is a 1.43% of the US long portfolio position purchased at prices between $73 and $80 compared to the current price of $81.63. LRCX is a smaller 1% stake purchased at prices between $48.58 and $56.59 and the stock currently trades at $58.52.Lorillard Inc. (LO) PUTS: LO PUTS are a brand new short position established this quarter when the share price varied between $47.31 and $55.26. The stock currently trades at $57.61. The nominal value of the stake is at ~1% of the US long portfolio.Stake Disposals:General Motors Company (GM): GM was Greenlight’s third-largest position at 9.55% of the US long portfolio as of last quarter. The stake was disposed of this quarter at an average exit price of $35.76 compared to an average entry price of $23.87. The stock currently trades at $34. Greenlight expected 2014 to be a break-out earnings year but the guidance disappointed and that resulted in the exit decision.NCR Corporation (NCR): NCR was a 1.71% position as of last quarter. It was reduced by half last quarter at prices between $32 and $41.56. Q3 2013 also saw a ~20% stake reduction at prices between $32.90 and $40. The stock currently trades at $32.26. NCR was first purchased in 2010 at much lower prices and Einhorn harvested the long-term gains. He has disclosed that his average entry price on NCR was $14.85 compared to an average exit price of $30.56 for an IRR of 32% between 2010 and 2013.Delphi Automotive PLC (DLPH): DLPH was a 1.98% of the US long portfolio stake that was established in 2011 prior to the IPO. It was reduced by 25% in Q1 2013 at prices between $37.50 and $44.50. In Q2 2013, it was reduced again by another 45% at prices between $40.94 and $52.09. Last quarter saw a ~28% stake reduction at prices between $54 and $60 before the stake elimination this quarter. The stock currently trades at $66. Greenlight’s DLPH performance disclosure indicates that his average entry price was $20.18 and the average exit price was $50.28.DST SYS INC (DST) and Legg Mason Inc. (LM): These are small positions (less than ~1.5% of the US long portfolio each) that were reduced last quarter and eliminated this quarter. On DST, Einhorn has disclosed that his average entry price was $51.52 and average exit price was $84.08. He also indicated that the exit decision was based on the fact that the share price had reached his sum of the parts valuation number.Stake Increases:Sunedison Inc. (SUNE): The very small 0.23% of the US long portfolio position in SUNE established last quarter was increased to a fairly large 3.34% position this quarter at an average entry price of $15.55. SUNE is expected to spin-off its semiconductor business in an IPO this month. Greenlight’s buy thesis is based on their expectation that the profitable solar projects business would also be spun off later this year in an IPO - his sum-of-parts valuation for SUNE is at ~$35 per share compared to the current price of $17.30.Anadarko Petroleum (APC) & BP PLC (BP): APC is a 2.83% of the US long portfolio position purchased last quarter at an average cost-basis of $78.55. It was increased by ~22% this quarter at prices between $78 and $87. The stock currently trades at $99. BP is a 1.07% of the US long portfolio position purchased last quarter at an average cost-basis of $47.39. The position was increased by just over 50% this quarter at prices between $46 and $51. The stock currently trades at $51.30.Spirit Aerosystems (SPR): SPR is a 1.36% position that has seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% last quarter at prices between $21.50 and $26 and another 20% this quarter at prices between $26.51 and $35.89. The stock currently trades at $32.40. The activity indicates a clear bullish bias.URS Corporation (URS): The 1.35% URS stake established in Q2 2013 at prices between $43 and $50 was increased by ~16% last quarter at prices between $50 and $55. This quarter saw a ~50% stake increase at prices between $42.51 and $53.28. The stock currently trades at $43.61. Einhorn is bullish on URS. For investors attempting to follow Einhorn, URS is a good option to consider for further research.EMC Corporation (EMC): EMC was doubled this quarter at prices between $23.66 and $28.18 to a 2.42% of the US long portfolio position. The original position was established last quarter at around $24 per share. The stock currently trades at $26.25.Chico’s FAS (CHS), McDermott Intl. (MDR), and Take-Two Interactive (TTWO): These small positions (less than ~1% of the US long portfolio each) established last quarter were increased significantly this quarter. CHS is still a very small stake at 0.63% of the US long portfolio. The MDR stake was increased by ~80% this quarter at prices between $7.37 and $9.18 and the stock currently trades at $7. The TTWO position was increased by ~15% this quarter at prices between $16.88 and $22.26 and the stock currently trades at $19. MDR and TTWO stakes now stand at 1.64% and 1.58% of the US long portfolio respectively.Stake Decreases:Apple Inc. (AAPL) and CALLs, Micron Technology (MU), & Marvell Technology Group (MRVL): AAPL, MU, and MRVL are Einhorn’s largest three positions at 16.71%, 15.59%, and 9.30% of the US long portfolio respectively. The AAPL position was first purchased in the high-200s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $574.88 and $702.10 but upped by 45% in Q4 2012 at prices between $509 and $671. In Q1 2013, the position was again increased by around 50% at prices between $420 and $550 and had since been kept steady. This quarter saw a ~13% stake reduction at prices between $500 and $561 and the stock currently trades at around $598. MU stake was purchased last quarter at an average cost-basis of $16.49. This quarter saw an 8% trimming at prices between $20.67 and $25.49 and the stock currently trades at $26. Einhorn’s average cost-basis on MRVL is around $11. The stock currently trades at $15.33. This quarter saw a 11% trimming at around $15 per share. Einhorn is starting to realize large gains from these positions.Aetna Inc. (AET): AET was a top-five position as of Q3 2013. Last quarter, the position was reduced by ~23% at prices between $60.75 and $69. This quarter saw a 25% stake reduction at prices between $65 and $76 and the position currently stands at a still significant 3.61% of the US long portfolio. The original position was established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $74.36. The substantial stake reduction of a large position indicates a bearish bias.Babcock & Wilcox (BWC): BWC is a 1.90% of the US long portfolio position established in Q3 & Q4 2012 at prices between $23.37 and $27 and had since been kept relatively steady. The stock currently trades at $32. This quarter saw minor trimming.Computer Sciences Corporation (CSC): Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68 and by an additional ~12% in Q4 2012 at prices between $30 and $41. The last five quarters saw a combined stake reduction of ~60% at prices between $43 and $64. The stock currently trades at $61.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was substantially increased to a 1.74% position at prices between $43.50 and $51.50. Last quarter saw a 6.5% stake increase at prices between $53 and $69. The position was reduced by 28% this quarter at prices between $65 and $80. The stock currently trades at $62.81 and accounts for 1.46% of the US long portfolio.ING US (VOYA): The 2.19% VOYA position was established in Q2 2013 at an average cost-basis of $20.29. This quarter saw a ~5% trimming at prices between $33 and $37. The stock currently trades at $34.46.Market Vectors Gold Miner ETF (GDX): The 3.06% GDX position was increased by ~47% to a 4.04% position in Q2 2013 at prices between $23.42 and $35.06. The stock currently trades right at the low end of that range at $23.42. This quarter saw minor trimming. Einhorn is holding on against falling prices. He also has previously disclosed a large holding in physical gold.Intrexon Corporation (XON), Rite Aid Corporation (RAD), Aspen Insurance Holdings (AHL), and Vodafone Group PLC (VOD): These are small positions (less than ~1.5% of the US long portfolio each) that were reduced this quarter. As the position sizes are small, the activity does not indicate a change in bias.Kept Steady:Cigna Corporation (CI): CI is a top-five position (5.28% of the portfolio) that saw significant stake reductions last year: Q4 2013 saw a ~10% trimming at prices between $73 and $88 and Q2 2013 saw a ~40% stake reduction at prices between $62.50 and $72.50. The original position was established in Q2 2012 at prices between $43 and $50. The stock currently trades at $87.49.Oil States International (OIS): OIS is a 4.06% of the US long portfolio stake established in Q1 2013 at an average purchase price of $77.16. The stock currently trades at $97.53. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for 2.68% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership. This quarter, the net position remained steady although the LBTYA position was reduced and LBTYK increased (after stock splits in March 2014).Einstein Noah (BAGL): BAGL is a very long-term holding that was kept steady since 2009. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. Last quarter saw another ~27% stake reduction at prices between $14.50 and $18.11. The remaining position accounts for 1.66% of the US long portfolio. The stock currently trades at $15.40.Amdocs (DOX): The 1.60% DOX position was established in Q2 2013 at prices between $34 and $37. It was increased by just over 50% last quarter at prices between $40 and $45. The stock currently trades at $47.Tempur Sealy International (TPX): TPX is a 1.33% position established in Q3 2013 at prices between $36 and $47 and increased by ~57% last quarter at prices between $38 and $51. The stock currently trades at $54.Other very small positions (less than 0.5% of the US long portfolio) include Biofuel Energy (BIOF), Blackhawk Network (HAWK), Fifth Street Finance (FSC), Hatteras Financial (HTS), Nokia Corporation (NOK), Penn National Gaming (PENN), and Talmer Bancorp (TLMR).Per Greenlight’s Q1 2014 letter, they realized losses in the following US listed short positions this quarter: Chipotle Mexican Grill (CMG) for a (33%) IRR and Michael Kors Holdings (KORS) for a stunning (114%) IRR. The partnership also has unrealized losses on a large short position in Keurig Green Mountain (GMCR).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q1 2014:"
"Tracking David Einhorn’s Portfolio – Q4 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/14/2014. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2013.Greenlight Capital’s US long portfolio stood at $7.29B this quarter. It is almost 30% higher than the $5.63B as of last quarter: the long/short ratio shifted in the long direction during the quarter - 125% long and 70% short as of Q4 2013 compared to 109% long and 72% short as of Q3 2013. The number of holdings in the portfolio increased from 30 to 38 - the fund added nine new holdings while eliminating just one. The top five holdings represent 56% of the US long portfolio compared to the 52.87% as of last quarter.Einhorn’s Q4 2013 letter reported that the fund returned 6.5% in Q4 2013 and 19.1% for the year. In a constantly rising bull-market, the fund is not expected to keep pace with the market, but the long-term performance of his absolute-returns strategy speaks for itself: 19.5% annualized returns (net of fees and expenses) since inception in 1996. To learn about David Einhorn and the perils of shorting, check-out his “”. In addition to partner stakes, the fund also invests the float of Greenlight Capital RE (GLRE) - (added as an SA reader requested GLRE be tagged following this publish).New Stakes:Micron Technology (MU): MU is a huge 14.22% of the US long portfolio position purchased this quarter at an average cost-basis of $16.49. The stock has already returned over 50% and is trading at around $25. It is currently his second-largest position after Apple.Anadarko Petroleum (APC) & BP PLC (BP): APC is a 1.99% of the US long portfolio position purchased this quarter at an average cost-basis of $78.55. The stock currently trades at $81.54. BP is a 0.65% of the US long portfolio position purchased this quarter at an average cost-basis of $47.39. The stock currently trades at $48.81. For investors attempting to follow Einhorn, these are good options to consider for further research.Chico’s FAS (CHS), EMC Corporation (EMC), McDermott Intl. (MDR), Penn National Gaming (PENN), Sunedison Inc. (SUNE), and Take-Two Interactive (TTWO): These are small positions (less than ~1% of the US long portfolio each) that were established this quarter. As the position sizes are small, they do not indicate a clear bias. EMC is trading near the low-end of Einhorn’s purchase price-range and is a good option to consider when following him.Stake Disposals:NVR Inc. (NVR): NVR was a minute 0.37% of the US long portfolio position established last quarter at prices between $835 and $962. It was disposed of this quarter at prices between $890 and $1040. The stock currently trades at $1182. NVR was previously a modest-sized position in the portfolio since 2010 but that stake was disposed of in Q1 2013. The stock dropped over 20% in August 2013 from the peak reached in March and Einhorn probably made an opportunistic round-trip.Stake Increases:Intrexon Corporation (XON) & Tempur Sealy International (TPX): These two are relatively small (less than 1% each) positions established last quarter and increased this quarter. XON is a 0.70% position established at prices between $21.36 and $29.70 and increased marginally this quarter. TPX is a 1.33% position established at prices between $36 and $47 and increased by ~57% this quarter at prices between $38 and $51. XON trades currently at $27.08 and TPX is at $48.13. The stake build-ups indicate a mild bullish bias toward these businesses.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was substantially increased to a 1.74% position at prices between $43.50 and $51.50. It was kept steady last quarter but this quarter saw a 6.5% stake increase at prices between $53 and $69. The stock currently trades at $68.37.Amdocs (DOX), ING US (VOYA), and URS Corporation (URS): These are medium-sized positions (less than ~2% of the US long portfolio) that were substantially increased this quarter. The original stakes on these three businesses were established in Q2 2013 - DOX at prices between $34 and $37, VOYA at an average cost-basis of $20.29, and URS at prices between $43 and $50. The buying activity this quarter indicates a bullish bias toward these businesses. URS is trading near the low-end of Einhorn’s original purchase price range and is a good option to consider when following him: this quarter saw a ~16% stake increase at prices between $50.75 and $55 and the stock is currently trading at $43.37.Stake Decreases:Aetna Inc. (AET): AET was a top-five position as of last quarter. This quarter, the position was reduced by ~23% at prices between $60.75 and $69. The position was also reduced last quarter: 18% stake reduction at prices between $61.50 and $68.71. The original position was ~3.2M shares established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $69.19. The substantial stake reduction of a large position indicates a bearish bias.Cigna Corporation (CI): CI is a top-five position that has seen stake reductions in the last three quarters. This quarter saw a ~10% trimming at prices between $73 and $88. It was reduced by ~40% in Q2 2013 at prices between $62.50 and $72.50. Last quarter saw a ~7% trimming at prices between $72 and $84.50. The original position was established in Q2 2012 at prices between $43 and $50. The stock currently trades at $77.71. The significant stake reduction of a large position over three quarters indicates a clear bearish bias.Delphi Automotive PLC (DLPH): DLPH is a 1.98% of the US long portfolio stake that was established in 2011 prior to the IPO. It was reduced by 25% in Q1 2013 at prices between $37.50 and $44.50. In Q2 2013, it was reduced again by another 45% at prices between $40.94 and $52.09. The position was kept steady last quarter but this quarter saw further selling: ~28% stake reduction at prices between $54 and $60. The stock currently trades at $64.12.Einstein Noah (BAGL): BAGL is a very long-term holding that was kept steady since 2009. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. This quarter saw another ~27% stake reduction at prices between $14.50 and $18.11. The remaining position accounts for 1.34% of the US long portfolio. The continued selling indicates a bearish bias. The stock currently trades at $15.89.NCR Corporation (NCR): NCR is a 1.71% position that was reduced by half this quarter at prices between $32 and $41.56. Last quarter saw a ~20% stake reduction at prices between $32.90 and $40. The stock currently trades at $34.18. NCR was first purchased in 2010 at much lower prices and Einhorn is harvesting gains. The stock returned 36% in 2013. Einhorn still owns 2.2% of the shares outstanding.WPX Energy (WPX): WPX is a 0.46% position that was increased by 77% last quarter at prices between $18.42 and $20.50. The original position was purchased in Q2 2013 at prices between $15 and $20.50. This quarter saw an about-turn as two-thirds of the position was sold at prices between $17.82 and $23.45. The stock currently trades at $17.46. The activity indicates a bearish bias.DST SYS INC (DST), Aspen Insurance Holdings (AHL), Legg Mason Inc. (LM), and Rite Aid Corporation (RAD): These are small positions (less than ~1.5% of the US long portfolio each) that were reduced incrementally this quarter. The stake reductions indicate a mild bearish bias. Einhorn still owns 3.3% of the shares outstanding in AHL.The rest of the positions were kept steady during the quarter:Apple Inc. (AAPL) and CALLs: AAPL is Einhorn’s largest position accounting for 18.44% of the US long portfolio. The position was first purchased in the high-200s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $574.88 and $702.10 but upped by 45% in Q4 2012 at prices between $509 and $671. In Q1 2013, the position was again increased by around 50% at prices between $420 and $550 and has since been kept steady. The stock currently trades at around $544. Einhorn is very bullish on AAPL.Marvell Technology Group (MRVL): MRVL is a top-five position in the portfolio. It was marginally increased last quarter at prices between $11.50 and $13.38. The stock currently trades at $15.32. Einhorn’s average cost-basis on MRVL is around $11. Einhorn controls 9% of the business.Oil States International (OIS): OIS is a 3.84% of the US long portfolio stake established in Q1 2013 at an average purchase price of $77.16. The position was marginally increased last quarter. The stock currently trades at around $98.40. In the Ira Sohn conference in May 2013, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT.Spirit Aerosystems (SPR): SPR is a 1.25% position that has seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% last quarter at prices between $21.50 and $26. The stock currently trades at $28.84. The activity indicates a clear bullish bias.Computer Sciences Corporation (CSC): Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68 and by an additional ~12% in Q4 2012 at prices between $30 and $41. Q1 2013 saw an about-turn, as the position was reduced by around 23% at prices between $40 and $51 and the pattern continued in Q2 2013 with a stake reduction of another 30% at prices between $42.50 and $49.40. Last quarter saw further selling as the position was reduced by another 14% at prices between $43.77 and $54.20. The stock currently trades at $61.72.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for ~3% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership.Market Vectors Gold Miner ETF (GDX): GDX position was increased by ~47% to a 4.04% position in Q2 2013 at prices between $23.42 and $35.06. The stock currently trades at $26.35. Einhorn is holding on against falling prices. He also has previously disclosed a large holding in physical gold.General Motors Company (GM): GM is Greenlight’s third-largest position at 9.55% of the US long portfolio. Q2 2013 saw a ~15% trimming at prices between $33.31 and $37.58. The stock currently trades at $35.95. Einhorn is sitting on large gains on the position.Babcock & Wilcox (BWC): BWC is a 1.87% of the US long portfolio position established in Q3 & Q4 2012 at prices between $23.37 and $27 and has since been kept relatively steady. The stock currently trades at $34.17.Biofuel Energy (BIOF), Fifth Street Finance (FSC), and Vodafone Group PLC (VOD): These are very small positions (less than 1% of the US long portfolio) that were kept steady this quarter. VOD is listed as one of the top-five longs in the partnership and so Einhorn probably owns shares in the London exchange as well.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2013:"
"Tracking David Einhorn’s Portfolio – Q3 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2013. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2013.Greenlight Capital’s US long portfolio stood at $5.63B this quarter. It is about 6% higher than the ~$5.33B as of last quarter: the long/short ratio shifted somewhat in the short direction during the quarter - 109% long and 72% short as of Q3 2013 compared to 109% long and 63% short as of Q2 2013. The number of holdings remained steady at 30 - the fund added three new holdings while eliminating three others. The top five holdings represent 52.87% of the US long portfolio which is remarkably close to the 53% as of last quarter - they are also the same as that of last two quarters.Einhorn’s Q3 2013 letter reported that the fund returned 4.3% in Q3 2013 and 11.8% YTD. His longs vastly outperformed the S&P 500 index while the shorts underperformed. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Intrexon Corporation (XON) & Tempur Sealy International (TPX): These two are relatively small (less than 1% each) positions established this quarter. XON is a 0.86% position established at prices between $21.36 and $29.70 and TPX is a 0.90% position established at prices between $36 and $47. XON trades currently at $18.12 and TPX is at $46.76. The stake establishments indicate a mild bullish bias toward these businesses. XON is trading well below Einhorn’s purchase price-range.NVR Inc. (NVR): NVR is a minute 0.37% of the US long portfolio position established this quarter at prices between $835 and $962. The stock currently trades at $933. NVR was previously a modest-sized position in the portfolio since 2010 but that stake was disposed of in Q1 2013. The stock dropped over 20% in August 2013 from the peak reached in March and Einhorn probably made an opportunistic re-entry.Stake Disposals:Oaktree Capital Group (OAK): OAK was a 1.46% position that was first purchased in Q2 2012. The position was reduced by ~20% last quarter and was eliminated this quarter at prices between $51 and $56. The stock currently trades at around $55. Einhorn has disclosed that the stake disposal was done based on valuation and that his fund generated a 28% IRR on that holding.Capital Bank Financial (CBF) & State Bank Financial (STBZ): These are very small positions (less than ~0.5% of the US long portfolio) that were eliminated this quarter. As the position sizes were very small, they do not indicate a clear bias.Stake Increases:Marvell Technology Group (MRVL): MRVL is a top-five position in the portfolio. It was marginally increased this quarter at prices between $11.50 and $13.38. The stock currently trades at $13.69. Einhorn’s average cost-basis on MRVL is around $11.Oil States International (OIS): OIS is a 5.05% of the US long portfolio stake established in Q1 2013 at an average purchase price of $77.16. The position was marginally increased this quarter. The stock currently trades at around $109. In the Ira Sohn conference in May, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. Also worth noting is the fact that OIS is listed as a top-five position in the partnership. So, in addition to this 13F holding, he probably owns the rest of the stake outside the US (Frankfurt?).WPX Energy (WPX): WPX is a 1.60% position that was increased by 77% this quarter at prices between $18.42 and $20.50. The original position was purchased last quarter at prices between $15 and $20.50. The stock currently trades at $18.38. Einhorn is bullish on WPX and the stock is trading within his purchase price ranges. For investors attempting to follow Einhorn, WPX is a good option to consider.Spirit Aerosystems (SPR): SPR is a 1.15% position that has seen consistent buying since the stake establishment in Q1 2013. The position was increased by just over 40% this quarter at prices between $21.50 and $26. The stock currently trades at $30.87. The activity indicates a clear bullish bias.Stake Decreases:Aetna Inc. (AET): AET is a top-five position that was increased marginally last quarter. This quarter saw an about-turn as around 18% was sold at prices between $61.50 and $68.71. The original position was a ~3.2M share stake established in Q2 2012 at prices between $38.50 and $50. The stock currently trades at $65. The substantial stake reduction of a large position indicates a bearish bias.Computer Sciences Corporation (CSC): Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68 and by an additional ~12% in Q4 2012 at prices between $30 and $41. Q1 2013 saw an about-turn, as the position was reduced by around 23% at prices between $40 and $51 and the pattern continued last quarter with a stake reduction of another 30% at prices between $42.50 and $49.40. This quarter saw further selling as the position was reduced by another 14% at prices between $43.77 and $54.20. The stock currently trades at $53.28. The large stake reduction spanning several quarters indicates a clear bearish bias.Cigna Corporation (CI): CI is a top-five position that was reduced by ~40% last quarter at prices between $62.50 and $72.50. This quarter saw a ~7% trimming at prices between $72 and $84.50. The original position was established in Q2 2012 at prices between $43 and $50. The stock currently trades at $83. The significant stake reduction of a large position over a couple of quarters indicates a clear bearish bias.NCR Corporation (NCR): NCR is a 5.13% position that was reduced by ~20% this quarter at prices between $32.90 and $40. The stock currently trades at $37. It was marginally reduced last quarter as well. NCR was first purchased in 2010 at much lower prices and Einhorn is harvesting gains. The stock has returned about 46% YTD.Einstein Noah (BAGL): BAGL is a very long-term holding that was kept steady since 2009. About 14% of the position was sold at $15.51 (1.5M shares) through a secondary underwriting in August 2013. It now accounts for 2.84% of the US long portfolio. The stake reduction indicates a mild bearish bias. The stock currently trades at $16.14.Aspen Insurance Holdings (AHL), Legg Mason Inc. (LM), and Rite Aid Corporation (RAD): These are small positions (less than ~1.5% of the US long portfolio each) that were reduced incrementally this quarter. The stake reductions indicate a mild bearish bias.The rest of the positions were kept steady during the quarter:Apple Inc. (AAPL) and CALLs: AAPL is Einhorn’s largest position accounting for 20.29% of the US long portfolio. The position was first purchased in the high-200s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $574.88 and $702.10 but upped by 45% in Q4 2012 at prices between $509 and $671. In Q1 2013, the position was again increased by around 50% at prices between $420 and $550 and has since been kept steady. The stock currently trades at around $528. Einhorn is very bullish on AAPL.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for ~3% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership.Market Vectors Gold Miner ETF (GDX): GDX position was increased by ~47% to a 4.04% position last quarter at prices between $37.85 and $46.90. The stock currently trades well below that range at $24.57. Einhorn continues to be bullish on Gold against falling prices. Gold overall (includes a large holding in physical gold) is still listed as a top-five position in Einhorn’s long portfolio.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established in Q1 2013. Last quarter, the position was substantially increased to a 1.74% position at prices between $43.50 and $51.50. The stock currently trades outside that range at $58.24.Delphi Automotive PLC (DLPH): DLPH is a 3.46% of the US long portfolio stake that was established in 2011 prior to the IPO. It was reduced by 25% in Q1 2013 at prices between $37.50 and $44.50. Last quarter, it was reduced again by another 45% at prices between $40.94 and $52.09. It currently trades at over $56.95.General Motors Company (GM): GM is Greenlight’s second-largest position at 10.89% of the US long portfolio. Last quarter saw a ~15% trimming at prices between $33.31 and $37.58. The stock currently trades at $38.50. Einhorn is sitting on large gains on the position.ING US (VOYA), Amdocs (DOX), URS Corporation (URS), Babcock & Wilcox (BWC) & DST SYS INC (DST): These are medium-sized positions (1-5%) that were kept steady this quarter.Biofuel Energy (BIOF), Fifth Street Finance (FSC), and Vodafone Group PLC (VOD): These are very small positions (less than 1% of the US long portfolio) that were kept steady this quarter.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q3 2013:8/25/2013 Update - Einstein Noah sale:In August of this year, Greenlight sold 1.5MM shares of BAGL (just under 10% of the total shares outstanding). The sale price of the secondary underwriting was $15.51. What is important to note about this is there was demand to buy 1.5MM shares at this price (avg daily volume of 76,000 shares). Furthermore, the stock has rallied since this event, reducing the risk of stock sales due to David Einhorn's decision to sell stock. Greenlight still owns about 9MM shares, and I would not be surprised if more shares are sold in the not-too-distance future.Source: http://seekingalpha.com/article/1637572-tracking-david-einhorns-portfolio-q2-2013-update"
"Tracking David Einhorn’s Portfolio – Q2 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2013. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2013.Greenlight Capital’s US long portfolio stood at $5.33B this quarter. It is about 18% lower than the ~$6.54B as of last quarter: the long/short ratio shifted significantly to a more defensive stance - 109% long and 63% short as of Q2 2013 compared to 123% long and 77% short as of Q1 2013. The number of holdings went down from 38 to 30. The fund added seven new holdings and sold out of fifteen stocks in the quarter. The top five holdings now represent around 53% of the US long portfolio, up from 46% last quarter and 40% in Q4 2012 - the portfolio have become more concentrated over the last two quarters. The top-five holdings are the same as that of last quarter although the overall allocation increased by seven percentage points. To learn about David Einhorn and the perils of shorting, check-out his “”.New Stakes:Amdocs (DOX): DOX is a small 1.07% of the US long portfolio position established this quarter at prices between $34 and $37. The stock currently trades just outside that range at $38.50.ING US (VOYA): VOYA is a 1.88% of the US long portfolio position established this quarter at an average cost-basis of $20.29. The stock currently trades 50% higher at just over $30. This was a very timely purchase for Einhorn as he took advantage of a classic carve-out situation to establish the position near the IPO price.Liberty Global Class A & Class C (LBTYA) (LBTYK): Liberty Global position accounts for ~3% of the US long portfolio. Einhorn had a position in Virgin Media (VMED) from Q2 2012 onwards and the Liberty Global position was established as a result of the acquisition of VMED by Liberty Global. The VMED position roughly doubled in around twelve months of ownership.Rite Aid Corporation (RAD), URS Corporation (URS), & WPX Energy (WPX): RAD, URS, and WPX are ~1% of the US long portfolio position each established this quarter. RAD was purchased at prices between $1.71 and $3 and it trades currently at $3.47. URS was purchased at prices between $43 and $50 and it trades currently at $49.30. WPX was purchased at prices between $15 and $20.50 and it trades currently at $18.42.Stake Disposals:Seagate Technology (STX): The 3% STX stake was finally eliminated this quarter after a pattern of periodic trimming over several quarters. The bulk of the original stake was purchased in Q2 2011 at an average purchase price of $16.06. The stock currently trades at around $41. Einhorn has classified this exit as one of his most profitable ever: 64% compounded annual return over a two-year holding period.CBS Corporation (CBS): CBS was a 2.56% of the US long portfolio stake that was eliminated this quarter at prices between $44.50 and $51.50. His initial stake was at an average purchase price of $20.79 in Q3 2011. The stake was reduced by one-third last quarter at prices between $37 and $47. Here again, Einhorn generated a stunning 77% annualized return over a two-year holding period.Sprint Nextel Corporation (S): S was a 2% of the US long portfolio position that was first purchased in the fall of 2010. The position showed substantial unrealized losses in the interim but ultimately Einhorn showed the patience to hold on. His buy thesis took its time to play out, but finally he still managed to exit the position at a very respectable annualized return of 20%.Microsoft Corporation (MSFT): MSFT position was first purchased in 2009. As of last quarter, it was a 2.66% position and was eliminated this quarter at prices between $28.50 and $36. All told, the position realized high-single-digit annualized return over the holding period. Einhorn is bearish on MSFT.Hess Corporation (HES) & Green Mountain Coffee Roasters (GMCR) PUTS: HES was a 1.36% of the US long portfolio stake established last quarter at prices between $53 and $73. It was eliminated this quarter at prices between $62.50 and $74.50. Einhorn disclosed his short thesis on GMCR in a presentation titled “GAAP-uccino” at the Value Investing Congress in October 2011. The stock traded as high as $115.98 per share before that presentation and dropped as low as $18 in July 2012. The GMCR PUTS purchased last quarter and eliminated this quarter was based on the same thesis. Einhorn has identified the short position on GMCR as a money loser so far.Symmetricom Inc. (SYMM), Republic Awys Hldgs Inc. (RJET), National Bank Holdings (NBHC), Aecom Technology (ACM), Barrick Gold Corporation (ABX), Coventry Health Care Inc. (CVH), Tessera Technologies (TSRA), and Western Digital (WDC): These are very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. As the position sizes were very small, they do not indicate a clear bias.Stake Increases:Aetna Inc. (AET): AET is a top-five position that was increased marginally this quarter to a ~8% stake. The original position was a ~3.2M share stake established in Q2 2012 at prices between $38.50 and $50. It has since been increased to a ~6.7M share stake as of this quarter. The stock currently trades at $63.24. Einhorn is bullish on AET.Market Vectors Gold Miner ETF (GDX): GDX position was increased by ~47% to a 4.04% position this quarter at prices between $37.85 and $46.90. The stock currently trades well below that range at $28.70. Einhorn continues to be bullish on Gold against falling prices. Gold overall (includes a large holding in physical gold) is still listed as a top-five position in Einhorn’s long portfolio.IAC Interactive (IACI): IACI was a minute 0.30% of the US long portfolio position established last quarter. This quarter, the position was substantially increased to a 1.60% position at prices between $43.50 and $51.50. The stock currently trades at around $50. The stake increase represents a clear bullish bias.Spirit Aerosystems (SPR) and Biofuel Energy (BIOF): These are very small positions (less than 1% of the US long portfolio) that were increased this quarter. As the position sizes are still very small, they do not indicate a clear bias.Stake Decreases:Computer Sciences Corporation (CSC): Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68 and by an additional ~12% in Q4 2012 at prices between $30 and $41. Last quarter saw a turn-around, as the position was reduced by around 23% at prices between $40 and $51 and the pattern continued this quarter with a stake reduction of another 30% at prices between $42.50 and $49.40. The stock currently trades outside that range at $52.20. The large stake reduction spanning several quarters indicates a clear bearish bias.Delphi Automotive PLC (DLPH): DLPH is a 3.17% of the US long portfolio stake that was established in 2011 prior to the IPO. It was reduced by 25% last quarter at prices between $37.50 and $44.50. This quarter, it was reduced again by another 45% at prices between $40.94 and $52.09. It currently trades at over $55. The significant stake reduction indicates a bearish bias.Cigna Corporation (CI): CI is a top-five position that was reduced by ~40% this quarter at prices between $62.50 and $72.50. The original position was established in Q2 2012 at prices between $43 and $50. The stock currently trades at $78. The significant stake reduction of a large position indicates a clear bearish bias.Marvell Technology Group (MRVL) & General Motors Company (GM): GM and MRVL are top-five positions that were reduced substantially (~15% and ~20% respectively) this quarter. Einhorn is harvesting large gains from these positions.NCR Corporation (NCR): NCR is a 5.72% position that was reduced marginally this quarter. NCR was first purchased in 2010 at much lower prices and Einhorn is harvesting gains.Aspen Insurance Holdings (AHL), Babcock & Wilcox (BWC), Oaktree Capital Group (OAK), Legg Mason Inc. (LM), & DST SYS INC (DST): These are medium-sized positions (1-5%) that were reduced incrementally this quarter. The stake reductions indicate a mild bearish bias..State Bank Financial (STBZ) & Vodaphone Group PLC (VOD): These are very small positions (less than 1% of the US long portfolio) that were trimmed further this quarter. As the position sizes are very small, they do not indicate a clear bias. Vodaphone is listed as a top-five holding in the partnership: although the 13F position is very small, Einhorn probably owns the London listed shares for the rest of the stake.The rest of the positions were kept steady during the quarter:Apple Inc. (AAPL) and CALLs: AAPL is Einhorn’s largest position accounting for 17.84% of the US long portfolio. The position was first purchased in the high-200s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $574.88 and $702.10 but upped by 45% in Q4 2012 at prices between $509 and $671. Last quarter, the position was again increased by around 50% at prices between $420 and $550. The stock currently trades at around $500. The aggressive stake build-up indicates a clear bullish bias.Oil States International (OIS): OIS is a 3.37% of the US long portfolio stake established last quarter at an average purchase price of $77.16. The stock currently trades at around $91. In the Ira Sohn conference in May, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. Also worth noting is the fact that OIS is listed as a top-five position in the partnership. So, in addition to this 13F holding, he probably owns the rest of the stake outside the US (Frankfurt?).Einstein Noah (BAGL): BAGL is a very long-term holding that has been kept steady since 2009. It accounts for 2.86% of the US long portfolio. Einhorn is bullish on BAGL.Capital Bank Financial (CBF) & Fifth Street Finance (FSC): These are very small positions (less than 0.5% of the US long portfolio) that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q2 2013:"
"Tracking David Einhorn’s Portfolio – Q1 2013 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 05/15/2013. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2012.Greenlight Capital’s US long portfolio stood at $6.54B this quarter. It is about 6% higher than the ~$6.38B as of last quarter. The number of holdings edged up from 37 to 38. The fund added seven new holdings and sold out of six stocks in the quarter. The top five holdings now represent around 46% of the US long portfolio, up from 40% last quarter. Only one of the top-five changed during the quarter: Aetna (AET) edged out Computer Sciences Corp (CSC).New Stakes:Oil States International (OIS), Hess Corporation (HES), and Green Mountain Coffee Roasters (GMCR) PUTS: OIS is a 3.37% of the US long portfolio stake established this quarter at an average purchase price of $77.16. The stock currently trades at around $100. In the Ira Sohn conference earlier this month, Einhorn highlighted this position saying the shares could be worth as high as $155 per share, if the accommodation business it owns is spun-off as an REIT. HES is a 1.36% of the US long portfolio stake established this quarter at prices between $53 and $73. The stock currently trades at $69. Einhorn disclosed his short thesis on GMCR in a presentation titled “GAAP-uccino” at the Value Investing Congress in October 2011. The stock traded as high as $125 per share before that presentation and dropped as low as $18 in July 2012. The GMCR PUTS this quarter is probably based on the same thesis although this time the trade has gone against him so far - the stock has doubled since the beginning of the year and Einhorn has already identified the short position in GMCR as a money loser in his Q1 2013 letter to shareholders. For investors attempting to follow Einhorn, a short position in GMCR is a good option to consider.Capital Bank Financial (CBF), IAC Interactive (IACI), National Bank Holdings (NBHC), and Spirit Aerosystems (SPR): These are very small positions (less than 0.5% of the US long portfolio) established this quarter. As the position sizes are very small, they do not indicate a clear bias. Of the lot, SPR has performed very well, returning over 33% so far this year.Stake Disposals:Chipotle Mexican Grill (CMG) PUT: The very small short position in CMG was established in Q2 2012 and was disposed of this quarter. The timing appears to have been pretty good as the stock has returned over 28% so far this year.Ensco PLC (ESV): ESV was a 3.53% of the US long portfolio that was eliminated this quarter at prices between $57 and $66. The stock currently trades at $62. The position was first established in 2010 but was reduced by half in 2011 and trimmed further in 2012. The stock elimination this quarter indicates a bearish bias.Xerox Corporation (XRX): XRX was a fairly large 2.78% position first purchased at around $7.5 in Q4 2011. The stake was increased by over 70% in Q2 2012 at prices between $6.38 and $7.94. The stake elimination this quarter happened at prices between $6.82 and $8.76 and the stock currently trades at the top-end of that range at around $8.76.Yahoo Inc. (YHOO): YHOO was a 1.48% of the US long portfolio stake purchased in Q3 2012 at prices between $14.65 and $16.22 and reduced marginally last quarter. The stake elimination this quarter happened at prices between $19 and $24. The stock currently trades at $26.58. Einhorn previously acquired a 3M share stake in YHOO in Q4 2011 at prices between $13.53 and $16.71 only to dispose it off the next quarter at prices between $14.42 and $16.28. The stake elimination this quarter indicates a mild bearish bias.NVR Corporation (NVR): NVR is a small 0.81% of the portfolio position that was reduced by around 13% last quarter and eliminated this quarter at prices between $920 and $1080. The stock currently trades at $1000. It was a long-term position and the stake disposal indicates a mild bearish bias.Google Inc. (GOOG): GOOG was a 0.70% stake established last quarter at prices between $647 and $768 and eliminated this quarter at prices between $700 and $840. The stock currently trades outside that range at over $900. The quick turn-around indicates a bearish bias.Stake Increases:Apple Inc. (AAPL) and CALLs: AAPL is Einhorn’s largest position accounting for 16.07% of the US long portfolio. The position was first purchased in the high-200s price-range in 2010. It was reduced by 25% in Q3 2012 at prices between $574.88 and $702.10 but upped by 45% last quarter at prices between $509 and $671. This quarter, the position was again increased by around 50% at prices between $420 and $550. The stock currently trades near the low point at $435. The aggressive purchases against falling prices indicate a clear bullish bias. In his latest shareholder letter, Einhorn indicated that Apple’s announcement to return $100B to shareholders by the end of 2015 prompted the stake increase. For investors attempting to follow Einhorn, AAPL is a very good option to consider.Stake Decreases:CBS Corporation (CBS): CBS is a 2.56% of the US long portfolio stake first purchased in Q3 2011 at an average purchase price of $20.79. The stake was upped by 25% last quarter at prices between $32 and $38 but was reduced by 33% this quarter at prices between $37 and $47. The stock currently trades outside that range at around $50. The about-turn this quarter indicates a bearish bias.Computer Sciences Corporation (CSC): Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled in Q3 2012 at prices between $22.50 and $34.68 and by an additional ~12% last quarter at prices between $30 and $41. This quarter saw a turn-around, as the position was reduced by around 23% at prices between $40 and $51. The stock currently trades at around $43.Delphi Automotive PLC (DLPH): DLPH is a large 4.07% of the US long portfolio that was established in 2011 prior to the IPO. It was reduced marginally last quarter and further reduced by 25% this quarter at prices between $37.50 and $44.50. The stock currently trades outside that range at around $47. The significant stake reduction this quarter indicates a bearish bias.Legg Mason Inc. (LM): LM is a 1.25% of the US long portfolio position that was reduced by around 25% this quarter at prices between $25.50 and $32. The stock currently trades at over $35. The original position was purchased in the Q3 2011 at prices between $24 and $34.Microsoft Corporation (MSFT) & NCR Corporation (NCR): MSFT is a 2.66% position that was reduced by around 44% this quarter at prices between $26.50 and $28.50. The stock currently trades at $34. The significant stake reduction indicates a bearish bias. The NCR position was increased by 24% last quarter at prices between $21 and $25.50. This quarter, the position was trimmed by 9% at prices between $25.50 and $29. MSFT & NCR positions were first purchased in 2009 and 2010 respectively at lower prices and Einhorn is harvesting gains.Seagate Technology (STX): The 3% STX stake was reduced by 36% this quarter at prices between $30.50 and $38, following a pattern of periodic trimming: the position was reduced by half last quarter at prices between $25 and $32. It was reduced by ~28% in Q3 2012 as well at prices between $24.56 and $35.67. The bulk of the original stake was purchased in Q2 2011 at an average purchase price of $16.06. The stock currently trades at around $40.50. Here again, Einhorn is harvesting substantial gains although the consistent pattern of sales indicates a clear bearish bias.Republic Awys Hldgs Inc. (RJET) & Symmetricom Inc. (SYMM): These are very small positions that were reduced substantially this quarter. As the position sizes are very small, the activity does not indicate a clear bias.The rest of the positions were kept steady during the quarter:Aetna Inc. (AET), Cigna Corporation (CI), General Motors Company (GM), and Marvell Technology Group (MRVL): These are top-five positions that were kept steady during the quarter. Einhorn is very bullish on these positions but all except MRVL are trading near their 52-week highs. For investors attempting to follow Einhorn, MRVL is a good option to consider as it is trading very near Einhorn’s cost basis (around $12).Aspen Insurance Holdings (AHL), Babcock & Wilcox (BWC), DST SYS INC (DST), Einstein Noah (BAGL), Market Vectors Gold Miner ETF (GDX), Oaktree Capital Group (OAK), Sprint Nextel Corporation (S), and Virgin Media Inc. (VMED): These are medium-sized positions (1-5%) that were kept steady this quarter. Here again, except for BAGL and GDX, the rest are trading near their 52-week highs and well above Einhorn’s cost basis..Aecom Technology (ACM), Barrick Gold Corporation (ABX), Biofuel Energy (BIOF), Coventry Health Care Inc. (CVH), Fifth Street Finance (FSC), State Bank Financial (STBZ), Tessera Technologies (TSRA), Vodaphone Group PLC (VOD) and Western Digital (WDC): These are very small positions (less than 1% of the US long portfolio) that were left untouched during the quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q1 2013:"
"Tracking David Einhorn’s Portfolio – Q4 2012 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 02/14/2013. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2012.Greenlight Capital’s US long portfolio stood at $6.38B this quarter. It is about 6% higher than the ~$6B as of last quarter. The number of holdings dropped from 40 to 37. The fund added three new holdings but sold out of six stocks in the quarter. The top five holdings now represent around 40% of the US long portfolio, about the same as last quarter. Two of the top-five changed during the quarter: Computer Sciences Corp (CSC) and Marvell Technology (MRVL) replaced Market Vectors Gold Miner ETF (GDX) and Seagate Technology (STX).New Stakes:Google Inc. (GOOG), Vodaphone Group PLC (VOD), and Western Digital (WDC): These are very small (less than 1% of the US long portfolio) stakes established this quarter: GOOG is a 0.70% stake established at prices between $647 and $768. The stock currently trades outside that range at over $790. VOD is a 0.63% stake established at prices between $25 and $29. The stock currently trades near the low end of that range at around $26. WDC is a 0.40% stake established at prices between $33 and $42. The stock currently trades well outside that range at $48.59. The position sizes are too small to indicate a clear bias. Einhorn established a position in Seagate Technology (STX), a WDC competitor in Q2 2011 at an average purchase price of $16.07 and that position has more than doubled. The new WDC position is already showing a nice return.Stake Disposals:Huntington Ingalls Industries Inc. (HII): HII was a 1.5% stake that was reduced by around 20% last quarter at prices between $38.17 and $42.27. The original stake was purchased in Q2 2011 at prices between $34.50 and $40.98. It was disposed of this quarter at prices between $39.87 and $45. The stock currently trades at $45.35. The stake elimination indicates a bearish bias.Humana Inc. (HUM) and Wellpoint Inc. (WLP): HUM and WLP were similar sized ~0.9% positions first purchased in Q2 2012. The HUM stake was purchased at prices between $74 and $92 and the WLP stake at prices between $64 and $74. Both positions were reduced last quarter and eliminated this quarter. HUM stake elimination happened at prices between $61 and $76 while WLP was sold at prices between $53 and $62. The about-turns indicate a clear bearish bias toward both these companies. Einhorn simultaneously increased his stake in two other businesses in the same space (Aetna and Cigna), thus confirming the bearish bias toward HUM and WLP.Liberty Media Capital (LMCA): LMCA was a 1.69% position purchased in Q4 2011 at prices between $61 and $80. It was disposed of at much higher prices this quarter and the stock currently trades at around $110. The stake elimination indicates a bearish bias.Genworth Financial (GNW) & Knight Capital Group (KCG) NOTES: These two very small stakes were eliminated this quarter. As the positions were minute, they do not indicate a clear bias.Stake Increases:Aetna Inc. (AET) & Cigna Corporation (CI): AET and CI positions were increased substantially this quarter. AET stake was increased by almost 50% at prices between $39.60 and $47 while the CI stake was increased by around 15% at prices between $47 and $54.50. AET is a 4.72% position while CI is a 6.86% position. AET stake was increased by ~40% last quarter as well at prices between $35.30 and $40.29. The original stake was purchased in Q2 2012 at prices between $38.77 and $50.23. The stock currently trades at $49.20. CI stake was increased by ~10% last quarter as well at prices between $39.66 and $47.80. The original stake was purchased in Q2 2012 at prices between $42.58 and $49.43. The stock currently trades at $61.08. The pattern of trades indicates a clear bullish bias toward AET and CI. For investors attempting to follow Einhorn, these are good candidates for further research.Apple Inc. (AAPL) and CALLs: AAPL is Einhorn’s largest position accounting for 13.19% of the US long portfolio. It is one of Einhorn’s biggest winners in recent times with the first purchases made in the high-200s price-range in 2010. The position was reduced by 25% last quarter at prices between $574.88 and $702.10 but upped by 45% this quarter at prices between $509 and $671. The stock currently trades at around $460. The aggressive purchases against falling prices indicate a clear bullish bias.CBS Corporation (CBS): CBS is a 3.21% of the US long portfolio stake first purchased in Q3 2011 at an average purchase price of $20.79. The stake was upped by 25% this quarter at prices between $32 and $38 and the stock currently trades well outside that range at around $45. The substantial stake increase indicates a bullish bias.Marvell Technology Group (MRVL): MRVL is a large 5.89% of the US long portfolio stake that was increased by almost 60% this quarter at prices between $7 and $9.40. The original MRVL position was acquired at around $13 in Q3 2011. The position size was increased by over 25% last quarter at prices between $9.16 and $12.28. The stock currently trades at around $9.35. For investors attempting to follow Einhorn, MRVL is a good option to consider.Computer Sciences Corporation (CSC) and DST SYS INC (DST): These are medium-sized positions (1-5%) increased incrementally this quarter. Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled last quarter at prices between $22.50 and $34.68 and by an additional ~12% this quarter at prices between $30 and $41. The stock currently trades at around $48. The DST stake was first purchased in Q4 2011 at prices between $41.23 and $50.77. It was marginally increased last quarter and by ~10% this quarter at prices between $50.11 and $63. The stock currently trades at around $68.Microsoft Corporation (MSFT): MSFT is a 4.53% position that was increased by over 40% this quarter at prices between $26 and $30. The stake was reduced by roughly the same amount last quarter at prices between $26.76 and $32.85. The stock currently trades at $28. The quick about-turn indicates a bullish bias. For investors attempting to follow Einhorn, MSFT is a very good option to consider.NCR Corporation (NCR) and Aspen Insurance Holdings (AHL): These are medium sized long-term positions that were substantially increased this quarter after keeping them steady in the last quarter. The NCR position was increased by 24% this quarter at prices between $21 and $25.50. The stock currently trades outside that range at around $29. The AHL position was increased by 22% this quarter at prices between $29.75 and $33.60. The stock currently trades at around $36. Einhorn is still very bullish on these two positions. For investors attempting to follow Einhorn, they are good options, although better entry points should be sought.Babcock & Wilcox (BWC): BWC is 1.67% of the US long portfolio stake that was established last quarter and increased by a whopping 372% this quarter at prices between $23 and $27. The stock currently trades just inside that range at around $26.70. The major stake increase indicates a bullish bias. For investors attempting to follow Einhorn, BWC is a good option to consider.Aecom Technology (ACM): ACM is a very small 0.44% of the portfolio stake initiated last quarter and increased by around 50% this quarter. The position size is still too small to indicate a clear bias.Stake Decreases:Coventry Health Care Inc. (CVH): CVH is 0.58% position that was reduced by over 70% this quarter. The position was purchased in Q2 2012. The quick turnaround and simultaneous build-up of positions (AET and CI) in other businesses in the same sector indicates a clear bearish bias.Delphi Automotive PLC (DLPH): DLPH is a large 4.79% of the US long portfolio position that was reduced marginally this quarter. The stake was established in 2011 prior to the IPO. The stock currently trades at around $40. The minor activity does not indicate a clear bias.General Motors Company (GM): GM is Einhorn’s second largest position at 9.56% of the US long portfolio. The stake was increased by 20% last quarter at prices between $18.80 and $24.80. The position was marginally reduced this quarter. The original stake was purchased in Q1 2011 at prices between $30.74 and $38.98 with the bulk of the current stake acquired in Q3 2011 at prices between $20.18 and $31.80. The stock currently trades at around $28. For investors attempting to follow Einhorn, GM is a good option to consider.NVR Corporation (NVR): NVR is a small 0.81% of the portfolio position that was reduced by around 13% this quarter. It is a long-term position and the stake disposal indicates a mild bearish bias.Seagate Technology (STX): The large STX stake was reduced by half to a 3.99% stake this quarter at prices between $25 and $32. It was reduced by ~28% last quarter as well at prices between $24.56 and $35.67. The bulk of the stake was purchased in Q2 2011 at an average purchase price of $16.06. The stock currently trades at around $34.50. The pattern of sales indicates a bearish bias.Sprint Nextel Corporation (S): S is a 1.91% stake that was reduced by around 20% this quarter at prices between $4.90 and $5.76. The stake was reduced by around two-thirds at prices between $3.19 and $5.70 last quarter. The stock currently trades at around $5.90. The large stake reductions indicate a clear bearish bias.Yahoo Inc. (YHOO): YHOO is a 1.48% of the US long portfolio stake purchased last quarter at prices between $14.65 and $16.22 and reduced marginally this quarter. The stock currently trades at $21. Einhorn previously acquired a 3M share stake in YHOO in Q4 2011 at prices between $13.53 and $16.71 only to dispose it off the next quarter at prices between $14.42 and $16.28. The activity this quarter does not indicate any clear bias.The rest of the positions were kept steady during the quarter:Xerox Corporation (XRX): XRX is a fairly large 2.78% position first purchased at around $7.5 in Q4 2011. The stake was increased by over 70% in Q2 2012 at prices between $6.38 and $7.94. The stock currently trades at around $8. For investors attempting to clone Einhorn’s trades, XRX is a good option to consider.Virgin Media Inc. (VMED): VMED is a 2.83% of the US long portfolio stake purchased in Q2 2012 at prices between $21.50 and $25. The position is already a homerun for Einhorn as the stock currently trades at $45, around double his cost-basis. VMED stock spiked more than 10% earlier this month following the merger announcement with Liberty Global for a cash-and-stock deal at $47.87 per share.Oaktree Capital Group (OAK) and Barrick Gold Corporation (ABX): These are similar sized ~1% positions that were kept steady this quarter. The OAK position was established in Q2 2012 following its IPO at around $39 per share. The stock currently trades at $50. The 1.08% of the US long portfolio ABX position was kept steady this quarter although the stake was doubled in Q2 2012 at prices between $35.24 and $44.21. The stock currently trades below that range at around $31.63. Einhorn is very bullish on gold and also has large positions in Market Vectors Gold Miners ETF (GDX) and physical gold. The position in ABX signifies a clear bullish bias. For investors attempting to follow Einhorn, ABX is a good position to consider.Biofuel Energy (BIOF), Chipotle Mexican Grill (CMG) PUT, Einstein Noah (BAGL), Ensco PLC (ESV), Fifth Street Bank (FSC), Legg Mason Inc. (LM), Market Vectors Gold Miner ETF (GDX), Republic Awys Hldgs Inc. (RJET), State Bank Financial (STBZ), Symmetricom Inc. (SYMM), and Tessera Technologies (TSRA): These positions remained untouched during the quarter.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q4 2012:"
"Tracking David Einhorn’s Portfolio – Q3 2012 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to David Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 11/14/2012. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2012.Greenlight Capital’s US long portfolio stood at $6B this quarter. It is about 5% lower than the long portfolio size of $6.37B as of last quarter. The number of holdings also dropped from 42 to 40. The fund added four new holdings but disposed-off six stocks in the quarter. The top five holdings now represent around 40% of the US long portfolio compared to 38% as of Q2 2012. There was only one change among the top five holdings with Microsoft Corporation (MSFT) getting replaced with Cigna Corporation (CI).New Stakes:Yahoo Inc. (YHOO): YHOO is a 1.34% of the US long portfolio stake purchased this quarter at prices between $14.65 and $16.22. The stock currently trades at $17.89. Einhorn previously acquired a 3M share stake in YHOO in Q4 2011 at prices between $13.53 and $16.71 only to dispose it off the next quarter at prices between $14.42 and $16.28. The activity this quarter indicates a mild bullish bias.Aecom Technology (ACM), Babcock & Wilcox (BWC), and Knight Capital Group (KCG) NOTES: ACM, BWC, and KCG Notes are very small stakes (well below 1% of the US long portfolio) initiated this quarter. As the positions are really small, they do not indicate a clear bias.Stake Disposals:Hess Corp. (HES) and UnitedHealth Group (UNH): These two stakes were established last quarter but were eliminated this quarter. HES stake (~1.5%) was established at prices between $39.95 and $59.55 and disposed-off at prices between $42.30 and $56.06. UNH (~2% stake) traded between $53.99 and $60.26 last quarter and between $51 and $56.35 this quarter. The quick about-turns indicate a clear bearish bias.CareFusion Corp. (CFN): CFN is a long-term holding that has been in the portfolio since 2009. The position was reduced by ~50% last quarter before the stake elimination this quarter. The stake disposal of this sizable long-term holding indicates a clear bearish bias.Best Buy (BBY), Compuware Corporation (CPWR), and Expedia Inc. (EXPE): These are small positions (less than 1% of the US long portfolio) that were reduced last quarter and eliminated this quarter. BBY was a significant 3% stake as of Q1 2012, but was reduced by ~85% last quarter. The bulk of the position was established in Q1 2011 at prices between $29.08 and $35.91 and the stake disposal last quarter happened at prices between $18.02 and $23.64. This quarter, the stock traded at prices between $16.93 and $22.20. Einhorn realized losses on this position. CPWR position was reduced by around 75% last quarter at prices between $8.18 and $9.31 before the stake elimination this quarter at prices between $8.63 and $10.22. The original stake was purchased in Q3 2011 at prices between $7.43 and $10.16. The stake elimination indicates a clear bearish bias. The EXPE stake was established in Q1 2012 at prices between $28.63 and $35.44. It was reduced marginally last quarter at prices between $31.18 and $50.05 and was eliminated this quarter at prices between $44.06 and $59.40. Although the stake was small, Einhorn realized solid gains on this position.Stake Increases:Aetna Inc. (AET) & Cigna Corporation (CI): Einhorn has a large (over 12%) position in health care related companies. This quarter, he increased the positions in AET and CI substantially while decreasing three other companies in the same sector: Coventry Health (CVH), Humana Inc. (HIM), and Wellpoint Inc. (WLP). Also, a ~2% position in Unitedhealth Group (UNH) was eliminated as well. The pattern of trades indicates a clear bullish bias toward AET and CI and a bearish bias toward the other companies. AET is a ~3% position while CI is an over 5% position. AET stake was increased by ~40% this quarter at prices between $35.30 and $40.29. The original stake was purchased in Q2 2012 at prices between $38.77 and $50.23. The stock currently trades at $40.78. CI stake was increased by ~10% this quarter at prices between $39.66 and $47.80. The original stake was purchased in Q2 2012 at prices between $42.58 and $49.43. The stock currently trades at $50.87. For investors attempting to follow Einhorn, these are good candidates for further research.Biofuel Energy (BIOF): BIOF is a minute stake that was increased marginally this quarter. The minor position and the marginal stake increase do not signify any bias.Computer Sciences Corporation (CSC), Delphi Automotive PLC (DLPH), DST SYS INC (DST), and Marvell Technology Group (MRVL): These are medium-sized positions (1-4%) increased incrementally this quarter. Einhorn purchased the initial stake in CSC in Q1 2012 at prices between $23.37 and $33.26. The stake was almost doubled this quarter at prices between $22.50 and $34.68. The stock currently trades at around $34. The DLPH stake was established in Q4 2011. The position was marginally decreased last quarter but this quarter shows a marginal increase in the number of shares. The stock currently trades at $31.68. The DST stake was first purchased in Q4 2011 at prices between $41.23 and $50.77. The stock currently trades at around $54.44. It was marginally increased this quarter at prices between $50.11 and $56.65. The original MRVL position was acquired at around $13 in Q3 2011. The position size was increased by over 25% this quarter at prices between $9.16 and $12.28. The stock currently trades well below that range at around $7.50. All for these stocks are good to consider for anyone wishing to follow Einhorn’s trades.General Motors Company (GM): GM is a large ~8% of the US long portfolio stake that was increased by 20% this quarter at prices between $18.80 and $24.80. The original stake was purchased in Q1 2011 at prices between $30.74 and $38.98 with the bulk of the current stake acquired in Q3 2011 at prices between $20.18 and $31.80. The stock currently trades at around $24. For investors attempting to follow Einhorn, GM is a very good option to consider.Stake Decreases:Apple Inc. (AAPL): AAPL is Einhorn’s largest position accounting for over 12% of the US long portfolio. It is one of Einhorn’s biggest winners in recent times with the first purchases made in the high-200s price-range in 2010. The position was reduced by 25% this quarter at prices between $574.88 and $702.10. The stock currently trades at $525. Despite the stake reduction, the large remaining stake indicates a bullish bias.Seagate Technology (STX): STX is a large 8.5% stake that was reduced by ~28% this quarter at prices between $24.56 and $35.67. The bulk of the stake was purchased in Q2 2011 at an average purchase price of $16.06. The stock currently trades at around $27.Microsoft Corporation (MSFT) & Sprint Nextel Corporation (S): These were very large stakes (over 5% of the long portfolio) that were reduced significantly this quarter. MSFT position was reduced by ~40% at prices between $26.76 and $32.85 and the S stake was reduced by around two-thirds at prices between $3.19 and $5.70. The large stake reductions indicate a clear bearish bias.Huntington Ingalls Industries Inc. (HII): HII is a 1.5% stake that was reduced by around 20% this quarter at prices between $38.17 and $42.27. The original stake was purchased in Q2 2011 at prices between $34.50 and $40.98. The stake reduction indicates a mild bearish bias.Coventry Health Care Inc. (CVH), Humana Inc. (HUM), and Wellpoint Inc. (WLP): These are medium-sized positions in the healthcare sector that were reduced this quarter despite Einhorn building stakes in two other companies (Aetna and Cigna) in the same sector. The positions were purchased last quarter and so the quick turnaround and the activity indicate a clear bearish bias toward these companies.The rest of the positions were kept steady during the quarter:Barrick Gold Corporation (ABX): The ~1.3% of the US long portfolio ABX position was kept steady this quarter although the stake was doubled last quarter at prices between $35.24 and $44.21. The stock currently trades below that range at around $33.27. Einhorn is very bullish on gold and also has large positions in Market Vectors Gold Miners ETF (GDX) and physical gold. The position in ABX signifies a clear bullish bias. For investors attempting to follow Einhorn, ABX is a good position to consider.Oaktree Capital Group (OAK) and Virgin Media Inc. (VMED): These are small 1-2% of the long portfolio stake each purchased last quarter and kept steady this quarter. The purchases indicate a mild bullish bias. The stocks are trading well above the lows reached in Q2 2012. Investors attempting to follow Einhorn will have to wait for a better entry-point.Xerox Corporation (XRX): XRX is a ~3% position first purchased at around $7.5 in Q4 2011. The stake was increased by over 70% in Q2 2012 at prices between $6.38 and $7.94. The stock currently trades below those ranges at $6.25. For investors attempting to clone Einhorn’s trades, XRX is a very good option to consider.Chipotle Mexican Grill (CMG) PUT, Genworth Financial Inc. (GNW), Aspen Insurance Holdings (AHL), CBS Corporation (CBS), Einstein Noah (BAGL), Ensco PLC (ESV), Fifth Street Bank (FSC), Legg Mason Inc. (LM), Liberty Media Capital (LMCA), Market Vectors Gold Miner ETF (GDX), NCR Corporation (NCR), NVR Corporation (NVR), Republic Awys Hldgs Inc. (RJET), State Bank Financial (STBZ), Symmetricom Inc. (SYMM), and Tessera Technologies (TSRA): These positions remained untouched during the quarter.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q3 2012:"
"Tracking David Einhorn’s Portfolio – Q2 2012 Update"	"This article is part of a series that provides an ongoing analysis of the changes made to Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. It is based on Einhorn’s regulatory filed on 08/14/2012. Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2012.At the end of Q2 2012, the US long stock holdings of Greenlight Capital stood at $6.37B which is ~16% more than the $5.5B of Q1 2012. The number of holdings has also gone up from 37 to 42. The fund added eleven new holdings but disposed-off six stocks in the quarter. The top-5 holdings now represent around 38% of the US long portfolio compared to 42% as of Q1 2012. There was significant churn among the top-5 holdings as well with only Apple Inc. (AAPL) and Seagate Technology (STX) retaining their spot in the top-5.New Stakes:Aetna Inc. (AET), Cigna Corporation (CI), Coventry Health Care Inc. (CVH), Humana Inc. (HUM), Unitedhealth Group (UNH), and Wellpoint Inc. (WLP): Einhorn is building a sizable long position in health care related companies through the purchase of these new stakes this quarter. Together, these positions add up to over 15% of the US long portfolio. Most of these stocks are trading below the lows Einhorn could have acquired the stock at during Q2 2012. For investors attempting to follow Einhorn, these are good candidates for further research.Hess Corporation (HES), Oaktree Capital Group (OAK), and Virgin Media Inc. (VMED): These are small 1-2% of the long portfolio stake each purchased this quarter. The purchases indicate a mild bullish bias. The stocks are trading well above the lows reached in Q2 2012. Investors attempting to follow Einhorn into these positions will have to wait for better entry points.Chipotle Mexican Grill (CMG) PUT & Genworth Financial Inc. (GNW): CMG is a small short position that appears to have paid-off already as the stock dropped sharply from the $400 range to below $300 following disappointing results last month. The 13F filings do not indicate the strike prices and expiry dates for long option positions. But, Einhorn’s acumen for shorting stocks is very evident with this trade. GNW is a miniscule position purchased this quarter. The insignificantly small stake does not indicate a bias.Stake Disposals:CA Inc. (CA), Dell Inc. (DELL), and HCA Holdings (HCA): These stakes were 1% to 4% of the portfolio each. They were eliminated this quarter. Einhorn realized good gains on CA but accumulated significant losses on DELL. The stake in DELL was purchased in Q4 2011 at an average purchase price of $15.53 and the stock traded well below that price throughout the quarter. The HCA trade was an anomaly as this hospital operator was eliminated while Einhorn was simultaneously building large positions in the same sector. The trades indicate a clear bearish bias toward these businesses.Market Vectors Junior Gold Miners ETF (GDXJ), Research in Motion (RIMM), and Roundy’s Inc. (RNDY): These are small stakes (less than 1%) eliminated this quarter. Einhorn was very bullish on gold and so the stock elimination in GDXJ indicates a bearish bias toward small-cap stocks in that sector. Roundy’s was a very small 0.1% stake established last quarter. The about-turn this quarter signifies a mild bearish bias. The RIMM stake was established in Q4 2011 and was eliminated this quarter. Einhorn exited with losses on this position.Stake Increases:General Motors Company (GM), Microsoft Corporation (MSFT), and Seagate Technology (STX): These very large stakes (over 5% of the long portfolio) were increased significantly this quarter. STX was increased last quarter as well. It is currently Einhorn’s second largest position behind Apple. The bulk of the stake was purchased in Q2 2011 at an average purchase price of $16.06. The stock currently trades at over $34 and so Einhorn is sitting on large gains on the position. MSFT and GM stakes were trimmed last quarter. The about-turns this quarter indicate a bullish bias. GM is currently trading near the lows reached in Q2 2012 and so is a good option to consider for further research.Marvell Technology Group (MRVL), Sprint Nextel Corporation (S), Xerox Corporation (XRX), DST SYS INC (DST), and Computer Sciences Corporation (CSC): These are medium-sized positions (1-4%) increased incrementally this quarter. CSC and S have bounced back significantly from the lows reached in Q2 2012. Einhorn purchased the initial stake in CSC last quarter at prices between $23.37 and $33.26 and the stock currently trades at around $31. The DST stake was first purchased in Q4 2011 at prices between $41.23 and $50.77. The stock currently trades at around $50. MRVL and XRX are trading near the lows reached in Q2 2012. They are also trading below the price-ranges Einhorn acquired the majority of the stakes at - the XRX position was first purchased at around $7.5 and most of the MRVL position was acquired at around $13. They are good stocks to consider for anyone wishing to follow Einhorn’s trades.Barrick Gold Corporation (ABX): The ~1% of the US long portfolio ABX position was reduced by around a third last quarter. This bias took a U-turn as the stake was doubled at prices between $35.24 and $44.21 this quarter. The stock currently trades below that range at around $34.5. Einhorn is very bullish on gold and also has large positions in Market Vectors Gold Miners ETF (GDX) and physical gold. The stake increase in ABX signifies a clear bullish bias. For investors attempting to follow Einhorn, ABX is a good position to consider.Stake Decreases:Apple Inc. (AAPL): AAPL is Einhorn’s largest position accounting for over 13% of the US long portfolio. It is one of Einhorn’s biggest winners in recent times with the first purchases made in the high-200s price-range. The stock was marginally reduced this quarter. But, the large remaining stake indicates a clear bullish bias.Aspen Insurance Holdings (AHL), CareFusion Corporation (CFN), CBS Corporation (CBS), Delphi Automotive PLC (DLPH), Ensco PLC (ESV), Huntington Ingalls Industries Inc. (HII), Legg Mason Inc. (LM), Liberty Media Capital (LMCA), Market Vectors Gold Miner ETF (GDX), and NCR Corporation (NCR): These are medium-sized positions (1 to 5% of the US long portfolio) that were reduced this quarter. CFN was reduced by more than half during the quarter indicating a clear bearish bias. The GDX position was trimmed by around 20% but Einhorn also added to his holdings in ABX, a bell-weather gold miner. The other positions were trimmed marginally and so do not indicate a clear bias.Best Buy (BBY), Compuware Corporation (CPWR), and Expedia Inc. (EXPE): These are small positions (less than 1% of the US long portfolio) that were reduced this quarter. BBY was a significant 3% stake last quarter and has been drastically cut this quarter. The bulk of the position was established in Q1 2011 at prices between $29.08 and $35.91. The stock traded between $18.02 and $23.64 during this quarter. Einhorn realized losses on this position. CPWR position was reduced by around 75% this quarter. The stake reduction indicates a bearish bias. EXPE stake was established last quarter at prices between $28.63 and $35.44 and was reduced marginally this quarter. The stock has almost doubled from the lows of last quarter and currently trades at around $52.The rest of the positions were kept steady during the quarter. BIOF position was held steady but the share count dropped this quarter because of a 1:20 stock-split.The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q2 2012:"
"Tracking David Einhorn’s Portfolio – Q1 2012 Update"	"This article is part of a series that provide an ongoing analysis of the changes made to Einhorn’s Greenlight Capital US long stock portfolio on a quarterly basis. At the end of Q1 2012, the US long stock holdings of Greenlight Capital stood at $5.54B which is 6% more than the $5.23B of Q4 2011. The number of holdings in this category reduced from 23 to 20 – six positions were eliminated and three new ones were added. The significant events during the last three months include:Einhorn’s short recommendation on Green Mountain Coffee Roasters Inc (GMCR) worked as predicted – GMCR closed around ~$25 following a sales shortfall in the latest quarter. The stock had traded as high as $115 before Einhorn’s October 2011 presentation about his short thesis.In the IRA Sohn conference on May 16, 2012 Einhorn expressed a favorable opinion on Apple (AAPL). He views it as a software company whilst most others see it as a hardware company. Apple’s real value comes from the software ecosystem consisting of the iOS, the app store, iTunes, and iCloud. The high costs of switching away from it make AAPL worthy of a higher multiple. Amazon (AMZN) was not spared – its future was described as a “riddle”. Martin Marietta was described as overvalued.New Stakes:Computer Sciences Corporation (CSC): CSC, a 1.3% stake, was established this quarter when the price-per-share varied between $23.37 and $33.26. Currently it trades in the low-end of that range at ~$25.75. Einhorn is bullish on CSC and several other mid and large-cap technology companies trading at low multiples compared to the overall market. For investors attempting to follow Einhorn, CSC is a good option to consider.Expedia Inc (EXPE) & Roundy’s (RNDY): EXPE, a small 0.6% stake, was established this quarter when the price-per-share varied between $28.63 and $35.44. The stock spiked more than 10% in late-April following positive 2012 guidance. It currently trades at around $41. Roundy’s, a small-cap grocer, is a very small 0.1% stake that was established this quarter when the price-per-share varied between $9 and $11.23. The stock currently trades at ~$10. The stake in EXPE and RNDY are too small to indicate a clear bias.Stake Disposals:Travelers Companies (TRV) & Yahoo Inc (YHOO): TRV, a substantial 3.5% stake purchased initially in 2009 and nearly doubled in Q1 2011, was reduced by ~80% last quarter and eliminated this quarter. YHOO, a ~1% stake, established in Q4 2011 when the price-per-share varied between $14.42 and $16.29, was also removed. The stock currently trades at around $15.5. These stake eliminations point to a bearish bias.Energy Partners Limited (EPL), Broadridge Financial Solutions (BR), Omnivision Technologies (OVTI) & Furiex Pharmaceuticals (FURX): These very small stakes (less than 0.3% each) were rejected this quarter. EPL, a 1% stake, and BR, a 0.5% stake, were initiated in 2010 but has since been gradually disposed. The stake reductions of EPL and BR, albeit from a low base, indicate a mild bearish bias. FURX and OVTI were such insignificant stakes that their disposals did not create any ripples.Stake Increases:DST Systems, Inc (DST): DST, a ~1.5% stake first purchased in Q4 2011 when the price-per-share varied between $41.23 and $50.77, was increased by 40% this quarter when the price-per-share varied between $45.52 and $55.55. The stock currently trades at around $52. The significant stake increase signifies a bullish bias.Marvell Technology Group (MRVL) & Seagate Technology (STX): These are very large 5% and 7% stakes respectively that were incremented marginally this quarter. The bulk of the MRVL stake was acquired in Q3 2011 at an average purchase price of $13.35. The stock currently trades at around $12.75. The greater part of the STX stake was picked up in Q2 2011 at an average purchase price of $16.06. The stock currently trades at over $26. For investors attempting to shadow Einhorn, MRVL is a good stock to consider.Stake Decreases:Dell Inc (DELL): Dell, a 3.6% stake established in Q4 2011 at an average purchase price of $15.53 per share, was reduced by around 15% this quarter. The stock currently trades at around $14.75. Given the remaining relatively large stake, this stake reduction does not necessarily indicate a bearish bias. For investors attempting to follow Einhorn, DELL is an option to consider.General Motors Company (GM): GM, a large 6.9% of the US long-portfolio stake that was aggressively built-up during Q3 2011 and Q4 2011 at an average purchase price ~$25, was reduced by 22% this quarter when the price-per-share varied between $20.27 and $27.34. The stock currently trades at around $21. The reversal this quarter signifies a mild bearish bias.Barrick Gold Corp (ABX), Market Vectors ETF Jr (GDXJ), Microsoft Corporation (MSFT), and Research in Motion (RIMM): These stakes were decreased by more than a third this quarter. Earlier Einhorn was very bullish on gold but this quarter saw a shift with significant sales of ABX and GDXJ. As a percentage of the total exposure to gold, the sales are on the low side for the very large stake in GDX was left untouched. Einhorn also has a large stake in physical gold. Based on these facts, the GDXJ and ABX sales do not signify a clear bias on gold. MSFT, a large 4.4% of the US long-portfolio stake that was built up over several quarters in 2010 and 2011, was reduced by over 50% this quarter. RIMM, a small 0.4% of the US long-portfolio stake purchased in Q4 2011, was reduced by over 45% this quarter. The significant stake reduction in MSFT and RIMM signal a strong bearish bias.CBS Corporation (CBS), Carefusion (CFN), Ensco PLC (ESV), HCA Holdings (HCA), Huntington Ingalls (HII), NCR Corp (NCR), and NVR Inc (NVR): These stakes were decreased by less than 25% during the quarter and indicates a bearish bias.Aspen Insurance Holdings (AHL), CA Inc (CA), Sprint Nextel (S), & Xerox (XRX): These are very minor (less than 10%) stake reductions and as such do not indicate a clear bias. AHL, purchased in Q3 2011 when the price-per-share varied between $22.90 and $27.08, currently trades just below that price. CA purchased in Q4 2011 when the price-per-share varied between $18.99 and $22.46, spiked in Q1 2012 following a surprise large dividend increase – the stock currently yields 4%, at the top-end of the yield-range for technology stocks. S was purchased in 2010 for much higher prices. XRX, a 2.2% of the US long-portfolio stake purchased in Q4 2011 at an average purchase price of $7.61 per share, is currently trading at $7.15.The rest of the positions have remained unchanged during the quarter. Large positions among them include Apple Inc (AAPL), Market Vectors Gold ETF (GDX), and Delphi Automotive Systems (DLPH).The spreadsheet below highlights changes to Greenlight’s US stock holdings in Q1 2012:Please visit our series for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2011.02/16/2012"