Greenlight Capital · David Einhorn
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $2.0B
- Holdings
- 37
- Top-10 weight
- 77%
- As of
- 2023-12-31
- Filed
- 2024-02-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2023-01-31 → 2023-12-31), modeled subset of holdings. Roughly 23% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+41.9%
Market
+28.6%
Sector
-4.4%
Subsector
+10.6%
Stock selection
+9.7%
Top holdings
37 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | GRBKGreen Brick Partners, Inc. | 29.0% | $592M | 55% |
| 2 | BBG00J8C… | 10.4% | $212M | — |
| 3 | BHFBrighthouse Financial, Inc. | 7.9% | $161M | 100% |
| 4 | KDKyndryl Holdings Incorporation | 6.5% | $132M | 90% |
| 5 | THCTenet Healthcare Corporation | 4.9% | $99M | 90% |
| 6 | BBG00R24… | 4.8% | $98M | — |
| 7 | ALITAlight, Inc. Class A | 3.9% | $79M | 100% |
| 8 | GLDSPDR GOLD TR | 3.6% | $74M | — |
| 9 | TECKTeck Resources Limited Class B | 3.2% | $66M | 55% |
| 10 | LIVNLivaNova Plc | 3.1% | $64M | 72% |
| 11 | GPKGraphic Packaging Holding Company | 3.1% | $63M | 74% |
| 12 | WFRDWeatherford International plc | 2.2% | $45M | 52% |
| 13 | DHTDHT Holdings, Inc. | 1.8% | $37M | 104% |
| 14 | VTRSViatris, Inc. | 1.8% | $36M | 79% |
| 15 | FCNCAFirst Citizens BancShares, Inc. Class A | 1.7% | $35M | 50% |
94% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2024-02-14.
How concentrated is this book?
Quarter-end concentration across 89 filings from 2001-12-31 to 2023-12-31, with the latest filing set against this manager's own median.
- Effective N
- 8.5
- median 10.1
- Top 5 weight
- —
- no median
- Top 10 weight
- 77.2%
- median 79.1%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 37 positions at 2023-12-31.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with David Einhorn's.