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
- $1.4B
- Holdings
- 22
- Top-10 weight
- 91%
- 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 7% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+47.0%
Market
+30.1%
Sector
-1.4%
Subsector
+9.8%
Stock selection
+3.3%
Top holdings
22 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. | 41.7% | $592M | 25% |
| 2 | BHFBrighthouse Financial, Inc. | 11.3% | $161M | 98% |
| 3 | KDKyndryl Holdings Incorporation | 9.3% | $132M | 90% |
| 4 | THCTenet Healthcare Corporation | 7.0% | $99M | 89% |
| 5 | ALITAlight, Inc. Class A | 5.5% | $79M | — |
| 6 | LIVNLivaNova Plc | 4.5% | $64M | 72% |
| 7 | GPKGraphic Packaging Holding Company | 4.4% | $63M | 75% |
| 8 | VTRSViatris, Inc. | 2.6% | $36M | 80% |
| 9 | FCNCAFirst Citizens BancShares, Inc. Class A | 2.5% | $35M | 49% |
| 10 | BBG00ZMY… | 2.1% | $30M | — |
| 11 | GPORGulfport Energy Corp | 2.1% | $30M | 69% |
| 12 | HRIHerc Holdings, Inc. | 1.4% | $20M | 76% |
| 13 | FHNFirst Horizon Corporation | 1.4% | $19M | 34% |
| 14 | AERAerCap Holdings NV | 1.3% | $19M | 83% |
| 15 | KVUEKenvue, Inc. | 0.8% | $12M | 80% |
99% 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 73 filings from 2005-12-31 to 2023-12-31, with the latest filing set against this manager's own median.
- Effective N
- 4.8
- median 6.6
- Top 5 weight
- —
- no median
- Top 10 weight
- 90.9%
- median 93.2%
- 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 22 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.