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
- $769M
- Holdings
- 14
- Top-10 weight
- 98%
- As of
- 2023-12-31
- Filed
- 2024-03-15
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 31% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+33.5%
Market
+29.0%
Sector
-3.3%
Subsector
-2.3%
Stock-specific
+10.4%
Top holdings
14 reported positions; top 14 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 | RESTRICT… | 27.5% | $212M | — |
| 2 | BHF | 21.0% | $161M | 96% |
| 3 | KD | 17.2% | $132M | 94% |
| 4 | ALIT | 10.3% | $79M | — |
| 5 | LIVN | 8.3% | $64M | 71% |
| 6 | VTRS | 4.7% | $36M | 74% |
| 7 | GPOR | 3.9% | $30M | 70% |
| 8 | AER | 2.4% | $19M | 84% |
| 9 | KVUE | 1.6% | $12M | 84% |
| 10 | BBG001LW… | 1.3% | $10M | — |
| 11 | GLPG | 0.9% | $7M | 80% |
| 12 | SHC | 0.7% | $6M | 75% |
| 13 | TEVA | 0.4% | $3M | 88% |
| 14 | NUVB | 0.0% | $52842 | 85% |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2024-03-15.
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