Greenlight Capital Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The current scale of $2.85 billion suggests a stable yet disciplined capital base. Unlike "mega-funds" that manage tens or hundreds of billions, Einhorn’s Greenlight operates in a "sweet spot" of liquidity. This AUM (Assets Under Management) level allows the firm to take significant, meaningful positions in mid-cap and small-cap companies—where market inefficiencies are more common—without the "market impact" constraints that hamper larger institutions. The fact that the portfolio is concentrated in just 39 stocks further reinforces this. In the world of institutional investing, a portfolio of fewer than 40 stocks is considered highly concentrated . This reflects a "high conviction" investment style where each position must earn its way into the portfolio through rigorous fundamental analysis. Einhorn is not interested in "closet indexing"; he is making specific, directional bets on business outcomes.

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II. Sector Allocation Analysis

The nearly 39% allocation to Consumer Discretionary is the defining characteristic of the portfolio. However, it is essential to look beneath the surface. A significant portion of this weight is driven by Green Brick Partners (GRBK) , a diversified homebuilding and land development company. By classifying homebuilders under Consumer Discretionary, the data masks what is essentially a massive bet on US residential real estate and demographics . Einhorn’s logic here is likely tied to the structural undersupply of housing in the United States. Despite fluctuating interest rates, the demand for new, affordable homes remains a long-term growth driver. This is not a bet on "fickle" consumer spending, but rather on a fundamental human necessity—shelter—managed by a company with superior capital allocation.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Green Brick Partners remains the "crown jewel" of Einhorn’s portfolio, a position he has held for over a decade. With a weight of 20.82% , it is more than double the size of the next largest holding.

The Top 10 holdings demonstrate a "Barbell Strategy." On one side, you have the "Old Guard" (GRBK, BHF) providing stability and long-term compounding. On the other side, you have "Active Turnarounds" (GPK, CPRI, CNC) where Einhorn is increasing his bets, expecting a re-rating of the stock price. The portfolio is heavily tilted toward Large and Mid-Cap Value , with almost no exposure to high-growth, high-multiple names. This is a "defensive-offensive" posture: protecting capital through low valuations while seeking alpha through specific corporate catalysts.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

Where did the money come from? The total estimated addition amount across these top 8 targets is approximately $338 million . This capital was largely recycled from the reductions in Teva, Kyndryl, and Victoria’s Secret , as well as the complete exit from Seadrill . This is a "Strategy Rotation" in action. Einhorn is moving from "Late-Stage Turnarounds" (where much of the easy money has been made) to "Early-Stage Value Mining." He is keeping the portfolio "fresh" by constantly looking for the next mispriced asset rather than riding his winners into overvalued territory.

These buy operations have increased the "offensiveness" of the portfolio. While still rooted in value, the move into WBD and CPRI introduces more "event-driven" volatility. However, this is balanced by the "defensive clustering" in Healthcare (CNC, ACHC, HSIC). Overall, Einhorn has constructed a "Buy List" that is diversified across media, consumer goods, and healthcare, ensuring that the portfolio is not overly dependent on any single macro outcome.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The reductions in Weatherford (WFRD) and the exit from Seadrill and OIH (Oil Services ETF) suggest a cooling of Einhorn’s enthusiasm for Energy Services . While he still likes energy producers (CNR, AR), he seems to be backing away from the "service" providers whose margins are more sensitive to the capex cycles of the big oil companies. Similarly, the exit from HPQ and the trim of KD suggest a move away from "Old Tech."

The "Sell" side of the ledger provided the liquidity for the "Buy" side. By recouping roughly $150M - $200M from these exits and reductions, Einhorn was able to fund his aggressive entries into WBD, SPB, and the Healthcare cluster. This is the "circle of life" in a value fund: Buy the unloved -> Wait for the turnaround -> Sell to the optimists -> Repeat. In Q4 2025, Einhorn is clearly in the "Selling to the optimists" phase for his older winners and the "Buying the unloved" phase for his new ideas.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

This quarter marks a pivotal transition for the fund. Einhorn is not simply "holding" his value bets; he is actively managing the lifecycle of each investment. The logic chain is clear: 1. Sold what? High-performing "turnaround" stocks like Teva, Kyndryl, and Victoria's Secret, along with cyclical energy service plays like Seadrill. 2. Why sell? To lock in triple-digit gains (in the case of Teva and VSCO) and to exit sectors where the risk-reward has become less skewed in his favor (Energy Services). 3. Bought what? Neglected "content and consumer" giants (WBD, Spectrum Brands) and a diversified basket of "operational" healthcare providers (Centene, Acadia, Henry Schein). 4. Why buy? To exploit "valuation gaps" in companies that are currently out of favor but possess strong underlying assets or essential service models. 5. Overall Result: A portfolio that remains anchored by the US housing market (Green Brick Partners) but is increasingly diversified into "idiosyncratic" value stories that are not dependent on a single macro theme.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.