Greenlight Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The concentration of the portfolio is perhaps its most striking feature. With only 44 stocks, the average position size is substantial, but the distribution is even more telling. The top holding alone accounts for nearly 20% of the total portfolio value, indicating an extreme level of conviction in a single business model. This "barbell" approach—where a few massive positions provide the foundation of the portfolio while dozens of smaller, tactical positions provide diversification and additional alpha—suggests that Greenlight Capital is currently in a "conviction-heavy" phase. In an era where many institutional investors have drifted toward "closet indexing" or hyper-diversification to mitigate volatility, Einhorn remains a staunch advocate for concentrated value.

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

II. Sector Allocation Analysis

The most glaring observation is the massive 38.46% allocation to the Consumer Discretionary sector. However, a deeper dive into the underlying holdings reveals that this is not a broad bet on retail or consumer spending in the traditional sense. A significant portion of this weight is driven by the firm’s largest holding, a homebuilder, which is classified under this sector. This highlights the importance of looking past sector labels to understand the actual business risks. By dedicating nearly 40% of the portfolio to this space, Greenlight is essentially betting on the resilience of the housing market and the specific operational excellence of its top conviction play.

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 is not just a holding for Greenlight Capital; it is a decade-long conviction that defines the firm’s long-term success. Holding a 19.12% weight, this position is the ultimate "conviction holding." Despite the weight dropping slightly from 20.82% to 19.12%, the number of shares held remained unchanged at 9,467,383. This indicates that the weight change was entirely driven by the relative performance of the stock price compared to the rest of the portfolio or the addition of new capital elsewhere. Einhorn’s commitment to this homebuilder suggests a profound belief in the company’s land-heavy business model and its ability to navigate interest rate cycles better than its peers. In a market often obsessed with quarterly results, holding a position for over 10 years demonstrates a "private equity" mindset within a public equity framework.

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

The initiation of a $112.12 million position in Versant Media Group is the most significant move of the quarter. For a new position to immediately command 3.51% of the portfolio, the investment thesis must be robust. Versant Media likely represents a "valuation trough mining" operation. In an era where traditional media is being disrupted, Einhorn often looks for companies with undervalued intellectual property or those that have been unfairly punished by the market's shift toward streaming giants. This is a "conviction buy" that suggests Greenlight sees a catalyst on the horizon—perhaps a merger, a spin-off, or a significant improvement in operational efficiency that the market has yet to price in.

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 complete exit from Kyndryl Holdings is the most significant "liquidation" of the quarter. Having held the stock for over four years (since the IBM spin-off), Einhorn’s decision to sell the entire $101.36 million stake marks a "strategic retreat." Kyndryl was a classic "spin-off value play"—a neglected business that many hoped would thrive once freed from its parent. However, after four years, the "logical clearing" seems to have occurred. Whether it was a case of the fundamental turnaround taking too long or the stock reaching a fair value that no longer offered asymmetric upside, the exit suggests that Greenlight has found better uses for that capital. This is a "successful exit" in terms of duration, but it signals a loss of conviction in the company’s long-term trajectory.

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

The logic chain is clear: 1. Sell the Winners : Realize significant profits from long-term winners in energy services (Weatherford) and mature value plays (Kyndryl). 2. Trim the Core : Reduce exposure to large-cap industrials (Fluor) and utilities (PG&E) as they approach fair value. 3. Deploy into "Bruised" Assets : Initiate large positions in companies with temporary headwinds but strong underlying value (Crocs, Peloton, TD SYNNEX). 4. Maintain the Anchor : Keep the massive stake in Green Brick Partners as the portfolio’s ultimate hedge and growth engine.

This strategy reflects a belief that the market is currently "bifurcated." While broad indices may be buoyed by a few mega-cap tech names, many mid-cap companies are trading at "distressed" valuations despite having viable business models. Greenlight is positioning itself to benefit from a "mean reversion" in these unloved names. For retail investors, the takeaway is the importance of patience and contrarianism . Einhorn’s willingness to buy Peloton—a stock most have left for dead—while selling a winner like Weatherford, is a masterclass in "buying low and selling high," even when it feels uncomfortable.

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.