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David Einhorn Loves Tech: Greenlight's Top Moves And Stakes In Q2

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David Einhorn Loves Tech: Greenlight's Top Moves And Stakes In Q2

Among the many investment firms that filed second-quarter 13Fs on Friday, there’s David Einhorn’s Greenlight Capital, a hedge fund with an equity portfolio worth more than $7.97 billion.

Between April and June, the firm acquired six new stocks, increased its exposure to another eight, trimmed it in 15 more and sold out of nine positions. Following these transactions, 40 percent of its assets were allocated to information technology stocks, 17 percent to consumer discretionary stocks and 15 percent to industrials stocks. The rest was put in utilities, telecoms, energy, finance, materials, healthcare and transportation stocks.

Below is a brief look at some of the fund’s top positions and most interesting moves of the quarter.

Apple

Same as in the first quarter of the year, the stake in Apple Inc. (NASDAQ: AAPL) was the largest in the fund’s portfolio. After disposing of 54,600 shares, Greenlight owns 7,382,571 shares of the tech behemoth, worth more than $925 million.

The largest institutional investor of record in the company is the Vanguard Group, which last disclosed ownership of more than 5.5 percent of the company (327,508,974 shares). In the hedge fund world, Carl Icahn holds the most valuable position in Apple, with 52,760,848 shares, worth more than $6.6 billion.

Related Link: 13F For David Einhorn's Greenlight Capital Just Out

Sunedison And Micron Technology

Over the second quarter, Einhorn sold 109,300 shares of Sunedison Inc (NYSE: SUNE) and bought 4.4 million shares of Micron Technology, Inc. (NASDAQ: MU). However, these two companies traded places on the fund’s list. Sunedison ascended to second place, while Micron fell to the third.

Following these transactions, Greenlight disclosed ownership of 24,844,588 shares of Sunedison (worth about $743 million) and 37,949,546 shares of Micron (valued at roughly $714 million).

Despite the slight reduction in its stake, the firm continues to be the largest institutional investor of record in Sunedison, trailed by the Vanguard Group, which acknowledged holding 19,783,042 shares, or 7.3 percent of the total shares outstanding.

In Micron, Greenlight is the largest hedge fund shareholder. However, once again, the Vanguard Group is the largest overall institutional investor, with 60,728,139 shares of the company. Also bullish on the chipmaker is Seth Klarman’s Baupost Group, which declared owning 19,706,035 shares as of the end of the second quarter.

Closed Out Positions

Among the closed out positions, the one in Keysight Technologies Inc (NYSE: KEYS) was the largest. The fund held more than 2.6 percent of the total shares outstanding as of the end of the first quarter of the year. However, over the second quarter, it sold all of its 4,426,446 shares.

Hedge funds Highland Capital Management and Taconic Capital Advisors also disposed of all of their Keysight shares over the second quarter. The firms held 301,650 shares and 325,000 shares, respectively.

New Stakes

Finally, among new stakes, two should be highlighted: Applied Materials, Inc. (NASDAQ: AMAT) and Michael Kors Holdings Ltd (NYSE: KORS). Over the quarter, Einhorn acquired 8 million Applied Materials shares and 3.62 million Michael Kors shares. Each of these positions is worth more than $150 million.

Yet again, the Vanguard Group is the largest institutional investor in both these companies, with 68,329,918 shares of the tech company and 12,905,450 shares of the apparel retailer.

Image Credit: Public Domain

Posted-In: Baupost Group Carl IcahnAnalyst Color Long Ideas Hedge Funds Tech Trading Ideas General

 

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