Greenlight Capital’s David Einhorn enjoyed a stellar second quarter even as the broader market suffered a brutal sell-off. A regulatory filing just revealed his biggest holdings that drove the big outperformance Einhorn previously said his hedge fund returned 8.4% in the second quarter of 2022, bringing its first-half performance to 13.2%. The relative quarterly performance to the S & P 500 marked Einhorn’s best ever in his firm’s history. The S & P 500 dropped 16% last quarter. Green Brick Partners remained Greenlight’s biggest holding at the end of the second quarter, with a stake worth about $450 million. Shares of the home building company were flat on the year, outperforming the S & P 500 significantly. Brighthouse Financial, also a longtime holding, was Einhorn’s second largest bet at the end of June. Meanwhile, Greenlight increased its position in Atlas Air Worldwide to nearly $82 million, making it the fund’s third biggest holding. The star manager previously attributed his outperforming 2022 to a rotation to value stocks and his preference for companies with sizable buyback programs in place. Atlas Air and Green Brick Partners had big repurchase programs this year. Greenlight also more than doubled its stake in IT service management company Kyndryl , making it one of Einhorn’s top 10 stocks at the end of June. The tech name is down about 35% this year, however. Einhorn said earlier this month that he remained cautious in the bear market. The manager said his firm has lowered its gross long exposure to 86% at the end of the second quarter from 127% from the start of the year. “It is a bear market and we are building some dry powder for future opportunities,” Einhorn said. Einhorn founded Greenlight in 1996. Greenlight made its name by short selling Lehman Brothers’ stock prior to its collapse in 2008.
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