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Full Breakdown Of David Einhorn Q2 Long Equity Holdings

Tyler Durden's picture





 

Unlike Dan Loeb, David Einhorn did a far more calculated portfolio reshuffle in the three months of Q2, purging only 6 positions among which RIM, CA, Dell, HCA, the GDXJ Junior Gold Miners ETF, and Roundys. He appears to have also hired a new healthcare/insurance analyst after adding positions in Cigna, Coventry Health, UnitedHealth, Humana, Wellpoint, as well as Einstein Noah Restaurants, Virgin Media, Hess, Chipotle, Genworth and some Oaktree bonds. His top 5 positions are Apple, Seagate, Microsoft, Marvell Tech and Cigna. Overall, it does not appear as if he has had a major shift in perspective on the economy. Total reported long equity AUM as of June 30 was $6.4 billion.

Full breakdown below. New positions in green. His Q1 13F can be found here.

 


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Tue, 08/14/2012 - 17:40 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

he has nearly billion reasons to smile now that apple within 20 points of all time highs. 

Tue, 08/14/2012 - 18:49 | Link to Comment Tippoo Sultan
Tippoo Sultan's picture

Einhorn. Meh.

This roster reads quite similar to several asset-bloated "growth" offerings from Fidelity, Janus, &c. Most would be better off in a portfolio consisting of Fidelity Puritan, cash, and a prodigious number of gold Sovereigns. To blazes with the "two and twenty" crowd of thieves.

Tue, 08/14/2012 - 17:43 | Link to Comment buzzsaw99
buzzsaw99's picture

he didn't purge bby. no. he. didn't.

Tue, 08/14/2012 - 18:51 | Link to Comment Matt
Matt's picture

It is an interesting shift in the portfolio.

~84% reduction in Best Buy, ~73% Compuware, ~95% Biofuel Energy Corp,

and on the long side, nearly doubling down on Microsoft, Barrick and Xerox.

Tue, 08/14/2012 - 17:43 | Link to Comment gimli
gimli's picture

Editorial comment -- he purged GDX, not GDXJ

Tue, 08/14/2012 - 17:55 | Link to Comment vast-dom
vast-dom's picture

LONG GDXJ Junior Gold Miners ETF.

Tue, 08/14/2012 - 19:04 | Link to Comment Camtender
Camtender's picture

No, you need to go back to Q1 resutls and look to see that GDXJ was there.  Notice that none of the six drops are listed in the analysis above because all the line items have values.  It would have been more meaningful to compare gross Q1 vs Q2 and seen the six drop offs. 

 

The investment value for Q1, as noted above, will not tie out because the six are missing.

Tue, 08/14/2012 - 19:16 | Link to Comment gimli
gimli's picture

I stand corrected ..... even though I'm sitting

Thx

Tue, 08/14/2012 - 17:46 | Link to Comment booboo
booboo's picture

Easy cum laude easy go.

Tue, 08/14/2012 - 17:48 | Link to Comment BurningFuld
BurningFuld's picture

Damn, just little old me, but I sure see a lot of down side to Apple. Iphone 5 coming out and it will be the same old song and dance. Better screen perhaps?

Tue, 08/14/2012 - 17:52 | Link to Comment buzzsaw99
buzzsaw99's picture

They invented the telephone, that's why they are suing Samsung. [/sarc]

Tue, 08/14/2012 - 18:16 | Link to Comment yrad
yrad's picture

They didnt invent that. Somebody else did.

Tue, 08/14/2012 - 19:02 | Link to Comment AccreditedEYE
AccreditedEYE's picture

They invented the telephone, that's why they are suing Samsung. [/sarc]

LMAO! Nice. I can't wait to watch Samsung soak up more and more market share from these scum bags. AAPL represents everything wrong with corporate 'Merika these days, despite it being a HF manager's uber alpha monkey.

Tue, 08/14/2012 - 18:19 | Link to Comment youngman
youngman's picture

I think Samsung is going to give them a run for the money.,.....Samsung will get the world...Apple will get the USA...

 

I have looked at these readjustments for these funds....nothing stands out to me as the next big APP....so one bank for another...one healtcare for another..these guys are to big do do any smaller investments...

Tue, 08/14/2012 - 19:06 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Good to see him lending support to Nelson Peltz's pet project. (LM) Sorry boys, in a deflationairy environment, asset managers = losses. Post-August computer games of course. Even the god-like Larry Fink can't say "no" to that.

Tue, 08/14/2012 - 20:04 | Link to Comment disabledvet
disabledvet's picture

to quote Jack Nicklaus about Tiger Woods...and Bobby Jones who said it about Jack Nicklaus i might add "he simply plays a game (golf) that I don't understand." I simply can't imagine being these folks. There is a reason why they're all in Connecticut of course...not the least being "here's your life insurance policy...and we're good for that money, too." But these guys are playing with Institutional money just the same. "Return" in its most ultimate...and terrifying form. Hell even the State of Alabama plays this game...what was the book? "The New New Thing"? Anywho...the economy has been a dog going on 20 years now. This is not like investing in the 80's or the 90's...i fail to see the "safety net" of massive job growth or a mass of liquidity. There's no way you could do this in the 70's when volume was basically non-existent! We shall see "what they're final answer is" come next quarter. But anyone who wants to "be the market mover" is the same to me as the "Journalist who wants to be the story." Eventually...seems to me...

Tue, 08/14/2012 - 20:47 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

R U into ur Grog?!

Tue, 08/14/2012 - 23:30 | Link to Comment jcaz
jcaz's picture

Nice move on Chipotle-dog.... Loaded up just before it puked;

Master Of The Universe, indeed.....

Wed, 08/15/2012 - 09:01 | Link to Comment Ljoot
Ljoot's picture

Einstein Noah Restaurants, soon to be McEinhorns.


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