Greenlight Capital is a well-known long/short equity hedge fund, with a penchant for activism and public promotion of its investment ideas through the financial media. The firm grew in popularity during the financial crisis after co-founder David Einhorn’s call that Lehman Brothers was undercapitalized and highly susceptible to insolvency should an adverse shock occur. Since then, Einhorn’s fund has performed relatively well, with 16.1% annualized gains since its May 1996 inception. GM represents nearly 23% of Greenlight’s holdings and has been its largest position all year. After trading flat for the first eight months of the year, it has increased 26% since. Short positions are naturally not disclosed on a 13F statement, but Greenlight maintains a long-biased approach given equity markets ultimately go up over time. Einhorn has stated on more than one occasion it’s usually at least $2 long for every $1 short. The firm also makes investments into gold and/or fixed income as it sees fit. For those who follow the fund, it is well-known that the firm is shorting Tesla (TSLA), Amazon (AMZN), and Netflix (NFLX) in some capacity. Greenlight’s portfolio is semi-concentrated for a large fund given the firm prefers to have input into a company’s operations and will go through the media in order to put pressure on a company. It currently owns common stock in 38 companies. The top 10 holdings account for 74% of the assets (in dollar terms). GM, Aercap (AER), Consol Energy (CNX), Apple (AAPL), and Mylan (MYL) represent the top five. The complete list is as follows: (click to enlarge)