13F: What Einhorn's Greenlight Capital Bought in Q1

Last quarter, billionaire David Einhorn took on eight new positions and increased the size of two prior stakes, according to a report by StreetInsider.com. The news became available to the public as a result of the 13F filing submitted to the SEC by Einhorn's Greenlight Capital. Greenlight, along with all other hedge funds and institutional investors managing at least $100 million in assets, was required to submit filings within 45 days of the end of the first quarter of the year. Among Einhorn's new stakes are Office Depot Inc. (ODP), PayPal Holdings Inc. (PYPL) and more.

New Positions in Q1

The largest position Einhorn entered in Q1 based on number of shares was Office Depot. Greenlight bought up 2.1 million shares in the office supply store. The other seven new positions were, for the most part, substantially smaller. They include new positions in Abercrombie & Fitch Co. (ANF), Bloomin' Brands Inc. (BLMN), and IAC (IAC), each of which saw new stakes of between 200,000 and 250,000 shares. Greenlight's new position in PayPal stood at 67,000 shares as of the end of the quarter. Rounding out the list of new stakes was Sprouts Farmers Market Inc.c (SFM), Tapestry Inc. (TPR), and Urban Outfitters Inc. (URBN).

Einhorn also increased the size of two of his prior stakes in the first few months of the year. The most significant change was to Ensco PLC (ESV), which began the year at 9.7 million shares and ended the first quarter with an even 20 million shares. The other raised stake was in Five Below Inc. (FIVE), which Einhorn raised from 44,300 shares to 70,700 shares over the course of the quarter.

Many Stakes Liquidated

While Einhorn's hedge fund spent time in the first quarter buying up new positions, it seems to have focused more on liquidating old stakes. Many of the positions that Einhorn exited were in popular retail stores like Best Buy, Circuit City Group, The Gap, Kohl's Corp., and Nordstrom. He also sold out of his stakes in Seaworld Entertainment Inc., Shutterfly, Inc., Under Armour, Inc. and Weight Watchers International, among others.

There were other prior positions that Greenlight trimmed without exiting completely. The company significantly reduced its stake in Apple Inc., dropping its position from close to 2.2 million shares to just over 600,000 shares. It sold off more than 3 million shares of Aercap Holdings, finishing the quarter with just over 6.5 million shares. Einhorn also sold off 280,000 shares of Twitter, Inc., roughly 10% of his holdings going into the three-month period.

13F filings are necessarily backward-looking and should not be used to make future investment decisions.