One of the ways of following David Einhorn’s performance is through the disclosures made by Greenlight Capital Re (NASDAQ:GLRE). Greenlight Re posted on its website that it lost 0.8% in February and 1.4% through the end of February. However, this doesn’t mean that Einhorn’s flagship fund lost 1.4% so far in 2011. Insider Monkey, your source for free insider trading data, compared GLRE’s investment returns and Einhorn’s performance. In 2010, Einhorn’s flagship fund returned 15.9% but GLRE’s investment returns were only 11%. In 2009, Einhorn returned around close to 37%, but GLRE’s investments gained 32.1%. In 2008, GLRE lost 17.6% and Einhorn‘s flagship fund lost more than 20%.
Greenlight Capital Re probably keeps a certain percentage of its funds in cash or low-risk debt instruments. As a result, GLRE underperforms Einhorn in good years and outperforms in bad years. Since this years performance is a loss of 1.4% for GLRE, this implies that David Einhorn’s flagship fund potentially lost around 2% through February.
At the end of December, Greenlight’s largest long positions were Arkema, Ensco (NYSE:ESV), gold (NYSE:GLD), Pfizer (NYSE:PFE), and Vodafone (NASDAQ:VOD) Group. At the end of February GLRE (NASDAQ:GLRE) reported that the largest disclosed long positions in the investment portfolio were Cardinal Health (NYSE:CAH), Carefusion (NYSE:CFN), Ensco (NYSE:ESV), gold (NYSE:GLD), Pfizer (NYSE:PFE) and Vodafone (NASDAQ:VOD) Group. Arkema lost around 2% through February, whereas Carefusion gained around 9%. Einhorn had $344 Million of Carefusion at the end of 2010. The Arkema position was at least $406 Million. This means either Einhorn reduced his Arkema holdings or added more Carefusion shares.
This is a guest post by Insider Monkey.