Inside David Einhorn’s Third Quarter Stock Portfolio Performance

Various sites are reporting that Greenlight Capital’s David Einhorn just sent his investors a letter regarding third quarter performance for 2011.  His firm has as yet to file with the SEC its quarterly 13F filing, presumably because he wants to communicate performance results to his investors first.  Following is some of the fund’s top holdings, gleaned from information provided by from MarketFolly.com:

  • CBS Corp.  (NYSE:CBS): About the company: CBS Corporation is a multimedia company that operates broadcasting, television production, and publishing businesses. The Company operates television and radio stations, produces and syndicates television programs, publishes books, provides online content as well as provides outdoor advertising.
  • General Motors (NYSE:GM) About the company: General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.
  • Marvell Technology (NASDAQ:MRVL): About the company: Marvell Technology Group Ltd. designs, develops, and markets integrated circuits for communications-related markets. The Company’s products provide the interface between analog signals and the digital information used in computing and communications systems. Marvell’s technology is applied to the broadband data communications market.
  • Apple (NASDAQ:AAPL): About the company: Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.
  • Market Vectors Gold Miners (AMEX:GDX): About the company: Market Vectors Gold Miners ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield of the Amex Gold Miners Index.
  • Microsoft Corp. (NASDAQ:MSFT): About the company:  Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.
  • Vodafone Group (NASDAQ:VOD): About the company: Vodafone Group Plc provides a range of mobile telecommunications services, including voice and data communications. Vodafone has equity interests in 28 countries and Partner Networks in a further 7 countries with almost all the Group’s mobile subsidiaries operating principally under the brand name Vodafone. In the United States their associated undertaking operates as Verizon Wireless.

Einhorn also updated his investors about his fund’s short position in Green Mountain Coffee (NASDAQ:GMCR).  He writes about his presentation at the Value Investors’ Conference:

The part of the presentation that has garnered substantial attention is the field research section.  Here, we reported on the results of recent interviews we conducted with former workers of GMCR and M. Block & Sons, who offered consistent reports of recent apparent misconduct.  While most of the sell-side has largely ignored this topic, SunTrust Robinson Humphrey…came out with the following: “This is not new ‘field research.’  Instead, it was lifted from a deposition in a year old shareholder lawsuit.”  The analyst, Bill Chappell told Forbes, “If you look, there’s no quote, there’s no M. Block employee talking about 2010 or 2011.”…Mr. Chappell didn’t ask us himself and apparently he didn’t look very hard because the presentation [that Einhorn gave at the Value Investors’ Congress] is replete with quotes about 2011 and explains that our field research only began with what we learned in the class action lawsuit.

(This quote comes from page 2 of his letter to shareholders.  The letter is sourced via MarketFolly.com.)

Make sure to check back regularly with us to see how Greenlight Capital’s holdings changed from Q2 2011 to Q3 2011.  We will update our site with that information as soon as Einhorn and company have filed their 13F with the SEC.)

(Note: Selected financial data are sourced from Google Finance. All data are assumed to be accurate.)

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