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The
hedge fund, run by David Einhorn, lagged far behind the broader
S&P 500 index's 18.4% gain but celebrated its late year surge
which it described as "the best quarterly result in Greenlight's
history." Reuters obtained a copy of the letter.
Homebuilder Green Brick Partners, jet leasing company Aer Cap
Holdings and relatively new positions in Resideo Technologies,
NCR Corp and Change Healthcare fueled the portfolio's gains as
optimism about a vaccine roll-out and a conclusion to the U.S.
presidential election pushed stocks to new highs.
Greenlight also said that it invested in streaming provider
FuboTV and biopolymer manufacturer Danimer Scientific, which
both went public in recent months.
Einhorn, who is well-known for his long-running short bet
against Elon Musk's Tesla, said the fund "managed to sidestep"
most of electric car company's late year run-up but acknowledged
that the stock was still the firm's biggest loser last year.
Tesla's stock surged roughly 733% in the last 52 weeks.
The letter also highlighted Einhorn's whistleblower award from
the U.S. Securities and Exchange Commission, received in
November after he pushed for it, noting that the regulator had
agreed with the firm's analysis of problems at land developer
The St. Joe Company more than a decade ago, ultimately fining it
for improper accounting of its real estate assets.
Looking ahead to this year, Greenlight said it is positioned for
higher inflation, a strong housing market and rising interest
rates.
"If things generally go this way, value stocks should continue
their recent outperformance. We are excited to turn the page
into 2021," the letter said.
(Reporting by Svea Herbst-Bayliss; Editing by Kirsten Donovan)
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