Great investors · David Einhorn · Q3 2025
What David Einhorn bought and sold in Q3 2025
Greenlight Capital (DME Capital Management) 13F portfolio as of Sep 30, 2025: 37 positions worth $2.5 bn. Largest: GRBK, FLR, CNR, BHF. Filed with the SEC on Nov 14, 2025.
The 13F is filed by Greenlight Capital (DME Capital Management), not by David Einhorn personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2025
- NewPg&ePCG+3.8 pp
- IncreasedFluorFLR+2.8 pp
- IncreasedKyndryl HoldingsKD+1.2 pp
- IncreasedVictoria's SecretVSXY+1.1 pp
- IncreasedCenteneCNC+1.0 pp
- NewUnited Parks & ResortsPRKS+1.0 pp
- IncreasedAcadia HealthcareACHC+0.8 pp
- NewNexstar Media GroupNXST+0.6 pp
Sells in Q3 2025
- Sold outTECK ResourcesTECK−3.2 pp
- ReducedHPHPQ−2.9 pp
- ReducedRoivant SciencesROIV−1.4 pp
- ReducedCNH IndustrialCNH−0.8 pp
- ReducedCapri HoldingsCPRI−0.6 pp
- ReducedPENN EntertainmentPENN−0.5 pp
14 companies with material moves, out of 22 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Greenlight Capital (DME Capital Management)'s Q3 2025 13F lists 37 lines of US-listed securities worth $2.5 bn; the largest is GRBK at 27.5% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:06 PM ET.
Against the previous quarter, it opened 4 positions (PCG, PRKS, NXST and KWEB), closed 1 (TECK), added to 9 (FLR, VSXY, CNC and KD and 5 more) and trimmed 8 (ROIV, CNH, PENN and CPRI and 4 more). 16 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Green Brick Partners GRBK | 9.5 M | $699M | 27.5% | no change |
| 2 | Fluor FLR | 5.5 M | $232M | 9.13% | +44% |
| 3 | Core Natural Resources CNR | 2.2 M | $180M | 7.08% | no change |
| 4 | Brighthouse Financial BHF | 2.8 M | $148M | 5.83% | +1.2% |
| 5 | Kyndryl Holdings KD | 4.3 M | $130M | 5.13% | +31% |
| 6 | PENN Entertainment PENN | 6.8 M | $130M | 5.13% | −9.7% |
| 7 | Pg&e PCG | 6.4 M | $96.2M | 3.79% | new |
| 8 | Graphic Packaging Holding GPK | 4.7 M | $92.1M | 3.62% | no change |
| 9 | DHT Holdings DHT | 7.6 M | $91.1M | 3.58% | no change |
| 10 | TEVA Pharmaceutical Industries TEVA | 3.8 M | $76.3M | 3.00% | no change |
| 11 | Weatherford International WFRD | 960,810 | $65.7M | 2.59% | no change |
| 12 | CNH Industrial CNH | 5.9 M | $64.1M | 2.52% | −25% |
| 13 | SPDR Gold Shares ETF GLD | 175,101 | $62.2M | 2.45% | +3.4% |
| 14 | Liberty Global LBTYA | 5.2 M | $59.8M | 2.35% | no change |
| 15 | Centene CNC | 1.6 M | $55.7M | 2.19% | +86% |
| 16 | Capri Holdings CPRI | 2.7 M | $53.5M | 2.11% | −23% |
| 17 | Victoria's Secret VSXY | 1.9 M | $52.4M | 2.06% | +118% |
| 18 | Seadrill SDRL | 1.6 M | $48.0M | 1.89% | no change |
| 19 | Acadia Healthcare ACHC | 1.6 M | $40.7M | 1.60% | +90% |
| 20 | Roivant Sciences ROIV | 2.3 M | $34.4M | 1.35% | −50% |
| 21 | Cigna Group CI | 93,750 | $27.0M | 1.06% | no change |
| 22 | United Parks & Resorts PRKS | 471,050 | $24.4M | 0.96% | new |
| 23 | Lakefront Biotherapeutics LKFT | 482,746 | $16.7M | 0.66% | no change |
| 24 | Nexstar Media Group NXST | 73,940 | $14.6M | 0.58% | new |
| 25 | Coya Therapeutics COYA | 1.6 M | $9.4M | 0.37% | no change |
| 26 | HP HPQ | 300,000 | $8.2M | 0.32% | −90% |
| 27 | TD Synnex SNX | 39,030 | $6.4M | 0.25% | +17% |
| 28 | Vaneck ETF Trust GDX | 76,460 | $5.8M | 0.23% | no change |
| 29 | Kranesh CSI China Internet ETF KWEB | 86,370 | $3.6M | 0.14% | new |
| 30 | GoPro GPRO | 1.7 M | $3.6M | 0.14% | −40% |
| 31 | Vaneck ETF Trust OIH | 12,360 | $3.2M | 0.13% | −22% |
| 32 | Sotera Health SHC | 180,580 | $2.8M | 0.11% | −23% |
| 33 | Peloton Interactive PTON | 246,460 | $2.2M | 0.09% | +37% |
| 34 | Gain Therapeutics GANX | 566,130 | $1.0M | 0.04% | no change |
| 35 | Nuvation Bio NUVB | 34,995 | $129K | 0.01% | no change |
| 36 | Nuvation Bio NUVB/WS | 100,000 | $20.2K | 0.00% | no change |
| 37 | Katapult Holdings | 262,227 | $1.8K | 0.00% | no change |
Positions it closed (1)
- TECK Resources TECKwas 3.47% · 2.0 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Greenlight Capital (DME Capital Management)'s 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.