Great investors · David Einhorn · Q4 2025
What David Einhorn bought and sold in Q4 2025
Greenlight Capital (DME Capital Management) 13F portfolio as of Dec 31, 2025: 41 positions worth $2.8 bn. Largest: GRBK, FLR, CNR, BHF. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedGraphic Packaging HoldingGPK+2.0 pp
- IncreasedCapri HoldingsCPRI+1.8 pp
- IncreasedCenteneCNC+1.6 pp
- NewWarner Bros. DiscoveryWBD+1.6 pp
- NewSpectrum Brands HoldingsSPB+1.4 pp
- NewHenry ScheinHSIC+1.2 pp
- IncreasedAcadia HealthcareACHC+1.2 pp
- NewGlobal PaymentsGPN+1.2 pp
- NewBKVBKV+1.2 pp
- NewAntero ResourcesAR+1.2 pp
- NewDeckers OutdoorDECK+1.1 pp
- IncreasedPg&ePCG+0.8 pp
Sells in Q4 2025
- Sold outSeadrillSDRL−1.7 pp
- ReducedTEVA Pharmaceutical IndustriesTEVA−0.8 pp
- ReducedWeatherford InternationalWFRD−0.6 pp
- Sold outNexstar Media GroupNXST−0.5 pp
17 companies with material moves, out of 34 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 Q4 2025 13F lists 41 lines of US-listed securities worth $2.8 bn; the largest is GRBK at 20.8% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:18 PM ET.
Against the previous quarter, it opened 8 positions (WBD, SPB, HSIC and GPN and 4 more), closed 4 (SDRL, NXST, HPQ and OIH), added to 10 (GPK, CPRI, ACHC and CNC and 6 more) and trimmed 12 (TEVA, WFRD, KD and PENN and 8 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Green Brick Partners GRBK | 9.5 M | $593M | 20.8% | no change |
| 2 | Fluor FLR | 5.6 M | $220M | 7.73% | no change |
| 3 | Core Natural Resources CNR | 2.1 M | $186M | 6.52% | −2.6% |
| 4 | Brighthouse Financial BHF | 2.8 M | $181M | 6.35% | no change |
| 5 | Graphic Packaging Holding GPK | 8.4 M | $127M | 4.45% | +79% |
| 6 | Pg&e PCG | 7.8 M | $125M | 4.39% | +22% |
| 7 | Capri Holdings CPRI | 4.8 M | $116M | 4.08% | +77% |
| 8 | Centene CNC | 2.6 M | $109M | 3.81% | +69% |
| 9 | Kyndryl Holdings KD | 3.8 M | $101M | 3.56% | −12% |
| 10 | TEVA Pharmaceutical Industries TEVA | 3.1 M | $95.5M | 3.35% | −19% |
| 11 | Victoria's Secret VSXY | 1.7 M | $94.1M | 3.30% | −10% |
| 12 | DHT Holdings DHT | 7.4 M | $89.9M | 3.16% | −3.3% |
| 13 | PENN Entertainment PENN | 6.0 M | $89.2M | 3.13% | −11% |
| 14 | SPDR Gold Shares ETF GLD | 170,561 | $67.6M | 2.37% | −2.6% |
| 15 | Acadia Healthcare ACHC | 4.1 M | $58.5M | 2.05% | +151% |
| 16 | Weatherford International WFRD | 743,620 | $58.2M | 2.04% | −23% |
| 17 | Liberty Global LBTYA | 5.0 M | $55.7M | 1.96% | −4.1% |
| 18 | CNH Industrial CNH | 5.8 M | $53.2M | 1.87% | −2.3% |
| 19 | Roivant Sciences ROIV | 2.1 M | $44.9M | 1.58% | −9.1% |
| 20 | Warner Bros. Discovery WBD | 1.5 M | $44.2M | 1.55% | new |
| 21 | Spectrum Brands Holdings SPB | 663,890 | $39.2M | 1.38% | new |
| 22 | Henry Schein HSIC | 469,250 | $35.5M | 1.24% | new |
| 23 | Global Payments GPN | 452,730 | $35.0M | 1.23% | new |
| 24 | BKV BKV | 1.3 M | $35.0M | 1.23% | new |
| 25 | Antero Resources AR | 1.0 M | $34.9M | 1.23% | new |
| 26 | Deckers Outdoor DECK | 298,778 | $31.0M | 1.09% | new |
| 27 | Cigna Group CI | 93,750 | $25.8M | 0.91% | no change |
| 28 | Slide Insurance Holdings SLDE | 1.1 M | $22.4M | 0.79% | new |
| 29 | United Parks & Resorts PRKS | 574,620 | $20.9M | 0.73% | +22% |
| 30 | Lakefront Biotherapeutics LKFT | 482,746 | $15.8M | 0.55% | no change |
| 31 | Coya Therapeutics COYA | 2.0 M | $11.8M | 0.41% | +23% |
| 32 | TD Synnex SNX | 56,490 | $8.5M | 0.30% | +45% |
| 33 | Sotera Health SHC | 461,270 | $8.1M | 0.29% | +155% |
| 34 | Vaneck ETF Trust GDX | 64,960 | $5.6M | 0.20% | −15% |
| 35 | Kranesh CSI China Internet ETF KWEB | 131,510 | $4.5M | 0.16% | +52% |
| 36 | GoPro GPRO | 1.7 M | $2.4M | 0.08% | no change |
| 37 | Gain Therapeutics GANX | 566,130 | $1.8M | 0.06% | no change |
| 38 | Peloton Interactive PTON | 246,460 | $1.5M | 0.05% | no change |
| 39 | Nuvation Bio NUVB | 34,995 | $314K | 0.01% | no change |
| 40 | Nuvation Bio NUVB/WS | 100,000 | $33.0K | 0.00% | no change |
| 41 | Katapult Holdings | 262,227 | $944 | 0.00% | no change |
Positions it closed (4)
- Seadrill SDRLwas 1.89% · 1.6 M shares
- Nexstar Media Group NXSTwas 0.58% · 73,940 shares
- HP HPQwas 0.32% · 300,000 shares
- Vaneck ETF Trust OIHwas 0.13% · 12,360 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.