- Firm added stakes in Garmin and Liberty Global Plc LiLAC
- Einhorn defended SunEdison in quarterly letter Oct. 21
Greenlight Capital, the hedge fund firm led by David Einhorn, cut its stakes in SunEdison Inc. and Micron Technology Inc. after taking steep losses on the positions this year.
The New York-based firm reduced its holding of solar company SunEdison by 6.2 million shares in the third quarter, paring its position to 18.6 million shares worth $133.6 million as of Sept. 30, according to a filing on Monday with the U.S. Securities and Exchange Commission. Greenlight’s main hedge fund lost 16 percent this year through October, according to a performance update, chiefly on losses in Micron, SunEdison and Consol Energy Inc.
Greenlight defended the stake in a quarterly letter sent to clients Oct. 21 and obtained by Bloomberg. The markets aren’t fairly pricing the company’s spinoffs, TerraForm Power and TerraForm Global, Einhorn wrote.
The firm cut its stake in Micron by 25.6 million shares to 12.4 million shares as of Sept. 30, a move that was announced in the letter. It listed new stakes in Garmin Ltd. and in two share classes of Liberty Global Plc LiLAC, stocks that track Liberty Global Plc’s operations in Latin America and the Caribbean.
Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt. The filings don’t show non-U.S. traded securities or wagers against stocks.