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Greenlight Capital cut back two of its investments that 'performed abysmally'

Nov 17, 2015, 03:43 IST

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Greenlight Capital, the hedge fund led by David Einhorn, sold some of its money-losing positions in solar energy company SunEdison and semiconductor maker Micron Technology during the third quarter.

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Greenlight sold 6.2 million shares in SunEdison, according to the fund's 13F filing. The fund now holds 18.6 million shares.

Greenlight also significantly pared back its stake in Micron Technology, another stock that's lost the fund money. Greenlight sold around 25 million shares of Micron in the third quarter. It now holds around 12.37 million shares.

In his third quarter letter, Einhorn noted those stocks "performed abysmally" during the third quarter.

Greenlight added 3.8 million shares of Apple, bringing its stake in the tech giant to more than 11.2 million shares. The fund also added 1.6 million more shares of General Motors, bringing the position to 16.29 million shares.

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Hedge funds only have to disclose their long equity holdings in these quarterly filings. The filings come out 45 days after the end of each quarter.

Greenlight Capital is on track for just its second losing year. Greenlight was down 16.29% through the end of October, according to data from HSBC. Einhorn's only previous down year was in 2008, when his fund lost 23%.

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