Greenlight Capital, the $9 billion hedgefund which is successfully led by David Einhorn had reported that before Yahoo! Inc. (NASDAQ:YHOO) gave in to investor pressure from Starboard Value, they had doubled their stake in the company.
Greenlight Capital brought the value of its stake to $162 million as of March 31 in the company when they bought a further 2.38 million shares in Yahoo. This is according to a filing that was released by the US Securities and Exchange Commission. Yahoo eventually came to an agreement with Starboard Value and gave them four directors’ seats with Jeffrey Smith their CEO also joining the commission responsible for the Yahoo sale. The Internet Company has seen its shares rise by about 13 percent already this year.
Greenlight is also said to have bought some of the Apple shares and boosted its stake in smartphone making giant too. Apple is the hedgefund’s largest disclosed holding. The Einhorn led firm purchased 1.93 million shares in the first 3 months of the year, a move which helped the company reach a value of $895 million with its Apple stake. Apple shares have however dropped recently, erasing a gain of 3.4 percent to fall 11 percent already this year, as the company struggles to convince people to buy new iPhones and shift focus from their prized jewel.
Greenlight lost more than 20 percent of its funds last year, and the moves to buy shares around the big tech companies is seen as a move to recover and rebound from that loss. The losses were because of the hedgefund’s investments in SunEdison Inc., Micron Technology Inc., and Consol Energy Inc., companies which led Greenlight to post 2015 as its second ever losing year since its formation back in 1996.
In a letter to investors earlier this month showing all the performance of the first quarter, the company wrote that they had made new ground in the real estate industry also by gaining new ground in the investment trust Hatteras Financial Corp, and the apparel company PVH Corp. The company has also made new gains in Yelp Inc. and the American Capital Agency Corp., which is another real estate investment trust.
All money managers in the US in charge of $100 million or more are obliged to file a Form 13F at the end of each quarter. They are given 45 days to file after each quarter. The filings should list all their stocks which are trading on the US exchange and also including options and convertible debt.