Saturday, 26 July 2014
Hedge fund Apple still likes Greenlight details short bets
Hedge fund manager David Einhorn, whose picks area unit closely watched on Wall Street, same he's card-playing against grocery chain Safeway opposition however still likes his biggest holdings, as well as Apple opposition.
It additionally represented short positions against Safeway, Questcor prescribed drugs opposition, coffin nail maker Lorillard opposition and Martin Marietta Materials opposition, all of that are concerned in what Einhorn calls "takeover season." Questcor "was the sole important loser within the portfolio," the letter same.
Einhorn's Greenlight Capital told investors in an exceedingly letter seen by Reuters that gains in micrometer Technology, Apple and SunEdison opposition helped push its funds up seven.9 % throughout the second quarter, going away it with gains of six.4 % for the primary [*fr1].
A voice for the firm declined to comment.
Earlier this year, Einhorn and alternative fund managers caused a stir by suggesting that another bubble is building in technology stocks. "Nothing may well be any kind the reality," he wrote in Friday's letter, noting that a lot of of his largest bets area unit within the technology sector. "We believe that stocks as well as Apple, Lam analysis, Marvell Technology and micrometer Technology have robust prospects area unit undervalued.
Einhorn additionally hinted at a future short bet by language, Mallinckrodt prescribed drugs Plc, that in agreement to shop for Questcor, "is setting itself up to be a awfully enticing short selling candidate if the merger is completed." Questcor makes just one product and Mallinckrodt can got to use borrowed cash to shop for its target, the letter same.
He additionally same the firm created a medium-sized new investment in semi-conductor capital instrumentation maker Lam analysis corporation, noting that the firm bought the shares at $54.07. They closed the quarter at $67.58.
The fund oversubscribed out of positions in poplar Insurance Holdings and ceremony Aid as a result of their "shares reached truthful worth.