Tags: Einhorn Takes Stakes in Sprint | BP

Einhorn's Fund Buys Stakes in Sprint, BP

Tuesday, 15 Feb 2011 08:21 AM

Hedge fund manager David Einhorn's Greenlight Capital Monday disclosed new stakes in half a dozen companies ranging from telephone company Sprint Nextel Corp to energy company BP PLC.

Einhorn, who became well-known for publicly questioning the accounting of Lehman Brothers months before its 2008 collapse, also disclosed holdings in two companies that recently exited bankruptcy protection, according to his year-end quarterly filing with the U.S. Securities and Exchange Commission.

Over the past year Einhorn has made a bigger move into the technology sector, and has described his position in British cellphone company Vodafone Group as one of his favorite long bets.

Einhorn, whose fund manages about $6.5 billion, said he had bought almost 56 million shares of Sprint, worth about $236 million.

Einhorn told investors in his year-end letter that he believed Sprint had an opportunity for "significant margin expansion" as it works to consolidate its networks.

The filing also showed a new $147 million position in energy company BP. Einhorn has said that BP is still trading at a heavy discount from its peers after the oil spill.

Einhorn also disclosed an $88.6 million position in chemicals maker LyondellBasell Industries and a $52 million position in shares of energy company SemGroup Corp., both of which recently exited bankruptcy.

Large investors like Einhorn are required to report their holdings of U.S.-listed securities at the end of each quarter, but not short positions or holdings of other securities such as bonds and over-the-counter derivatives contracts.

Einhorn made big investments in gold last year, and has also publicly said he has short positions on Florida real estate company St. Joe Co and rating agency Moody's Corp.

Einhorn, who had described 2010 as a "challenging" year for his long-short strategy, told investors his flagship Greenlight Capital LP fund closed the year up 15.9 percent, net of fees and expenses.

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Hedge fund manager David Einhorn's Greenlight Capital Monday disclosed new stakes in half a dozen companies ranging from telephone company Sprint Nextel Corpto energy company BP PLC. Einhorn, who became well-known for publicly questioning the accounting of Lehman Brothers...
Einhorn Takes Stakes in Sprint,BP
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2011-21-15
Tuesday, 15 Feb 2011 08:21 AM
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