Summary of 13F for Einhorn's Greenlight Capital: Betting Big on Healthcare, Still Playing Gold

David Einhorn's Greenlight Capital issued its 13F for the quarter ended December 31, 2009 yesterday after the market closed.

The value of the disclosed portfolio is up from $2.66 billion at September 30, 2009 to $3.00 billion at December 31, 2009, but it should be noted that cash, short positions and various other securities are not required to be disclosed in the 13F filing.

Einhorn made a huge bet on the healthcare group last quarter, taking a massive new stake in Boston Scientific (now Greenlight's 2nd largest holding), raising the fund's stake in Pfizer and also maintaining a large position in CareFusion. The fund manager also showed a new stake in CIT Group, however, it is unclear if the shares were acquired in a debt-to-equity exchange after the company emerged from bankruptcy. Greenlight also remains levered to the gold market; Einhorn maintained his 2.6% stake in the Market Vectors Gold Minter ETF.

Below are some highlights from the filing:

New Stakes:

• Becton Dickinson & Co. (NYSE: BDX) 665,000 shares
  
• Boston Scientific (NYSE: BSX) 32,668,000 shares
  
• CIT Group (NYSE: CIT) 6,320,922 shares
  
• Ralcorp (NYSE: RAH) 899,770 shares

Raised Stakes:

• ADP (NYSE: ADP) from 1,512,500 shares to 1,560,200 shares
  
• Everest Re (NYSE: RE) from 952,445 shares to 980,445 shares
  
• Foster Wheeler (Nasdaq: FWLT) from 375,775 shares to 724,833 shares
  
• Pfizer (NYSE: PFE) from 11,987,000 shares to 14,804,098 shares
  
• URS Corp. (NYSE: URS) from 3,442,567 shares to 3,608,167 shares

Maintained Stakes:

• Aspen Insurance Holdings (NYSE: AHL) 4,140,000 shares
  
• ATP Oil & Gas (Nasdaq: ATPG) 1,332,000 shares
  
• BioFuel Energy (Nasdaq: BIOF) 7,542,104 shares
  
• Carefusion (NYSE: CFN) 8,718,724 shares
  
• Einstein Noah Restaurant Group (Nasdaq: BAGL) 10,733,469 shares
  
• Employers Holdings (NYSE: EIG) 2,325,000 shares
  
• Fifth Street Finance (NYSE: FSC) 2,284,492 shares
  
• Health Net (NYSE: HNT) 3,502,337 shares
  
• Market Vectors ETF (NYSE: GDX) 3,200,000 shares
  
• McDermott (NYSE: MDR) 3,261,620 shares
  
• Microsoft (Nasdaq: MSFT) 3,400,000 shares
  
• Republic Airways (Nasdaq: RJET) 3,442,800 shares
  
• Travelers Companies (NYSE: TRV) 2,132,272 shares
  
• Validus Holdings (NYSE: VR) 1,789,766 shares

Lowered Stakes:

• Barrick Gold (NYSE: ABX) from 1,100,000 shares to 58,900 shares
  
• BJ Services (NYSE: BJS) from 2,300,000 shares to 1,687,053 shares
  
• Cardinal Health (NYSE: CAH) from 6,652,500 shares to 6,550,500 shares
  
• EMC Corp. (NYSE: EMC) from 7,244,000 shares to 7,152,600 shares
  
• Health Management Associates (NYSE: HMA) from 9,282,966 shares to 9,149,366 shares
  
• Huntsman (NYSE: HUN) from 965,000 shares to 99,800 shares
  
• MEMC Electronic Materials (NYSE: WFR) from 1,039,760 shares to 415,483 shares
  
• Patterson UTI Energy (Nasdaq: PTEN) from 3,115,000 shares to 1,173,620 shares
  
• Teradata (NYSE: TDC) from 6,197,717 shares to 2,097,717 shares

Liquidated Stakes:

• AerCap Holdings (NYSE: AER) from 1,000,000 shares to 0 shares
  
• Amkor Technology (Nasdaq: AMKR) from 1,010,000 shares to 0 shares
  
• Wyeth (NYSE: WYE) from 2,860,000 shares to 0 shares

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