Einhorn's Greenlight Q2 2026: Doubling Down on Fortune Brands, PayPal and Sotera

David Einhorn's Greenlight Capital is one of the most closely watched value-oriented funds in the 13F universe, and its filing for the quarter ended June 30, 2026 tells a consistent story: when Einhorn likes a stock, he buys more of it. Rather than a wholesale reshuffle, the quarter was about concentration. Figures below come from third-party summaries of the filing (InsiderSet), which contain some inconsistencies, so verify exact numbers against the SEC filing itself.

Two new positions

The headline new buys were modest in size. Primo Brands, the beverage company, appears as a new position of roughly $69 million, about 1.8% of the reported portfolio. Comcast also shows up as a new holding of about $33 million. Neither is large enough to move Greenlight's results alone, but new names are where Einhorn's thesis changes are first visible.

The real story: adding to existing bets

Most of the quarter's activity was increases in stocks Greenlight already owned. Per the summary of the filing:

• Fortune Brands Innovations (FBIN): roughly doubled, now about 3.2% of the portfolio.
• Sotera Health (SHC): roughly doubled, now about 1.9% of the portfolio.
• PayPal (PYPL): roughly doubled, adding about $61.5 million.
• Dauch Corp (AXL): up about 96%, a position worth roughly $67 million.
• Tripadvisor (TRIP): up about 51%, valued near $32 million.
• Viatris (VTRS): up about 53%, adding around $44 million.
• Core Natural Resources (CEIX): up about 23%.

That is a lot of "buy more" in one quarter. Doubling a position generally means either the stock fell and the thesis held, or the thesis got stronger. Either way, it is a conviction signal, and a sharper one than a simple new entry.

The one meaningful trim

The notable reduction was Centene (CNC), cut by roughly 40%, a reduction of more than $108 million in position value. No outright exits were reported. Trimming a large managed-care position while adding to consumer and industrial names suggests some reallocation rather than a change in overall posture.

What the portfolio looks like

Greenlight runs a concentrated book of about 40 positions. Consumer cyclical names dominate at roughly 38% of the portfolio, followed by healthcare (about 16%) and industrials (about 12%), with financial services near 7%. The top five holdings make up a large share of the total. That concentration is why a few doubled positions matter: a 100% increase in a top-five name is a big directional statement.

How to use this

Three practical takeaways for 13F readers:

1. Weight changes beat headlines. Doubling a 1.5% position is not the same as buying a new 10% stake. Check portfolio weight, not just percentage change. We covered this in our guide to portfolio weight versus share count.

2. Look for overlap. If other respected managers hold the same names, the signal strengthens. Use the overlap tool to see which of Greenlight's picks also appear in other top portfolios, such as PayPal or Viatris.

3. Compare against peers. The investors page lets you set Greenlight's moves beside those of other value managers, and the flow view shows where money is moving across all tracked filers.

For earlier context on Einhorn's approach, see our look at Greenlight's contrarian playbook and the Q1 2026 contrarian bets.

Caveats

13F filings arrive up to 45 days after quarter-end, so these trades are months old. They also exclude short positions and most non-US holdings, and Greenlight is known for using shorts and options. A long-only snapshot is only part of the picture. Treat the data as a research starting point, not a trading signal; the broader macro consensus page can help place single-fund moves in context.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.