CEIX - David Einhorn's Greenlight adds Onex Corp increases NET Power in Q2 - letter
2023-08-15 10:14:39 ET
David Einhorn's Greenlight Capital disclosed that it added a position in asset manager Onex Corp. ( OTCPK:ONEXF ) in Q2 and increased its holdings in NET Power ( NYSE: NPWR ).
Greenlight acquired its current stake in Onex ( OTCPK:ONEXF ) at an average price of C$70.96 per share, according to a Q2 letter the hedge fund sent to investors and viewed by Seeking Alpha.
"Management appears to be attuned to the discount in the stock price and has begun aggressively repurchasing shares," Greenlight wrote in the Monday letter.
Greenlight established a position in NET Power ( NPWR ), a clean energy company with carbon capture technology that went public through a SPAC deal earlier this year, at an average price of $10.10 per share.
"NPWR is in the early stages of its commercial deployment, and if it doesn’t work out, the downside is more than we would usually stomach," Greenlight wrote. "However, the upside also appears to potentially be a multi-bagger, and we have managed our risk by sizing the position appropriately."
Net Power ( NPWR ) rose 2.5% in trading on Tuesday.
The Greenlight Capital funds returned 14.5% in Q2. net of fees and expenses, compared to an 8.7% return for the S&P 500 index.
Greenlight exited long positions in Civitas Resources ( CIVI ) and Global Payments ( GPN ) in Q2.
The The significant long winners in Q2 were Consol Energy ( CEIX ) and Tenet Healthcare ( NYSE: THC ). At quarter-end, the largest disclosed long positions in the Partnerships were Black Knight ( BKI ), Brighthouse Financial ( BHF ), Consol Energy ( CEIX ), Green Brick Partners ( GRBK ), and Vitesco Technologies ( OTCPK:VTSCY ).
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David Einhorn's Greenlight adds Onex Corp, increases NET Power in Q2 - letter