Greenlight Capital, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 14.5% net of fees and expenses, in the second quarter compared to an 8.7% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital highlighted stocks like Green Brick Partners, Inc. (NYSE:GRBK) in the second quarter 2023 investor letter. Green Brick Partners, Inc. (NYSE:GRBK) is a homebuilding and land development company. On August 16, 2023, Green Brick Partners, Inc. (NYSE:GRBK) stock closed at $51.99 per share. One-month return of Green Brick Partners, Inc. (NYSE:GRBK) was -6.05%, and its shares gained 74.70% of their value over the last 52 weeks. Green Brick Partners, Inc. (NYSE:GRBK) has a market capitalization of $2.366 billion.
Greenlight Capital made the following comment about Green Brick Partners, Inc. (NYSE:GRBK) in its second quarter 2023 investor letter:
“If you would have told us on January 1 that for the first half of the year, Green Brick Partners, Inc. (NYSE:GRBK)’s stock price would advance 134%, from $24.23 to $56.80, but we were up only 13.1%, we would also want to ask, “How the heck did that happen?”
Putting those two conflicting questions together explains the first half of the year. We had a solid first half result, where GRBK was more than all of the return. The rest of the long portfolio contributed a few percent, the short portfolio struggled and macro was marginally positive.
We also benefitted by increasing net exposure (mostly by reducing shorts) in March, when a few regional banks failed and we assessed that the Federal Reserve would have to favor financial stability and stop fighting the stock market. In the second quarter, other than GRBK, both the long and short portfolios went up with the market. Fortunately, GRBK carried the day…” (Click here to read the full text)
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Green Brick Partners, Inc. (NYSE:GRBK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Green Brick Partners, Inc. (NYSE:GRBK) at the end of second quarter which was 14 in the previous quarter.
We discussed Green Brick Partners, Inc. (NYSE:GRBK) in another article and shared Diamond Hill Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.