Apple Inc. (NASDAQ:AAPL)
Over the third quarter, Greenlight also reduced its position in Apple Inc. (NASDAQ:AAPL), which had cost it plenty of money in the first-half of the year. As the stock rebounded by almost 20% between July and September, Einhorn’s firm sold 25% of its shares, keeping 5.19 million shares worth $586.8 million. Warren Buffett’s Berkshire Hathaway remained the largest hedge fund investor of Apple in our system as of the end of September, owning 15.22 million shares.
Apple Inc. (NASDAQ:AAPL) continued to surge until late-October, before returning to its downtrend. However, the losses were larger than the gains, taking quarter-to-date returns to a loss of 2.35%. The decline was most recently driven by concerns about weak iPhone sales, poor demand in China, and the impact of a Trump presidency over a company that has such vast international exposure.
Unlike its peers above, AMERCO (NASDAQ:UHAL) was on the receiving end of a lot of bullishness from Greenlight in the third quarter, as the fund boosted its position by 180% to 220,000 shares valued at $71.33 million as of September 30, possibly taking advantage of the depressed stock price, as the shares lost more than 13.2% over the period. Another notable investor was Cliff Asness’ AQR Capital Management, which declared holding 138,880 shares of the company as of the end of September.
The move appears to be well-timed, as AMERCO (NASDAQ:UHAL) has gained almost 6.9% in the fourth quarter, even though it posted a top- and bottom-line miss with its fiscal second quarter results a couple of weeks ago. EPS of $8.22 missed the Street’s consensus by $0.56, while revenue of $998.91 million, up by 3.7% year-over-year, came in $11.09 million short of expectations.
General Motors Company (NYSE:GM)
Finally, there’s General Motors Company (NYSE:GM), which could be one of the big losers of a Trump presidency, as protectionist measures aim at its Mexico production facilities and imports. Einhorn’s fund remained long the stock ahead of the election results, holding 17 million shares worth more than half-a-billion dollars on September 30. Also bullish on the company as of the end of the third quarter were Berkshire Hathaway (50 million shares) and Harris Associates (68.94 million shares).
Interestingly, shares of General Motors Company (NYSE:GM) have risen by 5.15% in the fourth quarter, and by 4.3% since Donald Trump was elected as President. On Monday, CEO Mary Barra told Automotive News that the company was on its way to having one of the most profitable years in its history, even though its U.S. market share continues to decline.
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.