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Greenlight Capital Q1 Letter: New Positions in Yelp, PVH, Hatteras & American Capital Agency

David Einhorn's Greenlight Capital is out with its first quarter letter.  They returned 3% net in the first quarter after a very difficult 2016 which saw many of their top holdings implode.

During Q1, they started positions in American Capital Agency (AGNC), Hatteras Financial (HTS), PVH (PVH), and Yelp (YELP).  You can read their thesis on those names below.

Additionally, they're now dabbling in natural gas through calendar strips.

At the end of the first quarter, Einhorn's top holdings (alphabetically) were: Apple (AAPL), CONSOL Energy (CNX), General Motors (GM), gold, and Time Warner (TWX).  Their average exposure was 99% long and 79% short.

Embedded below is Greenlight's Q1 letter: