David Einhorn’s Top Portfolio Trims: Healthcare, Fitness, and Tech on the Chopping Block

Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.

In the most recent quarter, David Einhorn made several decisive reductions in his public equity portfolio. Known for his contrarian streak and deep fundamental analysis, these trims suggest a strategic reassessment — either in response to valuations, fundamentals, or broader thematic shifts.

Here are the top five reductions by percentage change in common stocks:

1. Alight Inc (ALIT) – ↓70.18%

Einhorn cut over 2.35 million shares of this cloud-based benefits and HR platform. Despite Alight’s long-term SaaS potential, the stock has trended downwards, and this deep reduction likely reflects waning conviction or a desire to reallocate capital toward higher-confidence ideas.

2. Peloton Interactive Inc (PTON) – ↓52.45%

Once a pandemic darling, Peloton has struggled to maintain growth momentum. Einhorn trimmed more than 5.5 million shares, signaling a significant retreat. With profitability elusive and consumer interest fading, this move may indicate a loss of faith in the turnaround story.

3. Centene Corp (CNC) – ↓37.10%

The managed healthcare provider saw a reduction of over 320,000 shares. With policy shifts and Medicare Advantage dynamics in play, the healthcare sector remains in flux — and this trim could point to caution around margin pressures or political risk.

4. CNH Industrial NV (CNH) – ↓21.09%

Einhorn sold over 2.1 million shares of this agricultural and construction equipment maker. While CNH benefits from industrial tailwinds, weakening global demand or China-related supply risks may have prompted a pullback in exposure.

5. TD SYNNEX Corp (SNX) – ↓14.07%

The tech distributor experienced a more modest reduction of roughly 7,500 shares. While SNX remains a consistent performer, this trim may reflect profit-taking after strong recent performance.

Our Interpretation of the Sales Strategy

David Einhorn’s latest cuts span across tech-enabled services, consumer discretionary, healthcare, and industrials — hinting at a broad portfolio refresh. While some of the trims likely reflect idiosyncratic concerns, others suggest a thematic pivot away from saturated narratives and toward new opportunities. True to form, Einhorn appears to be doubling down only where conviction is highest — and cutting loose what no longer fits the thesis.

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