AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Green Brick remains the largest disclosed DME equity holding, with 9,467,383 shares unchanged from Q1. The more useful Q2 changes lie elsewhere: Fortune Brands, Versigent and several other companies are first reported, while Core Natural Resources grows. Combining reporting slices is essential: Fluor’s total share count falls even though an individual account slice can suggest the opposite.
Research cut-off: October 17, 2026 (Korea). Holdings dates: March 31 and June 30, 2026. Q2 filing date: 2026-08-14. Values are USD as filed; tables display USD millions rounded to three decimals, while calculations retain whole-dollar values. No Q3 report for this manager was found in the filing-history check. The official Q3 deadline is November 16, 2026; that deadline is not a filed portfolio.
The manager and the reporting perimeter
David Einhorn is president of Greenlight Capital, Inc. The legal filer analyzed here is DME Capital Management, LP, CIK 1489933. Its report includes DME Advisors, LP and Greenlight Masters, LLC. We count that reported group once and do not equate it with every Greenlight-branded fund or Einhorn’s personal assets.
DME’s information table contains multiple rows for many securities because the filing distinguishes discretion and other-manager slices. Q2’s 95 original rows become 46 distinct instruments after we combine the matching security, class, unit and option fields. Those slices are retained in the underlying data, but they are not treated as 95 separate portfolio bets or multiple institutional investors.
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values* | $3,190.735m | $3,908.853m |
| Common operating equity | $3,147.873m | $3,878.123m |
| Original filing rows | 92 | 95 |
| Operating companies | 43 | 45 |
| Top 10 companies / equity value | 57.90% | 53.26% |
*The all-line total may include option-underlying values and other instruments. It is neither option premiums nor total assets/AUM, and its change is not investment performance.
What changed in the disclosed positions
Green Brick’s reported value is $757.769 million, or 19.54% of the operating-equity denominator. Its share count is unchanged. Fluor, the next-largest equity position, declines from 4,747,350 to 4,658,750 shares after all slices are added. Core Natural Resources rises from 1,858,140 to 2,283,200 shares. Brighthouse and PG&E retain the same reported share counts, while Centene and TD SYNNEX decline.
Fortune Brands, Versigent, Primo Brands, PayPal, Warner Bros. Discovery, PVH and Comcast are first reported in Q2. Versigent requires a corporate-action caveat: its separation from Aptiv completed April 1, with one Versigent share distributed per three Aptiv shares. No Aptiv row appears in DME’s Q1 table, but that does not rule out intraquarter holdings or identify the route through which Versigent was acquired. We label it first reported rather than asserting a direct purchase.
Victoria’s Secret, SLM, Peloton, Weatherford and ZIM are no longer reported. Dauch’s share count increases, but its Dowlais transaction closed in February, before both quarter-end snapshots; we do not present that as a Q2 merger closing. The SPDR Gold Trust row is a commodity-trust exposure and is excluded from the operating-company denominator. A small Q1 warrant is also kept outside the common-equity comparison.
Largest disclosed common-equity positions
| Security / share class | Q2 shares | USD value | Equity weight |
|---|---|---|---|
| Green Brick Partners Inc (GRBK) · COM | 9,467,383 | $757.769m | 19.54% |
| Fluor Corp (FLR) · COM | 4,658,750 | $244.072m | 6.29% |
| Core Natural Resources Inc (CNR) · COM SHS | 2,283,200 | $182.702m | 4.71% |
| Brighthouse Finl Inc (BHF) · COM | 2,842,100 | $179.905m | 4.64% |
| Acadia Healthcare Company In (ACHC) · COM | 4,400,641 | $129.951m | 3.35% |
| Penn Entertainment Inc (PENN) · COM | 5,860,270 | $125.175m | 3.23% |
| Fortune Brands Innovations I (FBIN) · COM | 2,241,875 | $123.079m | 3.17% |
| Pg&E Corp (PCG) · COM | 6,632,852 | $111.565m | 2.88% |
| Centene Corp Del (CNC) · COM | 1,651,150 | $105.987m | 2.73% |
| Graphic Packaging Hldg Co (GPK) · COM | 9,953,430 | $105.208m | 2.71% |
The table ranks security classes; the chart combines common classes belonging to the same issuer. Top-ten-company concentration uses the chart’s issuer basis. The denominator includes reported common/ordinary shares, ADRs, REITs and operating-partnership equity, and excludes options, funds, commodity trusts, preferred depositary shares, warrants and principal-unit instruments.
Share-count changes: additions, reductions and missing rows
| Security | Observed change | Q1 → Q2 shares, split-adjusted | Shares QoQ | Weight change |
|---|---|---|---|---|
| Fortune Brands Innovations I (FBIN) · COM | First reported | 0 → 2,241,875 | New | +3.17 pp |
| Versigent Plc · ORDINARY SHARES | First reported | 0 → 2,277,640 | New | +2.47 pp |
| Primo Brands Corporation · CLASS A COM SHS | First reported | 0 → 2,823,660 | New | +1.78 pp |
| Paypal Hldgs Inc · COM | First reported | 0 → 1,424,320 | New | +1.59 pp |
| Core Natural Resources Inc (CNR) · COM SHS | Increased | 1,858,140 → 2,283,200 | +22.88% | -1.47 pp |
| Graphic Packaging Hldg Co (GPK) · COM | Increased | 9,099,980 → 9,953,430 | +9.38% | -0.16 pp |
| Bkv Corp · COM | Increased | 2,695,543 → 3,095,173 | +14.83% | -0.26 pp |
| Sotera Health Co · COM | Increased | 2,065,680 → 4,135,515 | +100.20% | +0.95 pp |
| Fluor Corp (FLR) · COM | Reduced | 4,747,350 → 4,658,750 | -1.87% | -0.74 pp |
| Acadia Healthcare Company In (ACHC) · COM | Reduced | 4,518,381 → 4,400,641 | -2.61% | -0.01 pp |
| Penn Entertainment Inc (PENN) · COM | Reduced | 6,044,440 → 5,860,270 | -3.05% | +0.34 pp |
| Centene Corp Del (CNC) · COM | Reduced | 2,731,810 → 1,651,150 | -39.56% | -0.11 pp |
| Victorias Secret And Co · COMMON STOCK | No longer reported | 2,256,889 → 0 | -100.00% | -3.32 pp |
| Slm Corp · COM | No longer reported | 2,101,840 → 0 | -100.00% | -1.43 pp |
| Peloton Interactive Inc · CL A COM | No longer reported | 10,113,940 → 0 | -100.00% | -1.38 pp |
| Weatherford Intl Plc · ORD SHS | No longer reported | 145,721 → 0 | -100.00% | -0.44 pp |
Rows shown are the largest within each change group by Q2 value, or Q1 value for missing rows. Changes compare matching CUSIP, share class and unit. No split factor is guessed. Corporate actions and reporting-scope issues identified in this report are discussed above; “first reported” is not proof of a discretionary purchase, and “no longer reported” is not proof of a complete economic exit. We do not estimate trade dates, cost basis or gross buying amounts from these differences.
Industry mix: a sourced, partial classification
| SEC SIC industry | Q1 weight | Q2 weight |
|---|---|---|
| Unclassified / mapping pending | 40.98% | 40.05% |
| SIC 1531 — OPERATIVE BUILDERS | 19.38% | 19.54% |
| SIC 1600 — HEAVY CONSTRUCTION OTHER THAN BLDG CONST – CONTRACTORS | 7.04% | 6.29% |
| SIC 1220 — BITUMINOUS COAL & LIGNITE MINING | 6.18% | 4.71% |
| SIC 6311 — LIFE INSURANCE | 5.41% | 4.64% |
| SIC 8093 — SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC | 3.36% | 3.35% |
Industries use SEC SIC codes in issuer submission profiles retrieved October 17, with labels from the official SEC SIC dictionary, applied consistently to both quarters; these are not GICS sectors or historical classifications. Mapped Q2 value is 59.95%; the remaining 40.05% is explicitly unclassified. Additional categories outside this six-row view total 21.42% in Q2. The retained data include every industry bucket and issuer source.
The Core Natural Resources issuer profile pairs code 1220 with an inconsistent description. We retain that raw description in the audit record but use the SEC dictionary’s Bituminous Coal & Lignite Mining label for code 1220 in this public table.
What the filing suggests—and what it cannot establish
AHNIM interpretation: the filing shows a less concentrated operating-equity book than Q1 by our top-ten-company measure, even while Green Brick remains the anchor. That is a statement about the disclosed subset, not a claim about the net risk of a long/short strategy. Short positions, many derivatives, cash and non-reportable assets can materially change the overall portfolio picture.
Next quarter, watch whether the new positions remain, how Green Brick’s weight changes relative to its share count, and whether increases in resources and selected smaller companies persist. Keep manager slices combined before comparing positions; otherwise the same economic security can be incorrectly labeled both bought and sold.
Methodology and limitations
Share change (%) = (Q2 shares ÷ Q1 shares − 1) × 100; a zero Q1 balance is labeled New. Weight = a security’s reported value ÷ same-quarter operating-equity value. Weight change is measured in percentage points. Top-ten-company concentration sums the ten largest issuer values after combining common share classes. Values are not inflation-adjusted or converted into a manager return. Market-value changes combine price effects, position differences and potentially changes in the filing perimeter.
We checked the current SEC submission histories for Q1/Q2 amendments and more recent 13F reports at this cut-off. No applicable amendments were found for the source filings used here. A future restatement would replace the affected quarter; an adds-new-holdings amendment would be joined to its original rather than treated as another independent portfolio. Confidential treatment, permissible small-position omissions and non-reportable securities can limit what a public table reveals.
This report is holdings research, not a price-target initiation. It does not change AHNIM’s company valuation targets, create a manager performance ranking or make a personalized investment recommendation. AHNIM uses AI to assist research and illustration; filing checks, explicit calculations and dated corrections govern publication. See our research and corrections policy.
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Guru: verified reports, coverage status and quarterly statistics · All Greenlight / DME coverage
This is the initial Q2 2026 report. The Q1 baseline is reproduced above and linked to its original filings below; no earlier AHNIM quarterly report exists for this manager at publication.
Sources and original documents
DME Capital Management, LP · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001172661-26-003786. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
DME Capital Management, LP · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001172661-26-002341. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
Official manager/person biography or role notice. Portrait is an AI-generated editorial illustration checked against an official institutional reference, not a photograph or endorsement.
Greenlight Re Q2 2026 investor deck — Greenlight/DME affiliation context.
Aptiv April 1 separation completion.
Dauch February 3 transaction completion.
SEC Form 13F FAQ — reporting scope, current dollar units, amendments and Q3 2026 deadline. SEC company-ticker file and SEC issuer-submissions profiles — ticker and SIC identity mapping; individual issuer URLs are retained with calculations.
Publication record: initial analysis, October 17, 2026 (Korea). No prior version replaced.