Greenlight Capital’s David Einhorn had a stellar second quarter even as the broader market suffered an intense sell-off. A regulatory filing that just revealed his biggest holdings fueled business outperformance Einhorn previously said his hedge fund returned 8.4% in the second quarter of the year. 2022, raising the first half performance to 13.2%. The quarterly performance relative to the S&P 500 marks Einhorn’s best-ever performance in his company’s history. The S&P 500 index fell 16% last quarter. Green Brick Partners remained Greenlight’s largest holding company at the end of the second quarter, with a stake worth about $450 million. Shares of the homebuilder were flat for the year, outperforming the S&P 500 significantly. Brighthouse Financial, also a longtime holding, was Einhorn’s second-biggest bet at the end of June. then, Greenlight increased its position in Atlas Air Worldwide to nearly $82 million, making it the fund’s third-largest holding. The former star manager attributes his outperformance over 2022 to a pivot to stock valuation and his preference for companies with sizable buyback programs in place. Atlas Air and Green Brick Partners have had major acquisitions this year. Greenlight also more than doubled its stake in IT services management company Kyndryl, becoming one of Einhorn’s top 10 stocks at the end of June. However, tech names are down about 35% this year. Einhorn said earlier this month that he remains cautious in a bear market. The manager said his company reduced its long-term gross margin to 86% at the end of the second quarter from 127% at the beginning of the year. “It’s been a bear market and we’re building some dry opportunities for future opportunities,” Einhorn said. Einhorn founded Greenlight in 1996. Greenlight made a name for itself by shorting shares of Lehman Brothers before collapsing in 2008.