Inside David Einhorn’s Eclectic Stock Portfolio: The Value Investor Shuns AI in Favor of a Unique Mix of Companies
David Einhorn, founder of Greenlight Capital and a well-known value investor, has made headlines recently with his unconventional stance on the stock market’s hottest theme: artificial intelligence (AI). Despite the widespread enthusiasm driving tech giants and AI beneficiaries to new valuations, Einhorn remains cautious and has deliberately avoided big tech and companies poised to benefit directly from AI advancements. Instead, his latest portfolio moves, revealed in regulatory filings for the fourth quarter of 2025, highlight a distinctly eclectic mix of investments spanning packaging, consumer goods, healthcare, and payments software.
Avoiding the AI Frenzy
Einhorn has openly expressed concerns that AI hype is inflating stock prices beyond reasonable value. He told CNBC that while AI may be transformative over the long term—potentially reshaping society in ways “none of us can fathom”—the immediate investment opportunities are less clear to him. Rather than chasing the AI boom, he prefers to hold positions he views as either insulated from AI disruption or undervalued due to recent market turbulence.
Consumer-Centric Picks: Graphic Packaging and Capri Holdings
One of the largest positions in Greenlight’s portfolio is Graphic Packaging (GPK), a company specializing in consumer packaging solutions. Einhorn boosted the fund’s stake by more than 70% during the quarter to a valuation exceeding $100 million. Graphic Packaging’s shares suffered a steep 23% decline in the final quarter of 2025, marking its worst performance since 2020. Overall, the stock plunged 44% during 2025—their most severe drop in over a decade. Despite this, Wall Street analysts see potential for a rebound; the average price target suggests a more than 35% upside from current levels.
Similarly, Einhorn increased holdings in Capri Holdings (CPRI), owner of luxury brands Michael Kors and Jimmy Choo, by over 70% during the quarter. Capri’s stock climbed roughly 22% in Q4 2025 following a recovery from a challenging three-year period that included a failed acquisition attempt by competitor Tapestry. The shares ended the year up nearly 16%, but have since declined over 10% in early 2026. Most analysts rate Capri as a buy, projecting an additional 22% gain over the next year.
Strategic Healthcare Investments
Einhorn’s portfolio also reflects a substantial commitment to healthcare stocks, which he appears to view as possessing stable demand and fewer risks from AI-driven disruption. Notably, he more than doubled his position in Acadia Healthcare (ACHC) to over $58 million. Acadia’s shares fell 43% in the last quarter of 2025 following a 64% plunge over the entire year, compounding significant prior losses. However, the stock has rebounded by over 19% in 2026, and Einhorn believes the recent appointment of CEO Debbie Osteen could stabilize the company’s operations. Analysts generally maintain a buy rating, forecasting a potential 16% increase over the coming year.
Another major healthcare holding is Centene Corporation (CNC), a managed care provider based in St. Louis. Einhorn added roughly 70% to his Centene stake, now worth more than $108 million. Centene’s shares rose about 15% during the fourth quarter but declined 37% over 2025. The stock has gained nearly 5% so far this year. Most analysts hold neutral ratings with modest expected upside around 8%.
Einhorn also opened a new position exceeding $35 million in Henry Schein, a healthcare product manufacturer. Henry Schein’s shares gained 13% in Q4 2025 and finished last year roughly 9% higher. However, analyst consensus remains cautious, with price targets indicating little price movement in the near term.
Conversely, Einhorn trimmed his holdings in pharmaceutical companies Teva Pharmaceutical and Roivant Sciences, reflecting selective risk management within the sector.
Selective Tech Exposure: Global Payments
Despite general skepticism towards tech and AI, Einhorn initiated a stake in Global Payments, a software company focused on payment processing, valued at about $35 million. Global Payments experienced a nearly 7% drop in Q4 2025 and declined approximately 31% for the full year. However, the stock has recovered about 5% in 2026 and surged 16% in a single trading session after strong earnings and positive guidance.
Einhorn’s interest in Global Payments underscores his view that some technology niches, particularly those less exposed to AI-driven disruption, can still offer value. Most analysts rate Global Payments as a hold, but its average price target implies over 25% upside.
A Cautious Outlook on AI
Einhorn’s portfolio strategy and public commentary reveal a prudent approach. While acknowledging AI’s vast potential over the long haul, he remains skeptical that immediate financial gains will be commensurate with the current hype-driven valuations. Instead, he seeks opportunities where fundamentals appear disconnected from market sentiment, aligning with his value investment philosophy.
In summary, David Einhorn’s latest portfolio reveals a deliberate tilt away from AI excitement, focusing instead on undervalued names across packaging, consumer brands, healthcare, and selective tech sectors. As AI continues to dominate market headlines, Einhorn’s diversified, contrarian positioning provides a compelling alternative viewpoint for investors navigating an increasingly complex landscape.