David Einhorn is done with Michael Kors.
The hedge fund manager’s Greenlight Capital sold off all of its 3.07 million shares of the high-end apparel maker in the fourth quarter according to a 13-F filing with the Securities and Exchange Commission on February 14.
The move comes as Michael Kors has faced decreasing sales and a struggle to keep up with the growth of online retailers.
Michael Kors stock slid 0.25% in after-hours trading following the news.
A 13-F filing is a quarterly document that lists the long stock positions of firms and are up to date as of 45 days prior to filing. Thus, Greenlight may have adjusted its positions since that time.
The total value of Greenlight’s holdings fell 5.4% in the fourth quarter, according to an analysis from Bloomberg.
Einhorn’s top holding is still Apple, with 5.81 million shares valued at $US672.7 million as of the filing. The firm increased its position in the tech giant by ~613,000 shares in the quarter.