Hedge fund manager buys significant stakes in Fred’s and Rite Aid

GRAND CAYMAN, Cayman Islands — Well-known hedge fund manager David Einhorn, founder and CEO of Greenlight Capital, acquired significant stakes in both Fred’s Pharmacy and Rite Aid, according to Form 13F filings with the U.S. Securities and Exchange Commission released Tuesday.

During 2016’s fourth quarter, Einhorn initiated a new position in Fred’s, acquiring 1.5 million shares at an average price of $10.82 per share, reported Gurufocus.

The hedge fund manager also upped his stake in Rite Aid by 52% in the fourth quarter. Einhorn owned slightly less than 20.5 million shares as of Dec. 31, according to several media reports.

The SEC requires quarterly 13F filings be made by investors who manage more than $100 million.