DME Capital Management, LP is a Delaware limited partnership that began operations in
2010. We are a value-oriented investment management firm that primarily invests and trades in
long and short publicly-listed equity securities, as well as distressed debt when cyclically
attractive and gold and gold-related instruments. DME Advisors GP, LLC is our general partner
and David Einhorn is our President and portfolio manager.
We provide investment advisory services to: (i) Greenlight Capital Offshore Master, Ltd.,
a British Virgin Islands business company; (ii) Greenlight Capital LP (formerly Greenlight
Capital Investors, LP), a Delaware limited partnership, which is a feeder fund for Greenlight
Capital Offshore Master, Ltd.; (iii) GCOI Intermediate, LP, a British Virgin Islands limited
partnership, which is also a feeder fund for Greenlight Capital Offshore Master, Ltd.; (iv)
Greenlight Capital Offshore Ltd. (formerly Greenlight Capital Offshore Investors, Ltd.), a British
Virgin Islands business company, which is a feeder fund for GCOI Intermediate, LP
(collectively, the “Greenlight Funds”). We also provide investment advisory services to a
separately managed account (the “SMA”), a pooled investment vehicle for which we manage a
portfolio (collectively with the Greenlight Funds and the SMA, the “Greenlight Clients”) and
three special purpose vehicles created to hold shares in a single issuer (the “SPVs” and
collectively with the Greenlight Clients, the “DMEM Clients”).
We make all investment decisions on behalf of the DMEM Clients. Our primary
responsibilities for the DMEM Clients are to identify, review, and select investment
opportunities that can achieve the DMEM Clients’ investment objectives. We and our affiliate,
DME Management GP, LLC, the general partner of Greenlight Capital LP and GCOI
Intermediate, LP, also provide certain administrative and management services to the DMEM
Clients.
The primary investment objective of the Greenlight Clients is to achieve capital
appreciation by buying securities with trading values materially lower than their intrinsic values
and by selling short securities with trading values materially higher than their intrinsic values. In
addition, the Greenlight Funds also offer investors the option to participate in the Greenlight
Funds’ investment program through the Gold Interests (as defined below), which are backed by
exposure to Gold (as defined below). The Greenlight Clients aim to achieve high absolute rates
of return while minimizing the risk of capital loss. There can be no assurance that this
investment objective will be achieved and investment results may vary substantially.
The Greenlight
Funds are permitted to invest, on margin or otherwise, in securities and
other financial instruments of United States and foreign issuers, including, but not limited to: (i)
capital stock; shares of beneficial interest; partnership interests and similar financial instruments;
loans; bonds, notes, debentures (whether subordinated, convertible or otherwise), bank debt and
other evidence of indebtedness; debt securities or other obligations of United States and foreign
governments, or any states, agencies or instrumentalities thereof; commercial paper; other
obligations and instruments or evidences of indebtedness of whatever kind or nature; in each
case, of any person, government or other entity whatsoever, whether or not publicly traded or
readily marketable; equipment lease certificates; equipment trust certificates; accounts and notes
receivable and payable held by trade or other creditors; trade acceptances; contract and other
claims; executory contracts; participations; open- and closed-end investment companies and
other mutual funds; money market funds; exchange traded funds (“ETFs”); repurchase
agreements; certificates of deposit; banker’s acceptances; trust receipts; currencies; and
commodities; (ii) futures on the securities and instruments listed in (i) above, as well as futures
relating to stock indices and other financial instruments; and (iii) derivatives, such as swaps,
options, warrants, caps, collars, floors and forwards on the securities, instruments and futures
listed in (i) and (ii) above, as well as interest rate, currency, commodity, equity and other
derivatives, all without restriction of any kind. Investments in the other clients are governed by
separate guidelines.
We currently do not provide investment advisory services to clients apart from our
management of the DMEM Clients and do not participate in wrap fee programs, although our
affiliates do provide advice to other persons and/or entities (including other privately-offered
pooled alternative investment vehicles, one of which has an investment strategy substantially
similar to the DMEM Clients) and we and/or one or more affiliates may do so in the future.
Investment advice is provided directly to each of the DMEM Clients and not to the individual
investors in the DMEM Clients.
As of January 31, 2024, the regulatory assets under management by DME Capital
Management, LP were approximately $3,151,997,440. All assets are managed on a discretionary
basis.
For a further discussion of these and related items, see Item 7 (Types of Clients), Item 8
(Methods of Analysis, Investment Strategies and Risk of Loss) and Item 10 (Other Financial
Industry Activities and Affiliations).