Greenlight Capital disclosed that it had established five new investments in the second quarter.

Although it stressed in its second-quarter client letter that all these investments are “small positions,” investors closely watch the types of companies to which hedge funds are allocating new capital. Often, a small position can morph into a major one  shortly after the initial investment.

All five companies are well-known names.

For example, the value-driven hedge fund headed by David Einhorn made a new investment in Comcast. Einhorn noted that the stock is down 60 percent over the past five years, citing pressures on the company’s legacy broadband and video businesses.

But the manager stresses that the entry price of $23.91 works out to just five times cash flow, which Greenlight asserts “significantly undervalues [Comcast's] free cash flow generation and the collective value of its businesses.” At the end of the second quarter, Comcast announced the spin-off of NBCUniversal, which the hedge fund thinks is a signal of “the value embedded in the company.”

Greenlight also established a new position in Fortune Brands Innovations, a building products company known for brands like Moen and Master Lock. The hedge fund says the company has been hurt by a “challenging” housing market and poor execution by previous management.

“Despite these challenges, we believe the company’s brand names remain strong and its competitive position is intact,” Greenlight stated in the letter. It also likes the fact that an activist took a position earlier in the year — Ed Garden, formerly of Trian Fund Management — leading to the appointment of a new CEO “with an exceptional track record of value creation” in the building products industry. Greenlight’s average purchase price was $49.37.

The hedge fund took a new stake in Primo Brands, a provider of bottled water such as Poland Spring, Pure Life, and Saratoga. Greenlight notes that the company experienced integration problems following its merger with BlueTriton Brands. “We believe these issues are temporary and that the merger will create synergies over time,” it asserts. The average purchase price was $24.44.

Elsewhere, Greenlight established a new position in payments giant PayPal Holdings, which has been hurt by Apple Pay and other new platforms. After the stock sold off following disappointing fourth-quarter earnings, Greenlight bought shares at an average price of $43.53. However, in July, Stripe and private equity firm Advent International jointly offered to buy the company for $60.50 per share.

Last, Greenlight made a new investment in Versigent, a maker of automotive wire harnesses recently spun out of Aptiv. “Although the business was viewed as a lower-growth, lower-margin part of [Aptiv’s] portfolio, we believe [Versigent] is a high-quality supplier,” Greenlight said in the letter. “Its business should benefit from the shift toward hybrid and battery-electric vehicles, which require significantly more of the company’s products than internal combustion engine vehicles.” Greenlight paid an average price of $29.20.