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UPDATE 1-Greenlight Capital down 1.5 pct in Q1, closes Chipotle short

(Adds details on gains, losses)

April 22 (Reuters) - Greenlight Capital's David Einhorn closed the firm's money-losing short position in Chipotle Mexican Grill Inc, he said in his latest letter to clients on Tuesday, though the firm has started shorting other momentum stocks that he did not identify.

The firm, overall, was down on the quarter, with a negative 1.5 percent return, as its short positions did worse than the long positions. Einhorn, in his letter, admitted that the firm's ongoing short position in Keurig Green Mountain Inc "was our only significant loser," as the stock jumped more than $30 in the time period.

Investors such as Einhorn take short positions in markets by borrowing shares and selling them, buying them back later at a lower price to make a profit. The Chipotle position handed Greenlight a 33 percent loss, with the letter saying: "This short gave us gas."

Greenlight also closed short positions in Michael Kors Holdings Ltd, Australia's Fortescue Metals Group Ltd and Canada's Loblaw Companies Ltd with losses, while selling profitable long positions in General Motors Co , Delphi Automotive Plc, NCR Corp and DST Systems Inc in the same period.

Greenlight said the firm took new stakes in retailer Conn's Inc and SunEdison Inc. The firm said it also is shorting a group of high-flying stocks it dubbed the "Bubble Basket," though it did not identify specific targets.

(Reporting by Jennifer Ablan in New York; Editing by Chizu Nomiyama and Lisa Shumaker)

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