| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.7% | 8.5% | 9.0% |
| 2025 | 2024 |
|---|---|
| 9.0% | 7.2% |
Greenlight Capital returned 9.0% net in 2025 versus 17.9% for the S&P 500, with all performance coming from macro investments while the long-short portfolio lagged. The fund generated 14.5% alpha, driven primarily by exceptional macro performance including a 64% gain in gold and 40% appreciation in copper. Gold benefited from central banks reducing dollar exposure as U.S. hegemonic leadership wanes, while copper rose on AI-driven demand amid supply constraints. The long portfolio faced cyclical headwinds across homebuilding, chemicals, packaging, and other sectors, with earnings falling short but multiples failing to expand as typically expected. Notable long successes included Brighthouse Financial's sale process, Victoria's Secret's brand recovery, and Teva's branded portfolio growth. The short portfolio struggled despite difficult economic conditions for target companies. Greenlight maintains extreme caution on U.S. equity valuations, viewing current levels as potentially historic highs, while positioning defensively with cash to deploy when better opportunities emerge.
Greenlight Capital employs a value-oriented long-short equity strategy complemented by macro investing, focusing on absolutely cheap and misunderstood long positions paired with overvalued shorts, while using macro positions to hedge risks and capture insights in an expensive market environment.
The manager maintains a cautious stance on equity markets due to extreme valuations but expects to achieve reasonable results while avoiding excessive bearishness. They anticipate having cash available to invest when an improved opportunity set emerges.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 20 2026 | 2025 Q4 | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value |
FLR VSCO TEVA AR DECK GPN HSIC SPB CNR |
Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses… |
| Oct 14 2025 | 2025 Q3 | COYA, EIX, GRBK, KD, LXS GR, PCG, TECK | AI, Bubble risk, energy, Utilities, valuation | - | Greenlight critiques the AI investment mania, arguing trillion-dollar spending plans lack financial grounding. The fund remains cautious on equity valuations and warns of potential capital… |
| Apr 16 2025 | 2025 Q1 | BHF, CEIX, CNR, TKWY NA | - | - | - |
| Jan 21 2025 | 2024 Q4 | AAPL, CNC, CNH, LIVN, MSTR, ODP, PTON | - | - | - |
| Oct 15 2024 | 2024 Q3 | GRBK, NBSE MM, NWG, ODP, RYA ID | - | - | - |
| Aug 6 2024 | 2024 Q2 | ALIT, BHF, BZZUY, CEIX, CPRI, FIZN, GPOR, HPQ, KD, NPWR, ODP, SOLB | - | - | - |
| May 9 2024 | 2024 Q1 | CEIX, HPQ, LBTYA, PENN, ROIV, SOLB BB, TECK | - | - | - |
| Jan 22 2024 | 2023 Q4 | ALIT, CEIX, GRBK, KD, SWN, SYENS BB, THC, VTRS, VTSC GR | - | - | - |
| Aug 11 2023 | 2023 Q3 | BKI, CEIX, CPRI, GRBK | - | - | - |
| Aug 14 2023 | 2023 Q2 | CEIX, GRBK, NPWR, ONEX CN, THC CN | - | - | - |
| Apr 27 2023 | 2023 Q1 | BHF, BKI, CVS, GRBK, IBM, KD, OSH | - | - | - |
| Jan 17 2023 | 2022 Q4 | AAWW, ASC, CEIX, DNMR, GRBK, RHM GR, TECK, THC, TWTR | - | - | - |
| Oct 19 2022 | 2022 Q3 | AAWW, CC, CEIX, CHNG, GRBK, INSW, PLBY, TWTR, WBD | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CopperCopper gained over 42% in 2025 and continued its move higher after bottoming during the pandemic. Copper finished up 21.43% in Q4 alone, benefitting from multiple underlying fundamental and macro drivers. The metal's strong performance contributed to Materials sector dominance. |
Copper Miners Base Metals Industrial Metals Commodity Cycle |
GoldGold experienced its best annual return since 1979 driven by seemingly insatiable appetite, entering bubble territory. The precious metal drove the Small Resources index to a 45.3% increase in the December half. |
Gold Precious Metals Bubble Resources | |
ValueBlue Tower focuses on value investing with international diversification. The manager notes that the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a favorable environment for their value-oriented approach. |
Value International Cheap Expensive Valuation | |
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
EnergyDiversified Energy Company provides natural gas exposure positioned for data center energy needs and LNG growth. PetroTal offers oil production exposure at significant discount to NAV despite operational challenges. Energy transition themes present across multiple holdings. |
Natural Gas Oil LNG Energy Transition |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | David Einhorn | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | branded, Drug-Pricing, growth, pharma, turnaround | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | AR | Antero Resources Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | acquisition, Acreage, cashflow, natural gas, valuation | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | DECK | Deckers Outdoor Corporation | Consumer Discretionary | Footwear | Bull | New York Stock Exchange | brands, buybacks, Footwear, growth, tariffs | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | GPN | Global Payments Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | buybacks, Fintech, Free Cash Flow, Payments, rerating | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | HSIC | Henry Schein, Inc. | Health Care | Health Care Distributors | Bull | NASDAQ | Activism, Distribution, healthcare, Margins, turnaround | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | SPB | Spectrum Brands Holdings, Inc. | Consumer Discretionary | Household Products | Bull | New York Stock Exchange | buybacks, consumer, divestiture, Sum-of-parts, Value | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | CNR | Core Natural Resources, Inc. | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | buybacks, coal, Freecashflow, metallurgical, spinoff | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | FLR | Fluor Corporation | Industrials | Engineering & Construction | Bull | New York Stock Exchange | arbitrage, buybacks, Nuclear, spinoff, valuation | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | VSCO | Victoria's Secret & Co. | Consumer Discretionary | Apparel Retail | Bull | New York Stock Exchange | Apparel, Brand, recovery, retail, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| AR | Antero Resources is a natural gas exploration and production company with operations in the Marcellus Shale in West Virginia. The company operates at the low end of the cost curve and has a stable production profile with significant acreage. In December, AR announced an acquisition that we believe will be accretive to earnings and will extend the runway of its future production. We acquired our shares at an average price of $33.92, implying an 11% free cash flow yield. |
| BHF | After years of frustration, the company put itself up for sale, which led to a sale process that culminated in a buyer agreeing to purchase the company. While the valuation at less than two-thirds of book value is not exciting, it does provide us with a reasonable exit from a challenged situation. |
| CNH | CNH Industrial hurt us due to cyclical headwinds but we believe will likely recover in due course. |
| DECK | Deckers Outdoor designs, markets and distributes footwear and apparel, including the Hoka (running shoes) and UGG (casual luxury cold-weather shoes) brands. DECK stock declined after it posted disappointing results early in 2025, which were impacted by tariff uncertainty, a warehouse transition in Europe, and warm weather during the early part of the UGG selling season. As Hoka expands internationally, we expect growth to re-accelerate and believe the company will use its strong balance sheet, including net cash equal to roughly 9% of its market capitalization, to increase the pace of stock repurchases. |
| FLR | FLR owned the majority of SMR, which essentially went parabolic. We anticipated FLR would dispose of its SMR stake and use the proceeds to repurchase its own shares, and this is exactly what is happening. The result of the heavy sales by FLR combined with SMR's very speculative valuation has led to a sharp decline in SMR, while FLR has been largely stable. |
| GPK | We believe Graphic Packaging Holding continues to face headwinds as consumer packaged-food and food service volumes have been weak. We also think executive turnover has likely hindered shares. |
| GPN | Global Payments shares fell as the company announced the acquisition of payment processing company Worldpay. Due to reduced conviction in the investment thesis, we sold our position earlier in the year. |
| GRBK | Green Brick Partners faced strong cyclical headwinds, but the stock still managed to gain 11%, while most other homebuilders were flat or down. |
| HPQ | HP has not benefited much from the AI frenzy like other technology companies. The company has seen rising costs and projected lower-than-expected earnings for 2026. We did not make any changes to our position in HP and continue to hold the stock in the Fund. |
| HSIC | Henry Schein is the leading distributor of dental products in the U.S. and various countries around the world. The company also distributes more general healthcare products. Within its core Dental business, the company holds the leading market share position in all major countries (52% of Dental sales are from the U.S., 28% EMEA, 20% Canada/RoW) in which it operates – generally holding ~25-40% share. In January 2025, KKR announced an agreement to take a strategic stake in Henry Schein. Given their now-15% stake (up from an initial 12%), KKR has actively worked with the board and management to enhance shareholder value. At just 15x 2026 consensus earnings (vs. 12-25x historically), with a highly defensive business model, and optionality surrounding KKR's stake and involvement (continue to improve the business or potentially take it private), HSIC shares appear attractive. |
| LXS.DE | We captured value in new issues that have already delivered solid performance, while tactical single-name positions such as Lanxess, SES and WPP have added meaningful alpha. |
| MSTU | The double-levered MicroStrategy ETFs fell about 90%. |
| MSTX | The double-levered MicroStrategy ETFs fell about 90%. |
| PRKS | United Parks & Resorts hurt us due to cyclical headwinds but we believe will likely recover in due course. |
| SMR | SMR essentially went parabolic. The result of the heavy sales by FLR combined with SMR's very speculative valuation has led to a sharp decline in SMR. |
| SOLB.BR | Solvay hurt us due to cyclical headwinds but we believe will likely recover in due course. |
| SPB | Spectrum Brands Holdings is a consumer products company focused on pet care, home & garden, and home & personal care (HPC). The company faced challenges in 2025 that now appear largely behind it, and we expect SPB to return to growth this year. There is also potential for the company to realize proceeds from a divestiture of its HPC segment, which we believe the market currently values at zero. |
| TEVA | Teva has historically been known for its large generics business but is increasingly focused on growing its innovative pharmaceutical business, which now represents roughly half of the company's profits. Austedo continues to see strong adoption in a significantly underpenetrated and underdiagnosed tardive dyskinesia market, Ajovy has gained share in chronic migraine, and Uzedy has launched successfully in schizophrenia. |
| VSCO | A prior management team nearly destroyed one of the most well-known brands in the world. To be more politically correct, it got rid of sexy and eliminated its world-famous fashion show. New management is reversing those decisions and the brand is beginning to recover. The stock, which was all but left for dead, is beginning to reflect the brand's recovery. |
| WBD | Warner Bros Discovery (WBD) was the top contributor during the quarter. The U.S.-headquartered media company's stock price surged as multiple parties submitted offers to acquire all or part of the business. Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix, while spinning the Global Networks business to shareholders. Paramount Skydance subsequently made a direct $30 per share offer to shareholders for the entire company. We are pleased with the steps the WBD board has taken thus far to unlock shareholder value. We will continue to closely monitor developments as this bidding war unfolds. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
