The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
Greenlight Capital returned -3.3% net of fees in the third quarter of 2026, bringing year-to-date performance to -1.5% net of fees, underperforming the S&P 500 index which advanced 2.3% for the quarter and 12.7% year-to-date. The partnership experienced challenging cross-currents as the long portfolio detracted 8.5% while the short book generated positive alpha with a 7.1% gain, reflecting an environment where individual equities behaved like a bear market despite headline index strength. Average exposure during the period stood at 103% long and 61% short. The macro book detracted 2.0% for the quarter and 6.0% year-to-date, driven by unexpected Federal Reserve rate hikes that contradicted the fund's duration positioning, prompting a one-third risk-management reduction in the position. The letter features extensive analysis of artificial intelligence terminal values, questioning multi-trillion-dollar total addressable market projections and warning that fierce model competition will transfer economic value to users rather than infrastructure providers. Portfolio activity was characterized by the initiation of new long investments in ADI Global Distribution, Century Aluminum, and Canal+, alongside complete exits from GoPro at a loss, and profitable sales of PayPal, Spectrum Brands, and crude oil futures.
Greenlight Capital seeks asymmetric returns by investing in durable, cash-generative businesses trading at low multiples of earnings while avoiding or shorting capital-intensive, overhyped market narratives.
The manager expects the market is pricing in more Federal Reserve rate hikes than will actually occur, while remaining skeptical of massive artificial intelligence revenue projections and multi-trillion-dollar TAM claims.
Moderate Conviction Bullish
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