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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Greenlight Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes."
Greenlight Capital returned -4.3% in Q2 2026 despite positioning conservatively for capital preservation, with losses driven by costly macro bets on gold and interest rates that detracted nearly 4% net. The manager views the SpaceX IPO at $1.75 trillion valuation as potential evidence of a speculative market top, criticizing investment-grade ratings for a company with no free cash flow history. New Fed Chairman Kevin Warsh's emphatic anti-inflation stance may create self-fulfilling disinflation without rate hikes, and Greenlight is positioned accordingly despite year-to-date losses from disagreeing with market expectations. The fund initiated five new positions in undervalued companies including Fortune Brands Innovations at 8x earnings with new turnaround-focused leadership, PayPal at 8x earnings subsequently receiving a takeover bid, and Versigent targeting $1 billion cumulative free cash flow representing one-third of market cap. Three positions were exited profitably with IRRs ranging from 30% to 157%. The portfolio maintains 105% long and 63% short exposure, focusing on operational improvements and free cash flow generation while hedging against continued market speculation.
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