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Greenlight

Dec 2024 → Sep 2026 · 2 funds

Our archive holds 7 letters from Greenlight, behind 17 investment theses and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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7
Letters
26
Companies
15
Moves
17
Theses

Performance

as of Sep 30, 2026 · net of fees · USD

  • YTD
    −1.5%
    index +12.7%

Index: S&P 500

Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 15 moves

  • ExitedPayPal
    September 2026
    “PayPal: We introduced this idea last quarter.”
    Read the letter
  • New positionCanal+
    September 2026
    “Canal+ (London: CAN) is a global media company offering subscription pay TV and content production.”
    Read the letter
  • New positionADI Global Distribution
    September 2026
    “ADI Global Distribution (ADIG) is a leading distributor of low-voltage electrical products that recently spun out of Resideo.”
    Read the letter
  • ExitedSpectrum Brands Holdings
    September 2026
    “Spectrum Brands Holdings: Our thesis played out as organic growth resumed and the company moved to monetize its underperforming Home & Personal Care (HPC) segment.”
    Read the letter
  • New positionCentury Aluminum
    September 2026
    “Century Aluminum (CENX) is the largest domestic producer of primary aluminum with an additional facility in Iceland.”
    Read the letter
  • New positionPrimo Brands
    June 2026

    Listed in Greenlight’s reported holdings.

    Read the letter
  • New positionPayPal Holdings
    June 2026
    “After disappointing fourth-quarter results and a CEO transition, the stock sold off, creating an opportunity for us to acquire our position at an average price of $43.53.”
    Read the letter
  • New positionFortune Brands Innovations
    June 2026
    “We acquired our position at an average price of $39.37, or approximately 8x those earnings, while peers trade for almost 20x.”
    Read the letter
  • New positionVersigent
    June 2026
    “We acquired our shares at an average price of $29.20, or approximately 4x this year’s expected earnings.”
    Read the letter
  • New positionComcast
    June 2026
    “We added several new, small long positions during the quarter: Comcast (CMCSA) is a diversified media and technology company with broadband, video and wireless businesses, alongside media, studios and theme parks.”
    Read the letter
  • New positionVersant Media Group
    March 2026
    “We initiated a medium-sized new position in Versant Media Group (VSNT) and small new positions in Crocs, Inc. (CROX) and SLM Corp. (SLM).”
    Read the letter
  • ExitedGlobal Payments
    March 2026
    “In addition to exiting KD, we exited: • Global Payments at around our cost, as further diligence raised questions about what the company is classifying as organic growth.”
    Read the letter
  • New positionSLM Corp.
    March 2026
    “We initiated a medium-sized new position in Versant Media Group (VSNT) and small new positions in Crocs, Inc. (CROX) and SLM Corp. (SLM).”
    Read the letter
  • New positionCrocs
    March 2026
    “We initiated a medium-sized new position in Versant Media Group (VSNT) and small new positions in Crocs, Inc. (CROX) and SLM Corp. (SLM).”
    Read the letter
  • AddedOctober oil futures
    March 2026
    “We have traded around index hedges and added a long position in October oil futures, which has only moved up modestly, as there is widespread anticipation that there will not be an enduring shortage.”
    Read the letter

Companies held · 26

Every company Greenlight has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 17

  • ADI Global Distribution
    September 2026

    ADI Global Distribution is a leading low-voltage distributor with commercial growth, residential stabilization, and cost savings that could double earnings over three years.

    Read the full thesis
  • Century Aluminum
    September 2026

    Century Aluminum benefits from tariffs, a tight aluminum market, and subsidized growth options that could generate substantial cash and earnings power.

    Read the full thesis
  • Canal+
    September 2026

    Canal+ is a global subscription TV and content company with turnaround progress, acquisition synergies, and long-term growth in Africa.

    Read the full thesis
  • Comcast
    June 2026

    Comcast is a diversified media and technology company whose shares look undervalued relative to free cash flow and the sum of its parts, with the NBCUniversal spin-off seen as a catalyst.

    Read the full thesis
  • Fortune Brands Innovations
    June 2026

    Fortune Brands Innovations is a building products company whose strong brands, new leadership and inexpensive valuation support a thesis for earnings recovery and upside.

    Read the full thesis
  • Primo Brands
    June 2026

    Primo Brands is a bottled water and delivery business where temporary integration issues and an attractive free cash flow yield support the investment case.

    Read the full thesis
  • PayPal Holdings
    June 2026

    PayPal Holdings is a large consumer payments platform whose payment assets appear undervalued at the entry multiple.

    Read the full thesis
  • Versigent
    June 2026

    Versigent is a wire-harness supplier benefiting from EV content growth, sticky customer relationships and margin improvement opportunities.

    Read the full thesis
  • SLM Corporation
    March 2026

    SLM Corporation is the leading private student lender with mitigated credit risk via cosigners, growth potential in graduate lending, and significant buyback capacity at a low multiple.

    Read the full thesis
  • Versant Media Group
    March 2026

    Versant Media Group is a Comcast spin-off with resilient live content, growing non-Pay TV assets, and an attractive sub-4x EBITDA valuation after forced selling.

    Read the full thesis
  • Crocs, Inc.
    March 2026

    Crocs, Inc. is a global footwear brand with industry-leading margins, strong international growth, attractive ~6x 2026 EPS valuation, and substantial share buybacks.

    Read the full thesis
  • Global Payments
    December 2025

    Global Payments is reshaping its portfolio with Worldpay, targeting significant free cash flow and shareholder returns to drive re-rating.

    Read the full thesis

Letter archive · 7

2026

2025

2024

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