Greenlight
Greenlight Capital
Global Mid-cap
Dec 2024 → Sep 2026
Our archive holds 6 letters from this strategy, behind 16 investment theses and positions in 33 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years · follow all of Greenlight for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD−1.5%index +12.7%
Index: S&P 500
| YTD | |
|---|---|
| Greenlight Capital | −1.5% |
| S&P 500 | +12.7% |
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.
Read full disclosures →What it bought and sold
PayPal: We introduced this idea last quarter.
Canal+ (London: CAN) is a global media company offering subscription pay TV and content production.
- New positionADI Global DistributionSep 2026
ADI Global Distribution (ADIG) is a leading distributor of low-voltage electrical products that recently spun out of Resideo.
Spectrum Brands Holdings: Our thesis played out as organic growth resumed and the company moved to monetize its underperforming Home & Personal Care (HPC) segment.
Century Aluminum (CENX) is the largest domestic producer of primary aluminum with an additional facility in Iceland.
We acquired our shares at an average price of $20.20, implying a 12% free cash flow yield on our expectation for 2027 results, which compares to peer free cash flow yields of 3-5%.
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.
We acquired our position at an average price of $39.37, or approximately 8x those earnings, while peers trade for almost 20x.
We acquired our shares at an average price of $29.20, or approximately 4x this year’s expected earnings.
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.
We initiated a medium-sized new position in Versant Media Group (VSNT) and small new positions in Crocs, Inc. (CROX) and SLM Corp. (SLM).
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.
We initiated a medium-sized new position in Versant Media Group (VSNT) and small new positions in Crocs, Inc. (CROX) and SLM Corp. (SLM).
We initiated a medium-sized new position in Versant Media Group (VSNT) and small new positions in Crocs, Inc. (CROX) and SLM Corp. (SLM).
- AddedOctober oil futuresMar 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.
Also held
Its investment theses
- ADI Global DistributionSep 2026ADI Global Distribution is a leading low-voltage distributor with commercial growth, residential stabilization, and cost savings that could double earnings over three years.
- Century AluminumSep 2026Century Aluminum benefits from tariffs, a tight aluminum market, and subsidized growth options that could generate substantial cash and earnings power.
- Canal+Sep 2026Canal+ is a global subscription TV and content company with turnaround progress, acquisition synergies, and long-term growth in Africa.
- ComcastJun 2026Comcast 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.
- Fortune Brands InnovationsJun 2026Fortune Brands Innovations is a building products company whose strong brands, new leadership and inexpensive valuation support a thesis for earnings recovery and upside.
- Primo BrandsJun 2026Primo Brands is a bottled water and delivery business where temporary integration issues and an attractive free cash flow yield support the investment case.
- PayPal HoldingsJun 2026PayPal Holdings is a large consumer payments platform whose payment assets appear undervalued at the entry multiple.
- VersigentJun 2026Versigent is a wire-harness supplier benefiting from EV content growth, sticky customer relationships and margin improvement opportunities.
- SLM CorporationMar 2026SLM 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.
- Versant Media GroupMar 2026Versant 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.