Greenlight Capital Q4 2025 Letter
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Greenlight Capital's funds returned 9.0% in 2025, net of fees and expenses, compared to 17.9% for the S&P 500 index. The company's macro investing strategy was successful, generating 14.5% of alpha, while the long-short portfolio lagged due to a weak economy in certain sectors.
Greenlight Capital's funds returned 9.0% in 2025. The company's macro investing strategy was successful, generating 14.5% of alpha. The long-short portfolio lagged due to a weak economy in sectors like homebuilding and coal. Greenlight Capital focuses on building a bottom-up portfolio of cheap and misunderstood equity longs, paired with overvalued equity shorts. The company also uses index positions to adjust overall exposure. In 2025, the macro portfolio drove returns, while the long-short portfolio struggled.
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