David Einhorn's Greenlight Capital Adds PayPal and Comcast, Exits Victoria's Secret in Second Quarter

Oct 13, 01:20 PM UTCMixedMedium impact

PYPL$55.98 −0.13%CMCSA$20.72 0.17%VSXY$90.69 2.37%FBIN$38.83 0.64%PRMB$18.88 −1.56%VGNT$43.31 −0.30%

David Einhorn's Greenlight Capital revealed several portfolio changes in its second-quarter 2026 investor letter. The hedge fund established new long holdings in PayPal Holdings, Inc. (NASDAQ:PYPL), Comcast Corporation Class A (NASDAQ:CMCSA), Fortune Brands Innovations, Inc. (NYSE:FBIN), Primo Brands Corporation Class A (NYSE:PRMB), and Versigent PLC (NYSE:VGNT). Meanwhile, Greenlight eliminated major positions, fully exiting Victoria's Secret & Company (NYSE:VSXY) after achieving a 157% internal rate of return over a one-year holding period. It also closed out long-standing investments in Weatherford International (NASDAQ:WFRD) and Public Power Corp. (OTC:PUPOF).

The quarter proved challenging for Greenlight Capital, with its funds returning -4.3% net of fees and expenses compared to a 15.2% gain for the S&P 500 index. Year-to-date, the fund recorded a 1.9% return versus 10.2% for the benchmark index. Fund management noted that while they anticipated lagging behind the S&P 500 during a strong rally, losing money was unexpected. The portfolio shifts highlight a rotation toward new long opportunities following profitable realizations on long-held assets like Victoria's Secret.

Investors will monitor how these newly added holdings perform alongside Greenlight's top positions at quarter-end, which include Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor, and Green Brick Partners. Market participants will also track whether the manager's recent additions can help narrow the performance gap against broader stock market indexes in upcoming quarters.

Key points

Greenlight Capital established new long positions in PayPal Holdings, Comcast, Fortune Brands Innovations, Primo Brands, and Versigent during Q2 2026.
The fund exited its Victoria's Secret holding with a 157% internal rate of return over a one-year period.
Greenlight funds fell 4.3% in the second quarter of 2026, compared to a 15.2% gain for the S&P 500 index.
Additional exits included Weatherford International with a 45% IRR and Public Power Corp. with a 30% IRR.
Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor, and Green Brick Partners remained among the largest long positions.

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Questions and answers

What new stocks did Greenlight Capital buy in Q2 2026?

Greenlight Capital added new long positions in PayPal Holdings, Comcast, Fortune Brands Innovations, Primo Brands, and Versigent during the second quarter of 2026.

How did Greenlight Capital perform in the second quarter of 2026?

Greenlight Capital funds returned -4.3% net of fees and expenses in the second quarter of 2026, compared to a 15.2% gain for the S&P 500 index.

Which positions did Greenlight Capital exit in Q2 2026?

Greenlight fully exited Victoria's Secret with a 157% IRR over one year, Weatherford International with a 45% IRR over four years, and Public Power Corp. with a 30% IRR over three years.