Greenlight Capital's funds delivered a 6.5% return in the first quarter of 2026, net of fees and expenses, outperforming the S&P 500's decline of 4.4%. The hedge fund cited gains from gold, healthcare, shipping, and energy stocks amid uncertainty from the war in Iran. Managers emphasized capital preservation given limited downside priced into markets.
Greenlight Capital reported that its partnerships achieved a 6.5% net return for the January-to-March period, contrasting sharply with the S&P 500 index's 4.4% drop. The performance came during heightened geopolitical risks, including the war in Iran, a closed Strait of Hormuz, and elevated energy prices. Fund managers noted a shift toward top-down macroeconomic bets alongside traditional stock picks, including direct investments in macro instruments when predictions seemed clear. They expressed uncertainty over the conflict's path, including a recent two-week ceasefire and President Trump's shifting statements on objectives like regime change and the strait.