Overview
- Greenlight reported a 4.3% loss for its Partnerships in the second quarter and a 1.9% year-to-date gain, and it attributes the shortfall to costly trading decisions and macro positions.
- The firm said its long positions added roughly 9% but that similar-sized losses from shorts and macro bets on gold and U.S. interest rates erased those gains.
- Greenlight disclosed buying Comcast at an average entry of $23.91 and noted the shares traded at about 5x EBITDA at that price, which the firm calls deeply undervalued.
- The firm highlighted Comcast’s announced plan to spin off NBCUniversal as a catalyst that could surface the company’s free cash flow and narrow the conglomerate discount.
- Comcast’s stock has fallen dramatically over five years, trade data show shares recently above Greenlight’s entry but well below past highs, and Greenlight warned that the fund’s recovery depends on inflation and interest-rate stability.