David Einhorn’s Greenlight Masters fund returned a commanding 30.2% net in 2025, versus 17.9% for the S&P 500. In Einhorn’s letter on his fund of funds, which was obtained by Hedge Fund Alpha, he reported that 18 of the fund’s managers generated positive results for the period in which they invested with them.
Ten of their managers reported results above 20%, while six had returns greater than 40%. On the other hand, four of Greenlight’s managers generated negative results, one of which saw their returns decline by over 5%.
Best-performing fund: Helikon Investments
Greenlight’s best-performing manager was Helikon Investments, which returned 79.6% on Masters’ investment for 2025. Drivers of Helikon’s performance included long positions in Polish utilities, Green and Israeli banks, various mining companies, and a number of Argentinian stocks and credit.
Because the fund realized gains across its portfolio, Helikon prioritized profit taking over incremental additions, which led to reduced net exposure. The fund’s management reported in their third-quarter letter that they were taking a cautiously optimistic outlook for their portfolio, adding that current market conditions require a highly disciplined approach.
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