Greenlight Capital Re-Acquired a Position in Global Payments (GPN)

Greenlight Capital, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Greenlight Capital’s investment strategy focuses on constructing a bottom-up portfolio comprising undervalued long positions and overvalued short positions, while also including a macro book to hedge risks and capture insights. The Partnership returned 9.0% (net) in 2025 compared to 17.9% for the S&P 500 index. In contrast, it returned 8.5% in Q4, compared to 2.7% for the index. The Partnership has returned $6.1 billion, net of fees and expenses, to its investors since its inception in May 1996.  For more information on the Partnership’s top picks in 2025, please check its top five holdings.

In its fourth-quarter 2025 investor letter, Greenlight Capital highlighted Global Payments Inc. (NYSE:GPN) as a new addition. Global Payments Inc. (NYSE:GPN) is a payment technology and software solutions provider for card, check, and digital-based payments. The one-month return of Global Payments Inc. (NYSE:GPN) was -6.96%, and its shares lost 36.22% of their value over the last 52 weeks. On January 28, 2026, Global Payments Inc. (NYSE:GPN) stock closed at $72.01 per share, with a market capitalization of $20.16 billion.

Greenlight Capital stated the following regarding Global Payments Inc. (NYSE:GPN) in its fourth quarter 2025 investor letter:

“Global Payments Inc. (NYSE:GPN) is a payments processor serving mostly small and mid-size merchants in the U.S. After exiting the position in 2023 at $108.61, we re-acquired shares at an average price of $77.85. In 2024, the company surprised investors by announcing a two-step transaction to sell its issuer processing business and acquire Worldpay. While the market did not like the announcement, we understand the logic behind it and the likely synergies it should create. Pro forma, GPN is targeting $5 billion of free cash flow in 2028, which equates to nearly 25% of the current pro forma combined market capitalization. Once the Worldpay transaction closes, we expect GPN’s consistent history of organic growth and its commitment to return nearly $7 billion to shareholders (one-third of the market cap) over the next two years to be better appreciated by the market and to provide runway for the shares to re-rate higher. GPN ended the quarter at $77.40.”

In another article, we covered Global Payments Inc. (NYSE:GPN) and shared a bullish thesis on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.