Greenlight Capital Exits Victoria’s Secret (VSXY) After Remarkable Turnaround

Greenlight Capital, a value-oriented investment management firm, concluded its second-quarter 2026 investor letter by disclosing the exit from Victorias Secret & Co. (NYSE:VSXY) following a remarkable 157% internal rate of return (IRR) over a one-year holding period. The company's turnaround was attributed to the implementation of fresh strategies under new management, which rejuvenated the brand, rekindled customer interest, and enhanced financial performance.

Greenlight Capital's departure from VSXY was made in light of the firm's ongoing exploration of other investment opportunities, particularly in AI stocks. The letter also cautioned against speculative market conditions, citing instances such as SpaceX's $1.75 trillion IPO valuation as examples of potential excess.

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