Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.
In the most recent quarter, Joel Greenblatt — famed value investor and author of The Little Book That Beats the Market — made a series of sharp reductions in his equity portfolio. Known for his rules-based approach to quality and value, these sizable cuts signal a clear reallocation of capital away from lower-conviction holdings.
Here are the top five reductions by percentage change in common stocks:
1. Azenta Inc (AZTA) – ↓97.03% (Life Sciences Tools & Services)
Greenblatt slashed nearly 200,000 shares of this life sciences company specializing in sample automation and logistics. While Azenta operates in a niche growth area, the steep cut suggests a significant downgrade in conviction — potentially due to valuation or growth execution concerns.
2. Talen Energy Corp (TLNE) – ↓94.87% (Utilities / Power Generation)
A dramatic reduction of over 34,000 shares indicates a retreat from this power infrastructure firm. Talen has seen volatility amid restructuring efforts, and this exit likely reflects a lack of clarity on the company’s long-term trajectory.
3. DoubleVerify Holdings Inc (DV) – ↓93.47% (Ad Tech / Software)
Greenblatt trimmed over 400,000 shares of this ad verification tech company. Despite strong revenue growth in digital advertising, the sell-down may reflect concerns over profitability, competition, or frothy valuations in the ad-tech space.
4. Amcor PLC (AMCR) – ↓92.90% (Packaging / Materials)
The packaging giant saw a reduction of over 190,000 shares. Amcor is a consistent cash generator, but its exposure to commodity costs and macro slowdown risks might have prompted the repositioning.
5. NCR Voyix Corp (VYX) – ↓92.33% (Fintech / Retail Technology)
Greenblatt exited nearly 385,000 shares of this legacy tech company undergoing a major transformation. The move could be a response to execution risk, balance sheet pressure, or simply better opportunities elsewhere.
Our Interpretation of the Sales Strategy
Joel Greenblatt’s recent portfolio trims span a diverse range of sectors — from life sciences and energy infrastructure to advertising technology, packaging, and financial software — suggesting a broad reshuffling rather than a single-sector pivot. The magnitude of these reductions, all exceeding 90%, points to a decisive winnowing of the portfolio. In classic Greenblatt fashion, capital appears to be rotating out of lower-conviction or lower-return positions and into opportunities that better match his disciplined value framework.
For all the latest news and podcasts, join our free newsletter here.
Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:
