Capital green lightan investment management firm, published its fourth quarter 2025 investor letter. A copy of the letter can be downloaded here. Greenlight Capital’s investment strategy focuses on building a bottom-up portfolio that includes undervalued long positions and overvalued short positions, while including a macro book to hedge risk and capture insights. The partnership returned 9.0% (net) in 2025 compared to 17.9% for the S&P 500. In contrast, it returned 8.5% in 4Q, compared to 2.7% for the index. The Association has returned $6.1 billion, net of fees and expenses, to its investors since inception in May 1996. For more information on the Association’s top picks in 2025, see its top five holdings.

In its Q4 2025 letter to investors, Greenlight Capital highlighted Deckers Outdoor Corporation (NYSE:COVER). Deckers Outdoor Corporation (NYSE:DECK) is a footwear, apparel and accessories company that operates the Hoka and UGG brands. Deckers Outdoor Corporation (NYSE:DECK)’s one-month return was -5.85% and its stock lost 56.25% of its value over the past 52 weeks. On January 28, 2026, shares of Deckers Outdoor Corporation (NYSE:DECK) closed at $97.62 per share, with a market capitalization of $14.481 billion.

Greenlight Capital stated the following about Deckers Outdoor Corporation (NYSE:DECK) in its 2025Q4 investor letter:

“Deckers Outdoor Corporation (NYSE:DECK) designs, markets and distributes footwear and apparel, including the Hoka (running shoes) and UGG (luxury casual cold weather boots) brands. DECK shares declined after posting disappointing results in early 2025, which were hit by tariff uncertainty, the warehouse transition to Europe and warm weather during the early part of UGG’s selling season. As Hoka expands internationally, we expect growth to accelerate again and believe the company will use its strong balance sheet, including net cash equivalent to approximately 9% of its market cap, to increase the pace of share repurchases. We acquired our shares at an average price of $85.49. DECK ended the quarter at $103.67.”

Deckers Outdoor Corporation (NYSE:DECK) is not on our list The 30 most popular stocks among hedge funds. According to our database, 62 hedge fund portfolios held Deckers Outdoor Corporation (NYSE:DECK) at the end of the third quarter, down from 59 in the previous quarter. While we recognize the potential of Deckers Outdoor Corporation (NYSE:DECK) as an investment, we believe some AI stocks offer greater upside potential and less downside risk. If you’re looking for an extremely undervalued AI stock that will also benefit significantly from Trump-era tariffs and the onshoring trend, check out our free report on the best short term AI stock.