Joel Greenblatt’s Top Portfolio Trims: Life Sciences, Utilities, and Ad Tech See Deep Cuts
Wednesday, July 9, 2025 · Johnny Hopkins
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.