A Hedge Fund Just Trimmed $2.7 Million of NCR Voyix. Should You Care?

NCR Voyix (VYX 3.43%) was the subject of a February 17, 2026, SEC filing from AREX Capital Management, LP, which disclosed the sale of 251,536 shares—an estimated $2.73 million trade based on quarterly average pricing.

• The fund’s quarter-end position dropped to 121,364 shares, valued at $1.24 million
• According to the 13F filing, the sale reduced AREX’s NCR Voyix stake from roughly 10.8% of its portfolio to 3.52%
• The overall position decline of $3.44 million reflects both the sale and broader price movement in the stock

What else to know

• The trade was a sale, leaving the position at 3.52% of 13F AUM as of Dec. 31, 2025
• Top holdings after the filing:
  • NYSE:EHAB: $22.99 million (65.4% of AUM)
  • NYSE:CALY: $5.29 million (15.0% of AUM)
  • NYSE:SKIL: $2.24 million (6.4% of AUM)
  • NASDAQ:IAC: $1.82 million (5.2% of AUM)
  • NYSE: VYX: $1.24 million (3.52% of AUM)
• As of Feb. 17, 2026, shares were priced at $9.26, down 24.3% over one year, underperforming the S&P 500 by 36.57 percentage points
• The fund is in a downsizing phase, reducing overall AUM by 19% quarter over quarter.

Company overview

Company snapshot

• Offers software, managed services, hardware, and cloud-based solutions for retail, hospitality, digital banking, payments, and self-service banking segments.
• Generates revenue through a combination of technology sales, recurring service contracts, transaction processing, and managed network services.
• Serves financial institutions, retailers, hospitality businesses, and enterprise clients across North America, EMEA, and Asia Pacific.

NCR Voyix is a global provider of technology solutions focused on the retail, hospitality, and financial services sectors. The company leverages a broad portfolio of software, hardware, and managed services to streamline operations and enhance customer engagement for its clients. With a diversified revenue base and longstanding industry presence, NCR Voyix aims to deliver integrated solutions that address complex business challenges for enterprise customers worldwide.

What this transaction means for investors

AREX Capital Management is a small, New York-based hedge fund running a concentrated portfolio. Funds like AREX manage outside capital with specific mandates and regularly rebalance for reasons that have nothing to do with a company’s long-term outlook — redemptions, position-size limits, or simply locking in gains or cutting losses to manage the overall book. When a hedge fund files with the SEC to report a stock sale, it can look like a signal. In this case, it probably isn’t one for individual investors.

NCR Voyix is a global technology company serving retailers, restaurants, and financial institutions. Its core business includes point-of-sale software, payment processing, and managed services — the behind-the-scenes infrastructure that keeps checkout lines moving and ATMs running.

The company has been working through a transition toward a recurring, software-based revenue model since spinning off from NCR Corporation in 2023. That transition takes time, and the stock has reflected the uncertainty — shares were down roughly 24% over the prior year at the time of the 13F filing, significantly underperforming the broader market. For individual investors with a long-term view, hedge fund repositioning is less signal and more noise. The more relevant question is whether NCR Voyix’s long-term business case holds up.