A hedge fund recently reduced its holdings in NCR Voyix by $2.7 million. Does this matter to you?

AREX Capital Management Reduces NCR Voyix Holdings

On February 17, 2026, AREX Capital Management, LP reported to the SEC that it had sold 251,536 shares of NCR Voyix (NYSE:VYX), a transaction estimated at $2.73 million based on the average price for the quarter.

• By the end of the quarter, AREX's remaining stake was 121,364 shares, worth approximately $1.24 million.
• The 13F filing shows that this sale decreased NCR Voyix's share of AREX's portfolio from about 10.8% to 3.52%.
• The total reduction in position, amounting to $3.44 million, reflects both the sale and changes in the stock's value.

Additional Insights

• Following the transaction, NCR Voyix now makes up 3.52% of AREX's assets under management (AUM) as of December 31, 2025.
• AREX's largest holdings after the filing include:
  • 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 February 17, 2026, NCR Voyix shares traded at $9.26, marking a 24.3% decline over the past year and lagging the S&P 500 by 36.57 percentage points.
• The fund has been actively reducing its overall AUM, down 19% compared to the previous quarter.

Key Company Metrics

Business Overview

• NCR Voyix delivers software, managed services, hardware, and cloud solutions for sectors such as retail, hospitality, digital banking, payments, and self-service banking.
• The company earns revenue from technology sales, ongoing service agreements, transaction processing, and managed network services.
• Its customer base includes financial institutions, retailers, hospitality businesses, and enterprise clients across North America, EMEA, and Asia Pacific.

NCR Voyix is a worldwide technology provider specializing in solutions for retail, hospitality, and financial services. The company utilizes a comprehensive suite of software, hardware, and managed services to optimize operations and improve customer experiences. With a diverse revenue stream and a strong industry reputation, NCR Voyix is committed to offering integrated solutions that help enterprise clients address complex business needs globally.

Investor Implications

AREX Capital Management, a boutique hedge fund based in New York, manages a focused portfolio. Funds like AREX often adjust their holdings for reasons unrelated to a company's long-term prospects, such as investor withdrawals, portfolio constraints, or tactical decisions to realize gains or limit losses. While SEC filings about stock sales may seem like signals to investors, in this instance, they are unlikely to indicate anything significant for individual shareholders.

NCR Voyix: Company Profile

NCR Voyix operates internationally, serving retailers, restaurants, and financial institutions. Its main offerings include point-of-sale software, payment processing, and managed services—essential systems that keep checkout operations and ATMs functioning smoothly.

Since separating from NCR Corporation in 2023, the company has been transitioning toward a recurring, software-driven revenue model. This shift has introduced uncertainty, reflected in the stock's performance, which was down about 24% over the previous year at the time of the 13F filing, underperforming the broader market. For long-term investors, hedge fund activity is often less relevant than the company's enduring business prospects.

Is Now the Time to Invest in NCR Voyix?

Before making a decision to invest in NCR, consider the following: