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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
During the third quarter of 2026, the median account return for separate accounts managed by Greystone Capital was -3.0% net of fees, bringing year-to-date median net returns to +10.1%. These quarterly results underperformed the S&P 500 return of +2.3% but outperformed the Russell 2000 return of -7.2%. The firm maintains a highly concentrated portfolio comprised of small and micro-cap businesses operating outside standard benchmarks, relying on underlying earnings and free cash flow growth rather than multiple expansion or broader index momentum. The manager highlights extreme capital concentration driven by artificial intelligence spending, which has reached levels unseen since the early 2000s and left high-quality traditional, cyclical, and small-cap businesses neglected on an 'Island of Misfit Toys.' Elevated volatility and macroeconomic headlines have created mispricings across non-AI equities. Management views this displacement as an opportunity-rich backdrop to add to core positions and identify misvalued businesses trading at attractive multi-year free cash flow valuations. Portfolio activity centered on establishing a new position in Strata Critical Medical ($SRTA), a profitable organ transplant logistics and clinical services provider spun out of Blade Air Mobility. The manager also evaluated a leadership transition at core holding KITS Eyecare ($KITS.TO), where co-founder Joe Thompson transitioned from COO to an advisory role while retaining his equity stake, reinforcing long-term conviction in the company's compounding trajectory.
Greystone Capital invests in a concentrated portfolio of severely undervalued small and micro-cap businesses with robust earnings growth and exceptional leadership, where investment returns are driven by fundamental cash generation rather than multiple expansion.
Valuations across the portfolio looking one to three years out are exceptionally attractive as earnings and cash flow compounding outpace market neglect, creating an excellent setup heading into 2027.
High Conviction Bullish
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