The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Greystone Capital returned +7.2% in Q2 2026 and +8.6% year-to-date, underperforming indices driven by narrow AI-related gains. Manager Adam Wilk actively avoids AI infrastructure despite it representing a third of the S&P 500, citing valuation risk at 50-60x revenues for unprofitable businesses and contradictory valuations between chip sellers and buyers. Instead, capital flows to neglected niche industrials with mispriced earnings power, strong competitive positions, and capable management teams. Top positions include Pitney Bowes, a mail and package services business trading at 15% free cash flow yield with strategic review underway, Natural Resource Partners coal royalties yielding 13% on trough cash flows, KITS Eyecare growing rapidly despite 30% YTD decline, and Shift4 payments down 22% but valued at mid-single-digit EBITDA multiple versus $120-160 intrinsic value estimate. Portfolio companies like Limbach, APi Group, and Bel Fuse demonstrate the pattern of hidden value in businesses with misleading financials, no clean labels, and unit economics requiring primary research. Manager added three new positions and continues researching opportunities in an attractive environment for the strategy. Since inception, Greystone has returned +222% versus +114% for Russell 2000.
Greystone Capital pursues concentrated value investing in neglected small-cap niche industrials where the market misprices earnings power due to misleading GAAP financials, lack of analyst coverage, or stale labels, creating asymmetric return opportunities that require patience and primary research to surface.
Manager expects to continue generating strong returns over longer periods despite short-term performance deviations from indices. The current market environment creates unusually wide gaps between popular and neglected opportunities, which the manager views as positive for the strategy. The manager is busy researching many new opportunities as the opportunity set remains very attractive, particularly in niche industrials and payments.
As of Aug 3, 2026
Adam Wilk is the Founder and Managing Partner of Greystone Capital Partners, bringing a unique analytical background that combines sports analytics and financial services experience. Prior to launching Greystone, Adam worked in scouting and analytics roles with the San Antonio Spurs and Houston Rockets, followed by commercial credit underwriting at major banking institutions including TD Bank and Citibank. His employment history includes roles as Credit Analyst at TD Bank, Senior Compliance Analyst at Citibank, and Compliance Analyst at Dixon Hughes Goodman. These diverse experiences emphasized disciplined decision-making under uncertainty and long time horizons, which are central to how Greystone evaluates businesses, assesses risk, and allocates capital. Wilk holds SEC registration CRD# 7184174 as an Investment Adviser Representative in Pennsylvania and has passed the Series 65 examination. He launched Greystone Capital Partners LP in July 2025 after managing separate accounts, transitioning the firm toward a traditional hedge fund structure.
Quality Compounder
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
Manager operates a concentrated portfolio with named top-five positions including Pitney Bowes, Natural Resource Partners, KITS Eyecare, and Shift4 Technologies, each discussed with specific position sizing, intrinsic value estimates, and detailed fundamental analysis. Manager explicitly states adding to positions during volatility and provides precise valuation targets (e.g., PBI intrinsic value mid-$20s vs $18 current, FOUR $120-160 vs $48 current, NRP upside greater than 100%). Manager's personal and family capital invested alongside clients. Language is declarative about thesis elements and willingness to hold through short-term underperformance. The absence of exact portfolio weights prevents a score above 0.85.
Growth Outlook
The manager remains constructive but highly selective. He rejects macro forecasting but asserts that the current opportunity set in small and cheap corners of the market represents an especially compelling time to allocate capital.
Risk Appetite
The score of 0.75 is assigned because the manager maintains a highly concentrated long-only positioning in smaller, overlooked companies. He runs zero macro hedges and completely avoids expensive 'quality' stocks or technology/software names.
Capital Deployment
Manager added three new investments during the period and states 'I've been adding to our position' for both KITS and Shift4 during share price declines. Manager describes actively researching many more opportunities and characterizes the opportunity set as very attractive. However, no specific cash level changes are disclosed, and the letter describes selective rather than aggressive deployment. The activity suggests moderate net deployment into specific opportunities rather than broad-based capital commitment.
Forward Guidance
The manager is actively seeking new investor capital for the go-forward vehicle, Greystone Capital Partners LP, and is actively analyzing how to redeploy proceeds from the Secure Waste transaction based on fundamental valuations.
Language Signal
Language balances opportunity-focused terms like 'attractive,' 'compelling,' 'asymmetric returns,' and 'mispriced earnings power' with risk-aware language including 'considerable valuation risk,' 'neglect,' 'checkered past,' and acknowledgment of near-term headwinds. The manager uses phrases like 'I remain confident' and 'strong margin of safety' but also notes positions 'lagged' and markets are 'in disarray' for certain commodities. Overall the directional language leans modestly positive but is measured.
Perceived Risk
The manager acknowledges standard macro risks like interest rates, inflation, and geopolitics, but views them as historical constants that the market is remarkably good at absorbing, focusing his risk assessment primarily on valuation discipline.
Opportunity Density
Manager explicitly states 'the opportunity set remains very attractive' and 'I'm busy researching many more' opportunities. Manager added three new investments during the period and describes niche industrials as 'one of the most reliable hunting grounds' with 'plenty of opportunities being neglected as capital flows to momentum driven stocks.' The payments space is characterized as 'incredibly attractive right now' with manager researching 'a handful of opportunities.' Language consistently emphasizes abundance of mispriced opportunities in the manager's specific universe.
Time Horizon
Manager explicitly states 'our longer-term numbers are what should matter' and cautions against 'deriving any meaning from these short-term figures.' Manager describes value creation in niche industrials as happening 'over 12, 24, and 36-month stretches' and notes the approach is 'admittedly slower as business execution takes time.' Manager emphasizes willingness to hold through volatility and states improving fundamentals 'are not always recognized immediately.' However, specific catalysts are discussed including strategic reviews and near-term operational inflections, suggesting a multi-year rather than decade-plus horizon.
Top Conviction Themes
Key Catalysts
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