Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 1.4% | 1.4% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 1.4% | 1.4% |
Greystone Capital Management delivered +1.4% net returns in Q1 2026, outperforming the S&P 500's -4.3% decline through concentrated positioning in small companies outside major indices. The manager avoids expensive software and quality stocks, instead focusing on cheaper corners of the market. The investment philosophy centers on businesses with durable demand that can perform across various external conditions, emphasizing capital allocation as a key value driver. Medical Facilities Corp exemplifies this approach, doubling in value through aggressive share repurchases rather than multiple expansion. Secure Waste Infrastructure, a major holding, represents a toll booth business model processing oil and gas waste through irreplaceable infrastructure networks. The company transformed from cyclical energy services to 80% recurring waste management revenues, providing pricing power and reduced cyclicality. Secure was acquired by GFL Environmental during the quarter, generating 50-60% returns in eight months from the original investment. The manager views current market conditions as an excellent allocation opportunity, maintaining focus on businesses where product quality, cash flow, and intelligent capital allocation matter more than daily market sentiment.
Focus on concentrated investments in small, undervalued companies with durable business models, strong cash flows, and management teams that allocate capital intelligently through share buybacks, particularly in businesses that can perform well regardless of macro conditions.
The manager believes this is an excellent time to allocate capital and describes the current opportunity set as especially compelling. He focuses on businesses that can perform well across a wide range of external conditions rather than trying to forecast macro events.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | SES.TO | Buybacks, Canada, Concentration, small caps, value, Waste management | SES.TO | Greystone outperformed in Q1 2026 through concentrated small-cap value investing, avoiding expensive growth stocks. The strategy focuses on businesses with durable demand and intelligent capital allocation. Secure Waste Infrastructure exemplified the approach as a toll booth waste management business that was acquired for 50-60% gains in eight months. |
| Jan 24 2026 | 2025 Q4 | APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX | Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value |
NRP KITS CN APG DR CN FOUR |
Greystone's concentrated small-cap value strategy underperformed in 2025 but maintains strong long-term track record. The manager systematically upgraded portfolio quality, exiting weaker positions for businesses with clearer value drivers. Top holdings include coal royalties, e-commerce eyecare, fire safety services, and surgical hospitals. New position in integrated payments company Shift4 offers compelling risk-adjusted returns. Current opportunity set remains unusually attractive for patient capital. |
| Oct 30 2025 | 2025 Q3 | APG, BELFB, DR.TO, IVFH, KITS, NRP, SYZLF | Concentration, fundamentals, Quality, small caps, value |
SYZLF CN IVFH SYZLF CN IVFH |
Greystone's concentrated small-cap value strategy underperformed in Q3 amid speculative market rally, but manager maintains conviction in fundamental approach. Portfolio of real asset-backed businesses trading at attractive valuations contrasts with market's overvaluation of quality and speculation in theme stocks. Multiple holdings positioned for 15-25% IRRs over 3-5 years with strong downside protection. |
| Jul 30 2025 | 2025 Q2 | APG, DR.TO, KITS.TO, NRP, SYZ.TO | Coal, E-Commerce, healthcare, Quality, small caps, software, value |
NRP APG SYZ CN KITS CN DR CN NRP APG SYZ.TO KITS.TO DR.TO |
Greystone delivered 14.8% in Q2 through concentrated small cap value investing, outperforming major indices. Top holdings include coal royalties, fire safety, software, e-commerce eyecare, and healthcare. Despite small cap underperformance, the manager sees strong opportunity set and is deploying cash from earlier selling. Five-year track record supports patient, focused approach to quality businesses. |
| May 2 2025 | 2025 Q1 | BELFB, FC, KITS.TO, LNF.TO, NRP, XPOF | E-Commerce, Optical, Quality, small caps, tariffs, Trade Policy, value, volatility |
NRP LNF.TO BELFA KITS.TO |
Greystone Capital's Q1 2025 return of -7.9% reflects broad market volatility from tariff fears rather than fundamental deterioration. The manager sold underperforming positions and initiated KITS Eyecare, a disruptive e-commerce optical retailer. With elevated cash levels and focus on high-quality small companies, the strategy remains patient and opportunistic, viewing current uncertainty as chance to upgrade portfolio quality. |
| Jan 20 2025 | 2024 Q4 | APOG, BELFB, DESP, FRAN, IVFH, LMB, NRP, SYZLF | Coal, Concentration, Distribution, Patience, royalties, small caps, value | - | Greystone delivered +19.9% in 2024 through concentrated small cap value investing, owning zero S&P 500 companies while focusing on overlooked businesses with superior fundamentals. Despite late-quarter volatility affecting small caps, the manager sees excellent opportunities in microcaps and small companies trading at cheap multiples, emphasizing patience and multi-year investment horizons for quality businesses. |
| Oct 30 2024 | 2024 Q3 | LNF.TO, NNBR | Canada, Concentration, Furniture, Quality, retail, small caps, value | - | Greystone delivered 10.1% Q3 returns focusing on quality small caps. Major position Leon's Furniture dominates Canadian furniture retail at 6x EBITDA with $1.2-1.6B real estate value catalyst. Manager sold lower-quality NNBR to concentrate on compounding businesses. Strong small cap flows and rate cuts may benefit strategy emphasizing selectivity over passive index exposure. |
| Jul 26 2024 | 2024 Q2 | APG, BELFB, LMB, MFCSF, SYZLF | Concentration, management, Quality, small caps, Trust, underperformance, value |
SYZLF BELFB APG LMB MFCSF |
Greystone Capital's concentrated small cap value strategy delivered 6.3% YTD returns despite broad small cap underperformance. Manager Adam Wilk maintains high conviction in trustworthy management teams running quality businesses at attractive valuations, expecting eventual outperformance when small caps rotate back into favor. Portfolio concentrated in top seven positions across software, electronics, construction, and healthcare services. |
| May 18 2024 | 2024 Q1 | BELFB, DR.TO, IVFH, LMB, NNBR, SYZ | Food Distribution, management, Manufacturing, small caps, turnaround, value |
IVFH NNBR |
Greystone returned -0.1% in Q1 despite two major holdings declining 25%, offset by strong performance elsewhere. The manager added two new small-cap positions with turnaround potential under new management teams. Portfolio remains concentrated in undervalued companies with strong balance sheets and share buyback programs, positioned to benefit from market volatility creating opportunities for patient investors. |
| Jan 2 2024 | 2023 Q4 | APG, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY | Concentration, Outperformance, SaaS, small caps, value | - | Greystone delivered 18.1% Q4 returns but lagged for the full year. Manager maintains conviction in concentrated small-cap strategy, arguing passive investing created structural opportunity as small caps represent under 4% of market. Top five holdings represent 65% of portfolio, positioned for significant growth at attractive valuations. Recent additions include Thryv and Franklin Covey during market weakness. |
| Oct 31 2023 | 2023 Q3 | BELFB, BFIT, IDT, MFCSF, SENEA | Bear Market, Buybacks, cash flow, Microcap, small caps, value |
BELFB MFCSF SENEA |
Small-cap specialist Greystone Capital sees exceptional opportunities in the current bear market, adding three new positions at attractive valuations including a turnaround electronics manufacturer and a surgical hospital operator. Despite Q3 underperformance, the manager is highly optimistic about multi-year prospects as quality businesses trade at deep discounts with strong cash generation. |
| Jul 30 2023 | 2023 Q2 | APG, BSFFF, CURN, LMB, RICK, SYZLF | Construction, Currency Exchange, Fitness, Hospitality, small cap, value | - | Greystone Capital targets growing, cash-generating small businesses trading at single digit multiples during the fourth major valuation dislocation period in decades. Despite Q2 underperformance versus large cap indices, manager maintains high conviction in concentrated portfolio of quality companies being ignored by current market structure, expecting strong returns when obvious value becomes impossible to ignore. |
| Aug 5 2023 | 2023 Q1 | BSFFF, GFF, POL, SYZLF | concentrated, Public Sector, Quality, SaaS, small caps, software, value |
AAGFF BSFFF APOLLOHOSP.NS SYZLF |
Concentrated small-cap value manager sees significant opportunities in quality businesses trading at deep discounts despite Q1 banking concerns and recession risks. Added SaaS position Sylogist at major discount to peers, increased Basic-Fit stake, trimmed Griffon on macro concerns. Historical data supports small-cap outperformance following negative periods, with portfolio positioned for long-term earnings growth regardless of economic environment. |
| May 2 2023 | 2022 Q4 | APG, BSFFF, EDR SM, GFF, IDT, POL, RICK | - | - | |
| Nov 15 2022 | 2022 Q3 | POL, RMNI, TIUM/U CN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Waste ManagementSecure Waste Infrastructure represents a toll booth business model where waste volumes from oil and gas drilling must flow through their infrastructure network. The business has transformed from cyclical energy services to 80% recurring waste management revenues, providing pricing power and reduced cyclicality compared to traditional energy services. |
Infrastructure Recurring Revenue Pricing Power Energy Waste Toll Booth |
BuybacksCapital allocation through share repurchases is highlighted as a key value driver. Medical Facilities Corp doubled by repurchasing nearly half of outstanding shares, while Secure Waste Infrastructure reduced shares by 25% since late 2022. The manager views intelligent capital return as creating per-share value even when markets don't award higher multiples. |
Share Repurchases Capital Allocation Per-Share Value Management Quality | |
Small CapsThe portfolio consists of small companies mostly outside major indices, with positioning focused on smaller and cheaper corners of the market. This concentration in small caps is presented as providing better opportunities and less correlation to broad market movements. |
Concentration Value Index Independence Market Cap Focus | |
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are better positioned than AI-native startups to capture long-term benefits from AI integration. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, creating valuation disconnect. Manager maintains significant overweight despite recent underperformance, believing dominant vertical platforms can successfully reinvent themselves for agentic world and fend off AI-native competitors. |
Enterprise Software SaaS Technology Vertical Software | |
ValueRecent broadening out of returns and leadership shift to small cap value industries has been anticipated but fund unable to capitalize due to software overweight. Traditional value industrial exposure outweighed by cheaper software holdings. |
Small Cap Value Value Investing Industrial | |
HotelsChoice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher revenue segments including extended stay and international expansion, with potential for significant cash unlock and share buybacks. |
Hospitality Franchising Extended Stay Real Estate | |
| 2025 Q3 |
ValueManager emphasizes disciplined value investing approach, focusing on businesses with real assets, cash flows, and clean balance sheets trading at attractive valuations. Contrasts this with market's speculative appetite and overvaluation of quality stocks at 35-55x free cash flow multiples. |
Fundamentals Valuation Intrinsic Downside Quality |
Small CapsPortfolio concentrated in small companies mostly outside major indices, with top six holdings representing 75% of capital. Manager notes small cap rally driven by thematic flows and speculation, while maintaining focus on cash-generative smaller businesses in inefficient market corners. |
Concentration Russell Inefficiencies Microcap Indices | |
| 2025 Q2 |
Small CapsSmall caps remain in prolonged underperformance relative to large caps, with capital flowing to emerging markets instead. Despite conditions for outperformance being in place for years including resilient economy, cheap valuations, and decade-plus underperformance, the return profile shows fits and starts pattern. Manager believes environment will eventually shift and small caps will get their moment in the sun. |
Russell 2000 Underperformance Valuations Outperformance Microcap |
CoalNatural Resource Partners is positioned for long-term upside despite near-term headwinds from lower met coal prices. The business was stress-tested during the worst coal environments and remained cash flow positive. Manager estimates met coal prices will be significantly higher by end of decade due to severe supply/demand imbalance, with 2025 projected as another record year for global coal consumption. |
Metallurgical Coal Royalties Supply Demand China Pricing | |
E-commerceKITS Eyecare represents a founder-led e-commerce eyecare business with tremendous growth since 2018 inception. Through organic growth, cost discipline and revenue mix-shift toward high margin eyeglasses, KITS has opportunity to become long-term compounder. Manager believes they are in early stages of incredibly long growth runway given increasing category momentum online. |
Eyecare Founder Led Margins Growth Online | |
| 2025 Q1 |
Trade PolicyTariff measures announced against global trade partners created geopolitical and recession fears, driving market volatility. The inconsistency and unpredictable messaging around new trade rules creates planning difficulties for businesses. Portfolio companies have varying direct exposure to tariffs, with Natural Resource Partners, Leon's Furniture, and Bel Fuse being the only holdings with direct tariff exposure. |
Tariffs Geopolitical China Trade Policy |
E-commerceKITS Eyecare represents a disruptive e-commerce optical retailer operating at an inflection point with 30-35% organic growth. The optical industry is shifting online, with contacts penetration growing from 5% to 40% since 2005, and eyeglasses from 1% to 18%. This shift accelerated post-COVID, creating enormous runway for growth in the $70B US optical industry. |
Online Digital Disruption Optical Growth | |
QualitySignificant emphasis placed on business quality over recent years, investing in strong competitive positions, high quality management teams, rock solid balance sheets and substantial durability. A large portion of companies have decades-long operating histories, strong track records of free cash flow generation, clean balance sheets and ability to withstand adverse economic conditions. |
Durability Balance Sheets Management Competitive Cash Flow | |
Small CapsPortfolio consists of concentrated investments in small companies mostly outside major indices, with returns typically varying from S&P 500 and Russell 2000. The focus on small companies provides opportunities during market volatility as these companies get cheaper and present upgrade opportunities for portfolio quality. |
Concentrated Indices Volatility Opportunities Russell | |
| 2024 Q4 |
Small CapsManager emphasizes small caps and microcaps are providing an excellent opportunity set for patient investors, largely remaining attractive due to current market environment favoring largest businesses. Portfolio consists of companies mostly outside major indices with zero S&P 500 holdings and just two Russell 2000 companies. |
Small Caps Microcaps Russell 2000 Value Opportunity |
ValueStrategy focuses on buying good businesses with margin of safety at cheap prices. Manager notes there are plenty of bargains with better risk/reward profiles in overlooked areas while avoiding expensive large cap concentration. Companies trade at cheaper multiples than average business. |
Value Margin of Safety Cheap Bargains Multiples | |
CoalNew investment in Natural Resource Partners represents first energy investment since firm inception. Coal royalty business model provides 90% free cash flow margins with 30-40 years of reserves. Despite anti-ESG sentiment, global coal consumption reached record high of 8.7 billion tons in 2024. |
Coal Royalties Energy ESG Commodities | |
Carbon CaptureNRP positioned for carbon sequestration with 13 million acres including storage rights. Already entered agreements with Occidental Petroleum and Exxon Mobil subsidiary for Direct Air Capture facilities. Industry may attract $150 billion in global investments this decade. |
Carbon Capture Sequestration Storage Technology Environment | |
Food DistributionInnovative Food Holdings operates specialty food distribution marketplace connecting vendors to chef customers. Business has been de-risked through cost reductions, divesting non-core assets, and acquiring two distribution businesses. Partnership with large retail chain for gourmet cheese supply expected to add double digit revenue growth. |
Food Distribution Specialty Marketplace Retail Growth | |
| 2024 Q3 |
Small CapsManager focuses exclusively on small companies mostly outside major indices, benefiting from record flows into small caps and potential sustained rotation. Emphasizes that selectivity matters in small caps due to poor index construction and overexposure to operationally and financially risky companies. |
Small Cap Selectivity Index Construction Flows Rotation |
QualityManager reflects on past mistakes of selling quality businesses too early and replacing them with lower quality opportunities. Moving forward, focuses exclusively on higher quality businesses that can compound value over long periods rather than shorter-term return streams. |
Quality Compounding Business Strength Long-term | |
ValueLeon's Furniture purchased at less than 6.0x EBITDA and 9.0x free cash flow with significant margin of safety. Manager emphasizes finding businesses trading below intrinsic value with favorable risk/reward profiles. |
Valuation EBITDA Free Cash Flow Margin of Safety | |
| 2024 Q2 |
Small CapsManager focuses exclusively on small company investing, noting that small cap underperformance has persisted while large caps dominate market returns. Believes small cap valuations have deviated notably from large companies and expects eventual outperformance when the strategy comes back into favor. |
Small Cap Underperformance Valuations Outperformance Strategy |
ValuePortfolio constructed around finding value in smaller, obscure areas of the market among businesses improving earnings power. Manager seeks businesses with excellent fundamentals, great management, and dirt-cheap valuations, expecting both improved earnings and multiple expansion over time. |
Value Earnings Power Fundamentals Multiple Expansion Cheap Valuations | |
QualityEmphasis on trustworthy management teams and high-quality businesses with strong competitive positions. Manager prioritizes companies that are conservatively financed, have long-term focus, fair compensation policies, and culture of accountability. |
Quality Trustworthy Management Competitive Position Conservative | |
| 2024 Q1 |
Food DistributionSpecialty food distributors like IVFH serve a critical niche in the food distribution ecosystem by providing add-on offerings for broadline distributors and sourcing quality fresh foods for professional chefs. The fragmented industry provides opportunities for M&A growth, with private equity actively pursuing specialty food distribution acquisitions. |
Specialty Food Distribution Professional Chefs Broadline M&A |
Small CapsSmall cap and microcap indices gave back nearly all their year-to-date gains in April. The manager focuses on concentrated investments in small companies mostly outside major indices, which creates typical variance from broad market returns but offers opportunities during periods of market difficulty. |
Microcap Concentrated Indices Variance Opportunities | |
ValueThe portfolio owns companies with a good combination of growth and value at prices below what could be considered reasonable. Most companies have sizeable net cash positions and are engaged in meaningful share repurchase programs at favorable valuations, representing classic value characteristics. |
Growth Reasonable Prices Net Cash Share Repurchase Valuations | |
| 2023 Q4 |
Small CapsManager emphasizes that small caps now make up less than 4% of the U.S. equity market due to large cap valuation expansion, creating a void where very few investors are choosing small caps to outperform. Markets in both the US and Canada are offering tremendous bargains consisting of well-managed, growing businesses that generate cash, trading at single digit multiples of cash flow. |
Microcaps Valuation Outperformance Cash Flow |
SaaSMultiple portfolio companies have successfully transitioned to SaaS models including Sylogist's cloud-based platform transformation and Thryv's SaaS segment targeting $1 billion in revenues by 2027 with 20% EBITDA margins. Franklin Covey has grown their subscription business into a sticky, high margin, high LTV service offering with 60% of revenue on multi-year contracts. |
Subscription Recurring Revenue Cloud Transformation | |
ValueManager focuses on finding quality investment ideas trading at attractive valuations, with portfolio companies representing high quality businesses with attractive risk/reward profiles and strong forward IRRs. The approach emphasizes not overpaying for good investments and finding well-managed, growing businesses trading at single digit multiples. |
Undervalued Quality Risk Reward Multiples | |
| 2023 Q3 |
Small CapsManager emphasizes that small-caps and micro-caps are in a bear market with the average stock in the iShares Micro-Cap ETF down 43% from 52-week highs versus 19.1% for the S&P 500. Russell 2000 valuations remain at 20-year lows relative to large caps, creating significant opportunities for patient investors. |
Microcap Russell 2000 Valuations Bear Market Opportunities |
ValueThe manager describes purchasing boring, cash flowing businesses at cheap prices with multiple businesses showing double digit free cash flow yields. The current environment has created opportunities to buy quality businesses that are being sold off, with valuations mattering again after a period where cash flows and balance sheets were ignored. |
Cash Flow Cheap Prices Quality Valuations Mispricing | |
BuybacksManagement partners are taking advantage of declining stock prices by repurchasing shares. Medical Facilities Corp returned significant capital by repurchasing nearly 20% of shares outstanding last year alone, and Bel Fuse insiders have been purchasing stock since 2021. |
Share Repurchases Capital Return Insider Buying Stock Purchases | |
| 2023 Q2 |
Small CapsManager emphasizes that small cap valuations are severely dislocated from larger businesses, creating the fourth such period in decades alongside 1974 Nifty-Fifty era, Dot-com bubble, and 2020 pandemic. Growing, well-managed, cash-generating small businesses are trading at single digit multiples while being underfollowed due to current market structure and fear from 2022 hangover effects. |
Valuation Dislocation Opportunity |
ValuePortfolio consists of growing, well-managed, cash-generating businesses trading at single digit multiples of earnings or cash flow. Manager believes these quality companies are not priced correctly and that this valuation gap will close over time as the obvious becomes impossible to ignore. |
Multiples Mispricing Quality | |
FitnessBasic-Fit is the largest fitness operator in Europe with outstanding unit economics on mature club base and strong barriers to scale. Despite analyst concerns, the company is growing memberships, building new clubs, raising prices, and executing growth strategy while competitors struggle. |
Europe Growth Expansion | |
ConstructionLimbach Holdings is shifting business mix from lower-margin General Contractor work to higher-margin Owner Direct recurring maintenance services. The company targets 75/25 ODR/GCR revenue mix over time, with ODR offering mission-critical building systems maintenance with double-digit growth prospects. |
Recurring Margins Transformation | |
| 2023 Q1 |
Small CapsManager emphasizes small companies remain cheap due to structural forces and misperceptions about risk, creating opportunities to purchase quality businesses at bargain prices. Notes small-cap bear market with Russell 2000 down 25% from peak, but historical data shows 100% positive five-year returns following negative periods. |
Russell 2000 Microcap Concentrated Value Quality |
ValuePortfolio consists of traditional value investments priced at large discounts to fair value estimates, trading at single digit multiples of cash flow with growth prospects. Manager expects strong results from companies with bright prospects regardless of macro environment. |
Discount Fair Value Cash Flow Multiples Undervalued | |
SaaSNew investment in Sylogist represents mission-critical software solutions to public sector verticals with 65-70% recurring revenue, high margins, and strong cash flow conversion. Peers trade at 20x+ EBITDA while Sylogist trades below 9x despite similar characteristics. |
Software Recurring Revenue Public Sector Subscription Mission Critical |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 15, 2026 | Fund Letters | Greystone Capital | SES.TO | Secure Waste Infrastructure | Waste Management | Environmental & Facilities Services | Bull | New York Stock Exchange | Canada, Energy Services, infrastructure, M&A, operating leverage, Share Buybacks, Toll Booth, turnaround, Value, waste management | Login |
| Jan 24, 2026 | Fund Letters | Adam Wilk | DR CN | Medical Facilities Corporation | Health Care | Health Care Facilities | Bull | New York Stock Exchange | buybacks, cashflow, Demographics, Hospitals, valuation | Login |
| Jan 24, 2026 | Fund Letters | Adam Wilk | FOUR | Shift4 Payments Inc | Information Technology | Data Processing & Outsourced Services | Bull | New York Stock Exchange | buybacks, Margins, Payments, Platforms, scale | Login |
| Jan 24, 2026 | Fund Letters | Adam Wilk | NRP | Natural Resource Partners LP | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | balance sheet, coal, Distributions, Freecashflow, royalties | Login |
| Jan 24, 2026 | Fund Letters | Adam Wilk | KITS CN | KITS Eyecare Ltd | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | ecommerce, Eyewear, growth, Margins, Unit economics | Login |
| Jan 24, 2026 | Fund Letters | Adam Wilk | APG | APi Group Corporation | Industrials | Security & Alarm Services | Bull | New York Stock Exchange | cashflow, Fire Safety, infrastructure, recurring revenue, resilience | Login |
| Oct 30, 2025 | Fund Letters | Adam Wilk | SYZLF CN | Sylogist | Information Technology | Application Software | Bear | TSX | cashflow, ERP, management, Outlook, Risk, Software, valuation | Login |
| Oct 30, 2025 | Fund Letters | Adam Wilk | IVFH | Innovative Food Holdings | Consumer Staples | Specialty Distribution | Bull | NASDAQ | Distribution, Food, growth, management, restructuring, specialty, turnaround | Login |
| Oct 30, 2025 | Fund Letters | Adam Wilk | SYZLF CN | Sylogist | Information Technology | Application Software | Bear | TSX | cashflow, ERP, management, Outlook, Risk, Software, valuation | Login |
| Oct 30, 2025 | Fund Letters | Adam Wilk | IVFH | Innovative Food Holdings | Consumer Staples | Specialty Distribution | Bull | NASDAQ | Distribution, Food, growth, management, restructuring, specialty, turnaround | Login |
| Jul 30, 2025 | Fund Letters | Adam Wilk | NRP | Natural Resource Partners L.P. | Energy | Thermal Coal | Bull | NYSE | cashflow, coal, deleveraging, royalties, Supplydemand | Login |
| Jul 30, 2025 | Fund Letters | Adam Wilk | APG | APi Group Corp. | Industrials | Engineering & Construction | Bull | NYSE | Automation, cashflow, Regulation, Safety, services | Login |
| Jul 30, 2025 | Fund Letters | Adam Wilk | SYZ CN | Sylogist Ltd. | Information Technology | Software - Application | Bull | NYSE | growth, Integration, Margins, Recurringrevenue, Software | Login |
| Jul 30, 2025 | Fund Letters | Adam Wilk | KITS CN | Kits Eyecare Ltd. | Consumer Discretionary | Specialty Retail | Bull | NYSE | ecommerce, Eyewear, growth, Retention, Uniteconomics | Login |
| Jul 30, 2025 | Fund Letters | Adam Wilk | DR CN | Medical Facilities Corp. | Health Care | Medical Care Facilities | Bull | NYSE | acquisition, cashflow, divestiture, Margins, Surgery | Login |
| Jul 1, 2025 | Fund Letters | Greystone Capital | DR.TO | Medical Facilities Corp | Health Care | Health Care Facilities | Bull | TSX | Acyclical, Canada, capital allocation, defensive, Free Cash Flow, healthcare, Share Buybacks, Surgical Hospitals, Value | Login |
| Jul 1, 2025 | Fund Letters | Greystone Capital | SYZ.TO | Sylogist | Information Technology | Application Software | Bull | TSX | ARR growth, Canada, Counter-cyclical, ERP software, Government, Mission-Critical, Non-profit, recurring revenue, SaaS, turnaround | Login |
| Jul 1, 2025 | Fund Letters | Greystone Capital | KITS.TO | KITS Eyecare | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | TSX | Canada, Consumer Discretionary, digital health, e-commerce, eyecare, founder-led, growth, high-margin, online retail | Login |
| Jul 1, 2025 | Fund Letters | Greystone Capital | NRP | Natural Resource Partners | Energy | Coal & Consumable Fuels | Bull | NYSE | China, coal, commodity, Cyclical, debt reduction, energy, Free Cash Flow, metallurgical coal, Mining, royalties | Login |
| Jul 1, 2025 | Fund Letters | Greystone Capital | APG | APi Group | Industrials | Commercial Services & Supplies | Bull | NYSE | Acyclical, Fire Safety, Free Cash Flow, industrial services, inspection services, Life Safety, M&A, multiple expansion, recurring revenue | Login |
| May 1, 2025 | Fund Letters | Greystone Capital | KITS.TO | KITS Eyecare | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | TSX | direct-to-consumer, disruption, e-commerce, eyecare, growth, manufacturing, recurring revenue, vertical integration | Login |
| May 1, 2025 | Fund Letters | Greystone Capital | NRP | Natural Resource Partners | Energy | Coal & Consumable Fuels | Bull | NYSE | asset-light, capital returns, coal, commodity, distribution yield, energy, Free Cash Flow, Royalty | Login |
| May 1, 2025 | Fund Letters | Greystone Capital | BELFA | Bel Fuse | Information Technology | Electronic Components | Bull | NASDAQ | cash generation, Electronic Components, Industrial, leverage, manufacturing, Pricing power, technology, Value | Login |
| May 1, 2025 | Fund Letters | Greystone Capital | LNF.TO | Leon's Furniture | Consumer Discretionary | Home Furnishing Retail | Bull | TSX | Canadian Retailer, defensive, furniture, Import Leverage, M&A Opportunity, market share, supply chain, Value | Login |
| Jul 1, 2024 | Fund Letters | Greystone Capital | LMB | Limbach Holdings | Industrials | Construction & Engineering | Bull | NASDAQ | Construction services, Cyclical Reduction, data centers, healthcare, HVAC, margin expansion, ODR Services, recurring revenue, Relationship-based | Login |
| Jul 1, 2024 | Fund Letters | Greystone Capital | BELFB | Bel Fuse | Information Technology | Electronic Components | Bull | NASDAQ | capital allocation, cash generation, Components, Cyclical Recovery, data centers, electronics, manufacturing, Share Buybacks, Space | Login |
| Jul 1, 2024 | Fund Letters | Greystone Capital | SYZLF | Sylogist | Information Technology | Application Software | Bull | OTC | Canada, Counter-cyclical, Education, Government, margin expansion, Non-profit, recurring revenue, SaaS, Software, vertical software | Login |
| Jul 1, 2024 | Fund Letters | Greystone Capital | MFCSF | Medical Facilities Corp | Health Care | Health Care Facilities | Bull | OTC | asset monetization, capital allocation, cash generation, defensive, healthcare, Hospitals, Management Change, Share Buybacks, turnaround | Login |
| Jul 1, 2024 | Fund Letters | Greystone Capital | APG | APi Group | Industrials | Construction & Engineering | Bull | NYSE | Construction services, Fire Safety, Free Cash Flow, M&A, margin expansion, operating leverage, Recession-resistant, recurring revenue, Statutory Services | Login |
| May 1, 2024 | Fund Letters | Greystone Capital | IVFH | Innovative Food Holdings | Consumer Staples | Food Distributors | Bull | NASDAQ | asset-light, cash flow generation, M&A Target, Management Change, niche market, Professional Chefs, Specialty food distribution, turnaround | Login |
| May 1, 2024 | Fund Letters | Greystone Capital | NNBR | NN, Inc. | Industrials | Industrial Machinery | Bull | NASDAQ | Activist Backed, automotive, Cost Structure Improvement, Medical devices, Mission-Critical Components, Operational Leverage, Precision Manufacturing, turnaround | Login |
| Oct 1, 2023 | Fund Letters | Greystone Capital | SENEA | Seneca Foods Corp. | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | asset value, Canned Vegetables, consumer staples, Index Removal, market consolidation, Net-Net, Pricing power, Value | Login |
| Oct 1, 2023 | Fund Letters | Greystone Capital | BELFB | Bel Fuse Inc. | Information Technology | Electronic Components | Bull | NASDAQ | Aerospace, Electronic Components, manufacturing, margin expansion, Mission-Critical, Telecom, turnaround, Value | Login |
| Oct 1, 2023 | Fund Letters | Greystone Capital | MFCSF | Medical Facilities Corp. | Health Care | Health Care Facilities | Bull | OTC | activist, Aging demographics, capital returns, healthcare, M&A Target, Orthopedics, Surgical Hospitals, turnaround | Login |
| May 1, 2023 | Fund Letters | Greystone Capital | AAGFF | Griffon Corp. | Industrials | Building Products | Neutral | NYSE | Building Products, capital return, Housing, Industrials, Share Buyback, Special dividend, strategic review | Login |
| May 1, 2023 | Fund Letters | Greystone Capital | BSFFF | Basic-Fit | Consumer Discretionary | Leisure Facilities | Bull | Euronext Amsterdam | Consumer Discretionary, Europe, Fitness, Gyms, market share, Post-Pandemic Recovery, Pricing power, Scale Advantages | Login |
| May 1, 2023 | Fund Letters | Greystone Capital | APOLLOHOSP.NS | Polished.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | OTC | cash flow positive, e-commerce, Home Appliances, inventory management, Jefferies, Sales Process, Special Situation, turnaround | Login |
| May 1, 2023 | Fund Letters | Greystone Capital | SYZLF | Sylogist Ltd. | Information Technology | Application Software | Bull | TSX Venture Exchange | Canada, M&A strategy, Management Turnaround, Microsoft Dynamics, organic growth, public sector software, recurring revenue, Rule of 40, SaaS, valuation discount | Login |
| TICKER | COMMENTARY |
|---|---|
| SES.TO | Secure Waste Infrastructure, a waste management and energy infrastructure business, was one of our highest conviction examples of both frameworks, a volume driven toll booth business that was also being mischaracterized by the market. Secure is a waste management and energy infrastructure business that processes, recycles and disposes of waste, wastewater and byproduct from oil and gas drilling in Western Canada. Secure owns a valuable network of waste and energy infrastructure assets through which volumes of produced water, solid waste, and other byproducts must flow. What makes their infrastructure so attractive is that the volumes are sticky, regulated, and largely non-discretionary, while disposal is expensive and often impractical for customers to handle or transport elsewhere. Just as importantly, the network would be extremely difficult to replicate, requiring substantial capital, years of permitting, and long-standing customer relationships. Those characteristics give Secure much more pricing power, resilience, and reduced cyclicality than the market has historically appreciated. At the time of our initial investment, Secure was being viewed as, and valued like a cyclical energy services business beholden to the price of oil. That view would accurately describe Secure's past, but since 2014, the company has executed a remarkable transformation, shifting its revenue mix from more cyclical oil and gas services tied to new drilling and completion activity, to largely waste management revenues tied to ongoing production activity. Today, Secure more closely resembles a municipal waste business than anything energy related, as 80% of revenues and cash flows are recurring waste management cash flows, compared to 40% a decade ago, providing a long runway for organic growth, reinvestment and price increases. Management has proven to be excellent operators and capital allocators, successfully transitioning the business from cyclical energy services to waste management focused, and aggressively repurchasing undervalued stock. Since initiating their buyback program in late 2022, the company has reduced total shares outstanding by 25%. At today's price of roughly CAD $22/share, Secure trades at approximately 10.8x 2026E EBITDA, while waste management peers typically trade at mid-teens multiples. The proposed GFL / Secure acquisition obviously changes the outcome here, and I'm still working through the precise valuation and portfolio implications. At a minimum, the transaction represents external validation of the quality and strategic value of the asset. At first pass, however, the deal still appears to materially undervalue the stand-alone Secure business and represents a very disappointing result relative to a long runway for growth and reinvestment. Based on our roughly CAD $15.5/share cost basis, the deal consideration implies a gross return of approximately 50-60% in just eight months, depending on the final mix of cash and equity received. |
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