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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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."
Greystone Capital delivered strong Q2 2025 returns of 14.8% net, outpacing both the S&P 500 and Russell 2000. The portfolio consists of concentrated positions in quality small cap businesses including coal royalty company Natural Resource Partners, fire safety business APi Group, software company Sylogist, e-commerce eyecare company KITS, and hospital operator Medical Facilities Corp. Despite small caps remaining in prolonged underperformance, the manager believes conditions for outperformance are in place and the portfolio is well-positioned for when the environment shifts. The fund maintains limited exposure to tariff risks and holds companies with pricing power. A fairly large cash position from Q1 selling is being actively deployed into current holdings and new opportunities. The manager emphasizes the importance of patience, alignment, and focusing on fewer things at a higher level rather than diversifying across dozens of sectors. After five years of managing separate accounts, Greystone has launched a commingled fund structure while maintaining the same value-based investment approach.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Highly concentrated portfolio with top 7 holdings representing 80% of capital and detailed thesis for each major position. Manager provides specific return estimates (15-25% for APG, 110% upside for Sylogist) and intrinsic value assessments (100%+ upside for NRP). Strong conviction evident through position sizing, specific catalysts, and willingness to hold through volatility.
Growth Outlook
Manager acknowledges broad market strength has been surprising given various headwinds (tariffs, inflation, geopolitical tension) but remains constructive on the opportunity set. Describes times as curious but sees good opportunities for finding quality businesses. Mixed view with cautious optimism.
Risk Appetite
Portfolio is well-positioned with limited tariff exposure and companies with pricing power. Manager is actively deploying a fairly large cash position and adding to holdings. Positioning shows selective risk appetite with focus on quality businesses rather than broad market exposure.
Capital Deployment
Manager explicitly states holding a fairly large cash position from Q1 selling activity and is actively looking to deploy it. Has been adding to some current holdings and spending time evaluating new opportunities. Moderate deployment activity with clear intent to put cash to work.
Forward Guidance
Manager is actively looking to deploy cash and adding to current holdings while spending time getting to know other high-quality businesses. Optimistic about business results through balance of year and moving forward. Clear deployment bias with selective approach.
Language Signal
Language includes opportunity, attractive, quality, strong positioning, and optimistic outlook balanced against acknowledgment of headwinds, underperformance, and curious times. Slightly more constructive than cautious but well-balanced overall.
Perceived Risk
Manager acknowledges tariff uncertainty, persistent inflation, and ongoing geopolitical tension as headwinds. Also notes small cap underperformance and describes current times as curious. Moderate risk awareness with specific macro concerns identified but not dwelling extensively on downside scenarios.
Opportunity Density
Manager states the opportunity set for finding high-quality businesses is quite good and is actively evaluating new opportunities while deploying cash. Despite small cap challenges, sees attractive opportunities in the current environment for patient capital.
Time Horizon
Manager emphasizes long-term compounding of intrinsic value and patience as most valuable asset. Discusses 3-5 year return expectations for holdings and multi-year thesis development. Strong focus on staying anchored to long-term value creation rather than short-term market movements.
