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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Greystone Capital pursues concentrated small-cap value in neglected niche industrials while actively avoiding overvalued AI infrastructure. Q2 return of +7.2% lagged AI-driven indices but core holdings like Pitney Bowes, Natural Resource Partners, and Shift4 offer asymmetric upside at 13-15% cash flow yields and mid-single-digit EBITDA multiples."
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.
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