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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 30, 2025 | Greystone Capital | -3.6% | 1.6% | APG, BELFB, DR.TO, IVFH, KITS, NRP, SYZLF | Concentration, fundamentals, Quality, small caps, value | Manager 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. | IVFH SYZLF CN IVFH SYZLF CN |
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| 2023 Q1 | Aug 5, 2023 | Greystone Capital | 8.0% | 16.0% | BSFFF, GFF, POL, SYZLF | concentrated, Public Sector, Quality, SaaS, small caps, software, value | Manager 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. | SYZLF APOLLOHOSP.NS BSFFF AAGFF |
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| 2023 Q2 | Jul 30, 2023 | Greystone Capital | 8.0% | 16.0% | APG, BSFFF, CURN, LMB, RICK, SYZLF | Construction, Currency Exchange, Fitness, Hospitality, small cap, value | Manager 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. | View | |
| 2024 Q2 | Jul 26, 2024 | Greystone Capital | 8.0% | 16.0% | APG, BELFB, LMB, MFCSF, SYZLF | Concentration, management, Quality, small caps, Trust, underperformance, value | Manager 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. | MFCSF LMB APG BELFB SYZLF |
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| 2024 Q4 | Jan 20, 2025 | Greystone Capital | 0.5% | 19.2% | APOG, BELFB, DESP, FRAN, IVFH, LMB, NRP, SYZLF | Coal, Concentration, Distribution, Patience, royalties, small caps, value | Manager 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. | View | |
| 2023 Q4 | Jan 2, 2024 | Greystone Capital | 8.0% | 16.0% | APG, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY | Concentration, Outperformance, SaaS, small caps, value | Manager 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. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Greystone Capital | 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 | View Pitch |
| Apr 13, 2026 | Fund Letters | Greystone Capital | Sylogist | Information Technology | Application Software | Bull | OTC | Canada, Counter-cyclical, Education, Government, margin expansion, Non-profit, recurring revenue, SaaS, Software, vertical software | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||