NNBR - Greystone Capital Q1 2024 Letter To Clients

2024-05-02 18:03:49 ET

Summary

• Greystone Capital's separate account returns for Q1 2024 ranged from -1.2% to +2.0%, with a median return of -0.1%.
• The returns compare unfavorably to the S&P 500 and Russell 2000 returns of +10.6% and +5.2% respectively.
• We added two new positions during the quarter in Innovative Food Holdings and NN, Inc., both of which appear to be mispriced.

Dear Clients and Friends,

During the first quarter of 2024, returns for separate accounts managed by Greystone Capital ranged from -1.2% to +2.0%. The median account return was -0.1%, net of fees. First quarter results compare unfavorably to the S&P 500 and Russell 2000 returns of +10.6% and +5.2% during the quarter. Because client portfolios are invested in a concentrated way consisting of small companies mostly outside of the major indices, our returns should typically vary from the returns generated from those indices.

We finished the quarter roughly flat, despite two of our top five positions in Limbach and Bel Fuse trading down -25% during the quarter, offset by strong performance from Sylogist, Medical Facilities Corp., and our newest position, Innovative Food Holdings, which is discussed below....

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