Greystone Capital Q2 2026 Letter To Clients

Greystone Capital 916 Followers Follow Summary Pitney Bowes (PBI) is a top five position, viewed as a mispriced, durable niche industrial with significant upside and ongoing strategic review. I prioritize neglected, fundamentally strong businesses over popular, high-multiple AI trades, focusing on unit economics and management alignment for long-term outperformance. PBI’s turnaround under new management, aggressive buybacks, and potential asset monetization support a valuation well above current prices, with a 15% free cash flow yield. Portfolio includes other mispriced niche industrials and undervalued growth names like Natural Resource Partners, Kits Eyecare, and Shift4 Technologies, each with compelling risk/reward. Luis Alvarez/DigitalVision via Getty Images Dear Clients and Friends, During the second quarter of 2026, the median account return for separate accounts managed by Greystone Capital was +7.2%. Year-to-date, the median account return was +8.6%, net of fees. Second quarter and year-to-date results compare unfavorably to This article was written by Greystone Capital 916 Followers Follow Greystone Capital is a long only, equity focused Registered Investment Adviser located in West Chester, PA. The firm utilizes a fundamental research process focused on identifying mispriced small and microcap securities in order to build a concentrated portfolio of high conviction investments. It’s our belief that the best investment results can be achieved by aligning interests. Greystone aims to be different from the majority of investment vehicles and large funds by providing full transparency into what we own and why we own it, and always being invested alongside clients. We strive to create value, not extract it. Greystone’s investment process is centered around patience, good decision making, and daily incremental improvement. Our aim is to compound client’s investment capital at the highest possible rates of return over long periods of time. To do that, client portfolios are managed by taking concentrated positions in small companies that are generally under-followed, misunderstood, and can be too small for large funds or passive investment vehicles to own, creating the potential for mispricings. Viewing stocks as ownership shares in businesses, we seek to own these companies for years, or until the mispricings correct. We believe this approach, executed well over long periods of time, can provide a path to stock market out performance. Analyst’s Disclosure: I/we have a beneficial long position in the shares of PBI, NRP, FOUR, KITS:CA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.