3 weeks ago
11
Soumya Eswaran
Mon, August 3, 2026 astatine 8:48 AM CDT 3 min read
Greystone Capital Management, an concern absorption company, released its second-quarter 2026 capitalist letter. A transcript of the missive tin be downloaded here. During Q2 2026, Greystone Capital's median relationship instrumentality was +7.2%, trailing down S&P 500 (+15.2%) and Russell 2000 (+21.5%). Year-to-date returns were +8.6%, compared to +10.2% and +22.5% for the respective indices. The firm's show is not tied to indices, arsenic they bash not ain the index-driving companies. The missive emphasizes that Greystone's strategy focuses connected concern fundamentals alternatively than chasing index-driven gains, peculiarly avoiding the existent AI-driven marketplace roar owed to valuation risks. The concern strategy is based connected recognizing opportunities amid marketplace neglect alternatively than popularity, and the steadfast remains unfastened to AI investments astatine due valuations. Historically, the steadfast has outperformed with a cumulative +222.0% instrumentality since inception, compared to applicable indices, reflecting a committedness to cardinal concern maturation implicit time. In addition, delight cheque the Fund's apical 5 holdings to cognize its champion picks successful 2026.
In its Q2 2026 capitalist letter, Greystone Capital Management highlighted Shift4 Payments, Inc. (NYSE:FOUR). Shift4 Payments, Inc. (NYSE:FOUR) is simply a bundle and outgo processing solutions company. On July 31, 2026, Shift4 Payments, Inc. (NYSE:FOUR) closed astatine $53.00 per share. One-month instrumentality of Shift4 Payments, Inc. (NYSE:FOUR) was 3.15%, and its shares mislaid 48.14% implicit the past 52 weeks. Shift4 Payments, Inc. (NYSE:FOUR) has a marketplace capitalization of $4.2 billion.
Greystone Capital Management stated the pursuing regarding Shift4 Payments, Inc. (NYSE:FOUR) successful its Q2 2026 capitalist update:
"I primitively shared the concern thesis for Shift4 Payments, Inc. (NYSE:FOUR) successful our Q4 2025 letter, truthful I don't person overmuch to adhd here. However, precise soon aft that missive was published, FOUR reported their Q4 / FY2025 results, which were strong, but revealed weaker than expected guidance for 2026 including slower than expected growth, near-term headwinds for their tax-free buying business, and little than expected escaped currency travel conversion. Negative sentiment toward payments related stocks hasn't helped, and FOUR shares person declined -22% YTD, astatine 1 constituent down astir -50%. I judge FOUR remains a compelling concern and could instrumentality multiples of the existent stock price, and I've been adding to our position. Importantly, I don't judge a batch has to spell close from present for the banal to work.
FOUR should proceed to turn faster than the marketplace due to the fact that they're exposed to integrated payments, person differentiated vertical software/products, and tin cross-sell payments into their acquired lawsuit bases. Also, incremental FCF conversion is inactive astir 60%, which should thrust 100–200 bps of yearly full FCF conversion betterment arsenic EBITDA grows. Beyond that, if the Global Blue woody doesn't crook retired to beryllium a monolithic disaster, arsenic I wrote here, FOUR volition look incredibly inexpensive astatine today's valuation..." (Click present to work the afloat text)
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