3 weeks ago
21
Soumya Eswaran
Mon, August 3, 2026 astatine 8:36 AM CDT 4 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 Pitney Bowes Inc. (NYSE:PBI). Pitney Bowes Inc. (NYSE:PBI) is simply a starring shipping and mailing institution that operates done the SendTech Solutions and Presort Services segments. On July 31, 2026, Pitney Bowes Inc. (NYSE:PBI) closed astatine $17.53 per share, reflecting a marketplace capitalization of $2.4 billion. Pitney Bowes Inc. (NYSE:PBI) posted a one-month instrumentality of 4.35%, portion its shares gained 52.04% implicit the past 52 weeks.
Greystone Capital Management stated the pursuing regarding Pitney Bowes Inc. (NYSE:PBI) successful its Q2 2026 capitalist update:
"This is the archetypal clip I've written astir our concern successful Pitney Bowes Inc. (NYSE:PBI), which we started purchasing successful 2025 and person continued adding done volatility. Our concern has accrued astir +70% connected our mean cost, but my presumption is that intrinsic worth remains meaningfully supra today's price. Pitney Bowes tin beryllium viewed arsenic a turnaround communicative that began erstwhile a caller absorption squad and Board were brought successful during 2023, and though overmuch of the low-hanging effect has been picked, the existent valuation remains undemanding astatine a double-digit escaped currency travel yield. Continued stock repurchases, indebtedness paydown, the instrumentality of merchantability broadside coverage, imaginable monetization of the Pitney Bowes Bank, and a ceremonial strategical reappraisal could effect successful a merchantability of the institution from here, apt astatine a bully premium to today's price. I published a longer probe study successful May connected the blog for those interested.
Pitney Bowes fits galore of the criteria we look for successful an investment, particularly arsenic a measurement driven toll booth, and arsenic mentioned, similar Secure, the accidental was calved of neglect. PBI had a checkered past, mediocre management, nary existent ownership base, nary nationalist comps, and was a tiny headdress with nary apical enactment maturation operating successful an manufacture associated with secular decline. The 'declining message company' statement deterred astir buyers, and the spot of the concern was masked owed to years of reported GAAP losses driven by impairments, restructuring charges, and the now-divested Global E-commerce conception which was losing hundreds of millions of dollars annually..." (Click present to work the afloat text)
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