3 weeks ago
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Soumya Eswaran
Mon, August 3, 2026 astatine 8:44 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 Natural Resource Partners L.P. (NYSE:NRP). Natural Resource Partners L.P. (NYSE:NRP) owns, manages, and leases a portfolio of mineral properties successful the United States that operates done its Mineral Rights and Soda Ash segments. On July 31, 2026, Natural Resource Partners L.P. (NYSE:NRP) closed astatine $98.06 per share, reflecting a marketplace capitalization of $1.3 billion. Natural Resource Partners L.P. (NYSE:NRP) posted a one-month instrumentality of 0.19%, portion its shares mislaid 3.63% implicit the past 52 weeks.
Greystone Capital Management stated the pursuing regarding Natural Resource Partners L.P. (NYSE:NRP) successful its Q2 2026 capitalist update:
"Natural Resource Partners L.P. (NYSE:NRP) is our ember and soda ash royalty business, which I archetypal introduced arsenic a caller concern successful our Q4 2024 letter. Since then, pricing conditions for NRP's cardinal commodities person worsened and NRP's stock terms has remained level to somewhat down for the past twelvemonth and a half. The soda ash marketplace is successful disarray, and for NRP's Sisecam Wyoming JV, wherever they ain a 49% involvement successful what has historically been a beardown generator of royalty payments, is present consuming currency to work indebtedness astatine the firm level, with NRP having to supply a $39M currency infusion arsenic of the astir caller quarter, which gave the quality of continuing currency needs for the JV. Our enactment indicates that the currency infusion should beryllium viewed arsenic 1 clip event, and implicit a overmuch longer play of time, absorption is aiming for soda ash to go a precise ample portion of the full royalty stream. On the ember front, contempt accrued planetary demand, the marketplace remains a spot oversupplied, starring to unfavorable near-term terms action.
As a reminder, we are not underwriting important increases successful the terms of thermal oregon met coal, lone that the authorities of the satellite remains the same, consisting of a terrible proviso request imbalance. The satellite is erstwhile again connected way to devour grounds amounts of coal, portion accumulation figures person declined astir -2.0% from this clip past year. There volition beryllium a clip erstwhile the satellite nary longer needs thermal coal, and to a lesser grade met coal, but those days are acold away, and successful the meantime, determination are plentifulness of reasons to beryllium bullish these commodities, with artificial quality adding yet different fixed the datacenter roar and wide request for debased outgo and effectual baseload power..." (Click present to work the afloat text)
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