Greystone Capital Reports Q2 2026 Returns and Fund Strategy

Greystone Capital Management reported a median account return of +7.2% for the second quarter of 2026 and +8.6% year-to-date. In its Q2 investor letter, the firm acknowledged that these returns trailed the S&P 500 and Russell 2000 indices, a result of a deliberate strategy to avoid the AI-driven market boom in favor of undervalued businesses with strong fundamentals.

The firm highlighted several key holdings to illustrate its approach. Greystone identified Bel Fuse Inc. as a mispriced asset that improved EBITDA margins from 5% to 15% by implementing SKU-level profitability analysis and raising prices. The firm also detailed its position in Pitney Bowes Inc., which it describes as a turnaround story following a 2023 leadership change. Greystone noted that its investment in the shipping and mailing company has increased nearly 70% on average cost, driven by double-digit free cash flow yield and debt paydown.

Additionally, Greystone remains bullish on Natural Resource Partners L.P., a coal and soda ash royalty business. Despite a flat share price and a $39 million cash infusion for its Sisecam Wyoming joint venture, the firm cites a global supply-demand imbalance in coal and the energy needs of AI datacenters as long-term growth catalysts.