Greystone Capital Management, an investment management company, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the return for separate accounts managed by the firm ranged from -1.2% to +2.0%. The median account returned -0.1%, net of fees. The results were unfavorable compared to the +10.6% and +5.2% returns for the S&P 500 and Russell 2000. The fund’s return generally varies from the major indices as the fund’s portfolio concentrates on small companies outside the major indices. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greystone Capital Management featured stocks like NN, Inc. (NASDAQ:NNBR) in the first quarter 2024 investor letter. Headquartered in Charlotte, North Carolina, NN, Inc. (NASDAQ:NNBR) designs, manufactures, and sells high-precision components and assemblies. On May 9, 2024, NN, Inc. (NASDAQ:NNBR) stock closed at $3.3700 per share. One-month return of NN, Inc. (NASDAQ:NNBR) was -14.78%, and its shares gained 161.02% of their value over the last 52 weeks. NN, Inc. (NASDAQ:NNBR) has a market capitalization of $165.766 million.
Greystone Capital Management stated the following regarding NN, Inc. (NASDAQ:NNBR) in its first quarter 2024 investor letter:
“In keeping with our theme of investing in companies that cease doing dumb things, two new positions that made their way into the portfolio this quarter include Innovative Food Holdings and NN, Inc. (NASDAQ:NNBR). Each business possesses the criteria of being a better business than currently being given credit for, have undergone significant changes in the C-Suite, and have many common-sense items to address that will help reveal each company’s core business quality over time. In other words, plenty of one-foot bars.
For readers in the habit of using quantitative screens to identify investment ideas, NN will likely cause you to turn the other cheek. At first glance, this business does not look pretty. Under the hood, there is a lot to like. The fact patterns here along with management efforts are very similar to our investment in Bel Fuse. Like Bel Fuse, NNBR possesses strong technical expertise, a large manufacturing footprint, and long-dated customer relationships. Also, like Bel Fuse, NN was historically mismanaged, which shows up in the areas of pricing, manufacturing overhead and new business wins. (Click here to read the full text)
A manager signing off on a precision stamping for a flight control component.
NN, Inc. (NASDAQ:NNBR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held NN, Inc. (NASDAQ:NNBR) at the end of the fourth quarter which was 7 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
