Greystone Capital Management, an investment management company, released its fourth-quarter 2024 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the return for separate accounts managed by the firm ranged from +0.5 to +2.6%. The median account returned +1.7%, net of fees bringing the yearly returns to +19.9%. The strategy returned a cumulative +168.8% or +24.3% per year, net of fees, since inception in Q4 2019 and outperformed both the S&P 500 and the Russell 2000 by an annualized +6.0% and +14.1% per year. The results for the fourth quarter and FY2024 compare both negatively and positively to the returns of the S&P 500 and Russell 2000, which were +2.4% and +0.3% for the quarter and +25.0% and +11.5% for the entire year. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Greystone Capital Management highlighted stocks like Innovative Food Holdings, Inc. (OTC:IVFH), in the fourth quarter 2024 investor letter. Innovative Food Holdings, Inc. (OTC:IVFH) is a specialty food and food related products distributor. The one-month return of Innovative Food Holdings, Inc. (OTC:IVFH) was 12.15%, and its shares gained 179.58% of their value over the last 52 weeks. On January 23, 2024, Innovative Food Holdings, Inc. (OTC:IVFH) stock closed at $1.985 per share with a market capitalization of $101.5 million.
Greystone Capital Management stated the following regarding Innovative Food Holdings, Inc. (OTC:IVFH) in its Q4 2024 investor letter:
“Innovative Food Holdings, Inc. (OTC:IVFH) is our specialty food distribution business. Few businesses in our portfolio have moved from here to there in such a short period of time. This includes a name change to Harvest Group Holdings, which will be consummated during early 2025. I won’t rehash all the strategic moves from the past two years, but some include divesting non-core assets, reducing the cost structure, receiving their largest ever purchase order in partnership with a large retail chain, and acquiring two distribution businesses. By consistently hitting singles and doubles, IVFH has drastically improved their future earnings power, going from a loss-making company to one that will start to show sustained profitability when they report their Q4 results.
At the heart of the company sits a strong core business, where IVFH operates a specialty food distribution marketplace to connect vendors to a nationwide group of chef customers. This business has always been cashflow generative and possessed strong growth prospects but will now be complemented by inorganic growth and additional retail partnerships. Previously encumbered by a money-losing e-commerce segment which is now divested, core food distribution returned to growth during Q3 of 2024, indicating progress is being made…” (Click here to read the full text)
A butcher shop showcasing fresh meats and seafood for customers.
Innovative Food Holdings, Inc. (OTC:IVFH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. While we acknowledge the potential of Innovative Food Holdings, Inc. (OTC:IVFH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q3 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.