Greystone Capital Management, an investment management company, released its fourth-quarter 2023 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 +16.4% to +20.4%. The median account returned +18.1%, net of fees in Q4, and +11.8%, net of fees for the full year 2023. In the fourth quarter and FY2023, results exhibited both favorably and unfavorably when compared to the returns of S&P 500 and Russell 2000, which were +11.7% and +14.0% respectively during the quarter and +26.3% and +16.9% for the entire year. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greystone Capital Management featured stocks such as Sylogist Ltd. (OTC:SYZLF) in the fourth quarter 2023 investor letter. Headquartered in Calgary, Canada, Sylogist Ltd. (OTC:SYZLF) is a software company. On February 2, 2024, Sylogist Ltd. (OTC:SYZLF) stock closed at $6.52 per share. One-month return of Sylogist Ltd. (OTC:SYZLF) was 15.31%, and its shares gained 31.51% of their value over the last 52 weeks. Sylogist Ltd. (OTC:SYZLF) has a market capitalization of $153.932 million.
Greystone Capital Management stated the following regarding Sylogist Ltd. (OTC:SYZLF) in its fourth quarter 2023 investor letter:
“Sylogist Ltd. (OTC:SYZLF) is our public sector software business that, like Franklin Covey, has undergone a significant strategy shift in pursuit of becoming a much higher quality and much more durable business. The company has successfully transitioned their business to a cloud-based SaaS platform, repaired relationships with customers, entered significant new whitespace opportunities, improved the management team and Board, strengthened investor communication, and attained sell side coverage, all in the span of a few years. The past three quarters for the business have all shown record results from both top line and organic growth perspectives, and the company shows no signs of slowing down. Not to mention they have been consistently cashflow positive. Yet, shares languish well below peers, at a valuation not reflective of the underlying business quality and growth runway.
Outside of excellent operating results, I don’t believe there is much more that Sylogist could be doing to increase per share business value, other than repurchasing stock, which they have been very active in doing. It’s only a matter of time before the market finally takes notice…” (Click here to read the full text)
A software company’s engineer staring at a computer monitor with intense concentration.
Sylogist Ltd. (OTC:SYZLF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q4 2023 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.
