Greystone Capital Management, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the return for separate accounts managed by the firm ranged from -0.7% to +8.0% and the median account returned +2.6% net of fees. Year-to-date, the Median account returned +6.4%, net of fees. In comparison to S&P 500’s and Russell 2000’s quarterly returns of +8.7% and +5.2% and year-to-date returns of +16.9% and +8.1%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greystone Capital Management highlighted stocks like Limbach Holdings, Inc. (NASDAQ:LMB) in the second quarter 2023 investor letter. Headquartered in Warrendale, Pennsylvania, Limbach Holdings, Inc. (NASDAQ:LMB) is an integrated building systems solutions company. On September 20, 2023, Limbach Holdings, Inc. (NASDAQ:LMB) stock closed at $31.53 per share. One-month return of Limbach Holdings, Inc. (NASDAQ:LMB) was -12.51%, and its shares gained 340.98% of their value over the last 52 weeks. Limbach Holdings, Inc. (NASDAQ:LMB) has a market capitalization of $346.937 million.
Greystone Capital Management made the following comment about Limbach Holdings, Inc. (NASDAQ:LMB) in its Q2 2023 investor letter:
“During the quarter we entered into a new position in Limbach Holdings, Inc. (NASDAQ:LMB), a microcap construction and engineering services business that is successfully shifting their business mix to stickier, more resilient, higher margin segments that over time will have the effect of contributing organic revenue growth, boosting margins and increasing cash flow generation. In the case of Limbach, and a number of our other businesses, I believe there are cultural reasons why the business has been around so long, and why they’ve succeeded in driving positive recent results.
Limbach considers themselves a building systems solutions business, that takes part in the design, installation, management, and maintenance of building systems such as plumbing, HVAC, mechanical and electrical components. The company has a decent presence throughout the US, with a focus on helping their end customers address mission critical systems. With a large recurring revenue profile, and with a presence in favorable and growing end markets, Limbach is well positioned to grow even in the face of economic pressures…” (Click here to read the full text)
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Limbach Holdings, Inc. (NASDAQ:LMB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Limbach Holdings, Inc. (NASDAQ:LMB) at the end of second quarter which was 7 in the previous quarter.
We discussed Limbach Holdings, Inc. (NASDAQ:LMB) in another article and shared the list of best-performing stocks in the last 12 months. In addition, please check out our hedge fund investor letters Q2 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.
