Greystone Capital Management, an investment management company, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the return for separate accounts managed by the firm ranged from +4.3 to +7.1%. The median account returned +6.0% net of fees. Q2 and YTD results were unfavorably and favorably compared to the +4.3% and -3.3% during the quarter and +15.2% and +1.7% year-to-date 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, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Greystone Capital Management highlighted stocks like APi Group Corporation (NYSE:APG), in the second quarter 2024 investor letter. APi Group Corporation (NYSE:APG) is a safety and specialty services provider. The one-month return of APi Group Corporation (NYSE:APG) was 2.37%, and its shares gained 29.31% of their value over the last 52 weeks. On July 26, 2024, APi Group Corporation (NYSE:APG) stock closed at $37.19 per share with a market capitalization of $10.201 billion.
Greystone Capital Management stated the following regarding APi Group Corporation (NYSE:APG) in its Q2 2024 investor letter:
“APi Group Corporation (NYSE:APG) has been in and out of client portfolios since inception (mostly in) and has earned our trust by carrying over the founding culture of the business on its route to becoming public, while increasing their focus on growing the more durable and higher margin fire safety services segment.
The start of 2024 has been a busy one for APG with the recent retirement of their Series B Preferred stock, along with the acquisition of Elevated Facility Services Group, a leading provider of contractually based maintenance and repair services for elevator and escalator brands. I was thrilled to see this deal announcement given the revenue and EBITDA contributions, but also because management likely sees similar opportunities to grow non-discretionary recurring revenue by winning incremental service work…” (Click here to read the full text)
A team of engineers surveying a construction site in preparation for a new underground infrastructure.
APi Group Corporation (NYSE:APG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. APi Group Corporation (NYSE:APG) was held by 39 hedge fund portfolios at the end of the first quarter, compared to 30 in the previous quarter, according to our database. In Q1 2024, APi Group Corporation (NYSE:APG) reported revenues of $1.6 billion, compared to $1.61 billion in Q1 2023. While we acknowledge the potential of APi Group Corporation (NYSE:APG) 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 another article, we discussed APi Group Corporation (NYSE:APG) and shared Laughing Water Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
