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 Innovative Food Holdings, Inc. (OTC:IVFH) in the first quarter 2024 investor letter. Headquartered in Bonita Springs, Florida, Innovative Food Holdings, Inc. (OTC:IVFH) distributes specialty food and food related products. On May 9, 2024, Innovative Food Holdings, Inc. (OTC:IVFH) stock closed at $0.9500 per share. One-month return of Innovative Food Holdings, Inc. (OTC:IVFH) was 0.72%, and its shares gained 125.58% of their value over the last 52 weeks. Innovative Food Holdings, Inc. (OTC:IVFH) has a market capitalization of $48.223 million.
Greystone Capital Management stated the following regarding Innovative Food Holdings, Inc. (OTC:IVFH) 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, Inc. (OTC:IVFH) and NN, Inc. 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.
Below I highlight each investment and look forward to disclosing more in future letters
Innovative Food Holdings is a specialty food distributor with a niche service offering and a history of strong organic growth. The company distributes over 7,000 perishable and specialty food and food related products, with expertise in selection, sourcing, and logistics. The business was founded and run for nearly twenty years by the former CEO who was both overpaid and had a history of chasing pet projects to the company’s detriment. Despite following IVFH for years and liking the core business, the company was un-investable under the prior management team. That is no longer the case…” (Click here to read the full text)
A B2B food distributor making sure grocery shelves are fully stocked with food.
Innovative Food Holdings, Inc. (OTC:IVFH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. 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.
