Greystone Capital Management, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the Median Account return for separate accounts managed by the firm was +0.3%, net of fees brining the full year net returns to +2.8%. The Fund has returned a cumulative +197.7% or +21.9% per year, net of fees, since inception in Q4 2019. When compared to the S&P 500 and Russell 2000 returns, the results for the fourth quarter and the full year of 2025 were disappointing, which stood at +2.7% and +2.2%, respectively, for the quarter, and +17.4% and +13.5%, respectively, for 2025. While fourth-quarter and full-year 2025 results lagged behind indices, the firm maintains a long-term approach, not focusing on single quarters or calendar years. The concentrated, differentiated strategy leads to expected divergence from major indices, with tracking error seen as a feature rather than a flaw. The firm cited poor stock selection, strong performers in 2024 facing valuation compression, and a lack of AI-themed investments as reasons for its underperformance in 2025. In addition, you can check the Fund’s top 5 holdings to find out its best picks for 2025.
In its fourth-quarter 2025 investor letter, Greystone Capital Management highlighted APi Group Corporation (NYSE:APG). APi Group Corporation (NYSE:APG) is a safety and specialty services provider. The one-month return of APi Group Corporation (NYSE:APG) was 9.57%, and its shares gained 64.69% of their value over the last 52 weeks. On January 28, 2026, APi Group Corporation (NYSE:APG) stock closed at $41.92 per share, with a market capitalization of $18.073 billion.
Greystone Capital Management stated the following regarding APi Group Corporation (NYSE:APG) in its fourth quarter 2025 investor letter:
“APi Group Corporation (NYSE:APG) continues to execute as a steady, high-quality business operating in mission-critical fire and life-safety services. 2025 was another strong year, characterized by mid-single-digit organic growth, disciplined pricing, expanding margins, and robust cash generation. End-market demand remains healthy, and APG continues to shift the revenue mix toward recurring inspection, monitoring, and service work, which carries higher margins, lower working capital intensity, and strong customer stickiness. APG remains one of the most economically resilient models we own with recurring revenue, critical infrastructure exposure, and zero technological displacement risk.
