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Greystone Capital Management, an investment management company, released its fourth-quarter 2024 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 +0.5 to +2.6%. The median account returned +1.7%, net of fees bringing the yearly returns to +19.9%. The strategy returned a cumulative +168.8% or +24.3% per year, net of fees, since inception in Q4 2019 and outperformed both the S&P 500 and the Russell 2000 by an annualized +6.0% and +14.1% per year. The results for the fourth quarter and FY2024 compare both negatively and positively to the returns of the S&P 500 and Russell 2000, which were +2.4% and +0.3% for the quarter and +25.0% and +11.5% for the entire year. 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 Innovative Food Holdings, Inc. (OTC:IVFH), in the fourth quarter 2024 investor letter. Innovative Food Holdings, Inc. (OTC:IVFH) is a specialty food and food related products distributor. The one-month return of Innovative Food Holdings, Inc. (OTC:IVFH) was 12.15%, and its shares gained 179.58% of their value over the last 52 weeks. On January 23, 2024, Innovative Food Holdings, Inc. (OTC:IVFH) stock closed at $1.985 per share with a market capitalization of $101.5 million.
Greystone Capital Management stated the following regarding Innovative Food Holdings, Inc. (OTC:IVFH) in its Q4 2024 investor letter:
"Innovative Food Holdings, Inc. (OTC:IVFH) is our specialty food distribution business. Few businesses in our portfolio have moved from here to there in such a short period of time. This includes a name change to Harvest Group Holdings, which will be consummated during early 2025. I won’t rehash all the strategic moves from the past two years, but some include divesting non-core assets, reducing the cost structure, receiving their largest ever purchase order in partnership with a large retail chain, and acquiring two distribution businesses. By consistently hitting singles and doubles, IVFH has drastically improved their future earnings power, going from a loss-making company to one that will start to show sustained profitability when they report their Q4 results.