In This Article:
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 Despegar.com, Corp. (NYSE:DESP) in its Q4 2024 investor letter. Despegar.com, Corp. (NYSE:DESP) is an online travel company that offers travel and travel-related products to leisure and corporate travelers. The one-month return of Despegar.com, Corp. (NYSE:DESP) was -0.88%, and its shares gained 102.96% of their value over the last 52 weeks. On January 24, 2024, Despegar.com, Corp. (NYSE:DESP) stock closed at $19.20 per share with a market capitalization of $1.605 billion.
Greystone Capital Management stated the following regarding Despegar.com, Corp. (NYSE:DESP) in its Q4 2024 investor letter:
"I made a costly mistake of omission in failing to purchase shares of Despegar.com, Corp. (NYSE:DESP) below $10/share this year, or at any point during the past few years. I’ve followed Despegar, a South American focused online travel agency, since its IPO and came to know it as a very high-quality business, with a very good management team, and a long growth runway. In late December, Despegar entered into a deal to be acquired by Prosus, for $1.7B in cash, or $19.50/share. Had we owned Despegar years ago, our compound annual return would have been in excess of 25% per year. Moving forward, the aim is to make less mistakes of this nature. Great businesses run by strong and capable management teams, with long growth runways, available at cheap prices, are to be purchased and held on to for dear life.