Greystone Capital Management, an investment management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the return for separate accounts managed by the firm was -11.4%, net of fees compared to S&P 500’s and Russell 2000’s returns of -3.2% and -5.1%, respectively. Client portfolios are invested in small companies outside of major indices, resulting in returns that differ from those indices. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greystone Capital Management highlighted stocks like IDT Corporation (NYSE:IDT) in the third quarter 2023 investor letter. Headquartered in Newark, New Jersey, IDT Corporation (NYSE:IDT) offers communications and payment services that operate through Fintech, net2phone, and Traditional Communications. On November 1, 2023, IDT Corporation (NYSE:IDT) stock closed at $28.60 per share. One-month return of IDT Corporation (NYSE:IDT) was 5.97%, and its shares gained 18.67% of their value over the last 52 weeks. IDT Corporation (NYSE:IDT) has a market capitalization of $719.622 million.
Greystone Capital Management made the following comment about IDT Corporation (NYSE:IDT) in its Q3 2023 investor letter:
“Another one of our biggest detractors during the past year was IDT Corporation (NYSE:IDT). Despite very strong business execution during our ownership, IDT found itself amidst a legal battle with Straight Path Communications, surrounding prior business dealings for which Straight Path was seeking damages in excess of $1 billion. Given the developments with Polished, it made sense to de-risk the portfolio from any binary events, and without being able to mitigate a disastrous legal outcome, it made sense to exit the position.”
IDT Corporation (NYSE:IDT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held IDT Corporation (NYSE:IDT) at the end of second quarter which was 14 in the previous quarter.
We discussed IDT Corporation (NYSE:IDT) in another article and shared Immersion Investment Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Worst States for Human Trafficking in America
- 14 Best Cyclical Stocks To Invest In
- 12 Best Free Accounting Software in 2023
Disclosure: None. This article is originally published at Insider Monkey.