Greystone Capital Management, an investment management company, released its fourth-quarter 2023 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 +16.4% to +20.4%. The median account returned +18.1%, net of fees in Q4, and +11.8%, net of fees for the full year 2023. In the fourth quarter and FY2023, results exhibited both favorably and unfavorably when compared to the returns of S&P 500 and Russell 2000, which were +11.7% and +14.0% respectively during the quarter and +26.3% and +16.9% for the entire year. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greystone Capital Management featured stocks such as Thryv Holdings, Inc. (NASDAQ:THRY) in the fourth quarter 2023 investor letter. Thryv Holdings, Inc. (NASDAQ:THRY) is a digital marketing solutions and cloud-based tools provider headquartered in DFW Airport, Texas. On February 2, 2024, Thryv Holdings, Inc. (NASDAQ:THRY) stock closed at $20.74 per share. One-month return of Thryv Holdings, Inc. (NASDAQ:THRY) was 10.55%, and its shares lost 12.30% of their value over the last 52 weeks. Thryv Holdings, Inc. (NASDAQ:THRY) has a market capitalization of $729.322 million.
Greystone Capital Management stated the following regarding Thryv Holdings, Inc. (NASDAQ:THRY) in its fourth quarter 2023 investor letter:
“During the quarter, we entered into two new positions in Thryv Holdings, Inc. (NASDAQ:THRY) and Franklin Covey (FC), companies I have been following for years and one of which we owned previously. We purchased these businesses during the market drawdown late in the year, providing us the opportunity to own each at very undemanding valuations.
Importantly, for both businesses, investors seem narrowly focused on the short term as opposed to the long-term earnings power of the companies, meaning that if I am correct in my assumptions, and we can be patient, we will do very well over time.
For Thryv, it’s unlikely you remember my commentary from years ago, but this business consists of a shrinking Marketing Services segment (formerly known as Yellow Pages), and a newly created SaaS segment whose offerings makes life easier and more efficient for small business owners. Thryv shares finished flat on the year, and down -50% from the end of 2021, despite taking steps to considerably increase earnings power during that time…” (Click here to read the full text)
A businessperson using a mobile device to illustrate the use of Thryv’s end-to-end customer experience platform.
Thryv Holdings, Inc. (NASDAQ:THRY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Thryv Holdings, Inc. (NASDAQ:THRY) at the end of third quarter which was 18 in the previous quarter.
We discussed Thryv Holdings, Inc. (NASDAQ:THRY) in another article and shared Laughing Water Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 2023 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.