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Greystone Capital Management, an investment management firm, published its Q4 2025 Investor Letter. A copy of the letter can be downloaded here. In the fourth quarter, the average account return for company-managed separate accounts was +0.3%, net of fees, bringing the full-year net return to +2.8%. The fund has returned +197.7% or +21.9% on a cumulative annual basis, net of fees, since inception in Q4 2019. Compared to the returns of the S&P 500 and Russell 2000, Q4 and full year 2025 results were disappointing, coming in at +2.27% and +2.27%, respectively +2.27%, respectively. +17.4% and +13.5%, respectively, by 2025. While Q4 and full-year 2025 results lagged the indexes, the company maintains a long-term focus, not focusing on quarters or calendar years. The concentrated and differentiated strategy leads to the expected divergence of the major indices, and tracking error is considered a feature rather than a flaw. The firm cited poor stock picking, strong results in 2024 facing valuation compression, and a lack of investment in AI issues as reasons for its underperformance in 2025. You can also check out the fund’s top 5 holdings for its top picks for 2025.
In its Q4 2025 letter to investors, Greystone Capital Management highlighted APi Group Corporation (NYSE:APG). APi Group Corporation (NYSE:APG) is a provider of security and specialty services. APi Group Corporation (NYSE:APG)’s one-month return was 9.57% and its stock gained 64.69% of its value over the past 52 weeks. On January 28, 2026, shares of APi Group Corporation (NYSE:APG) closed at $41.92 per share, with a market capitalization of $18.073 billion.
Greystone Capital Management stated the following about APi Group Corporation (NYSE:APG) in its Q4 2025 investor letter:
“APi Group Corporation (NYSE:APG) continues to execute as a stable, high-quality business operating in mission-critical fire and safety services. 2025 was another strong year, characterized by mid-digit organic growth, disciplined pricing, expanding margins and solid cash generation. End-market demand remains strong and APG continues to shift its revenue mix towards recurring inspection, monitoring and service work, which leads to higher margins, lower working capital intensity and strong customer rigidity. APG remains one of the most financially resilient models we have with recurring revenue, exposure to critical infrastructure and zero technology displacement risk.
