Greystone Capital Administration, an investment decision administration corporation, launched its fourth-quarter 2022 trader letter. A copy of the very same can be downloaded below. In the fourth quarter, the return of different accounts managed by the company ranged from +5.% to +19.9% in contrast to +7.5% and +6.2% returns for the S&P 500 and the Russell 2000 Index, respectively. The median account return for 2022, was -29.3%, internet of costs. In addition, make sure you check out the fund’s best five holdings to know its best picks in 2022.
Greystone Funds Administration highlighted stocks Griffon Company (NYSE:GFF) in the Q4 2022 investor letter. Headquartered in New York, New York, Griffon Company (NYSE:GFF) is a residence and developing merchandise supplier. On February 3, 2023, Griffon Company (NYSE:GFF) inventory closed at $43.01 for each share. 1-month return of Griffon Company (NYSE:GFF) was 10.99%, and its shares received 94.26% of their worth over the previous 52 weeks. Griffon Company (NYSE:GFF) has a market capitalization of $2.46 billion.
Greystone Cash Administration built the subsequent comment about Griffon Corporation (NYSE:GFF) in its Q4 2022 trader letter:
“Last quarter I wrote about a new position in a small cap purchaser merchandise company that manufactures instruments and house advancement goods as nicely as residential and professional garage doors. The organization is Griffon Company (NYSE:GFF), and is one of our top five positions heading into 2023. This is an appealing problem for numerous explanations, but largely thanks to the power of Griffon’s Home and Building Products and solutions segment and the sizeable corporate governance improvements just lately enacted.
Griffon Corp. is manufactured up of two businesssegments, Purchaser and Experienced Products (‘CPP’) and Dwelling and Setting up Products (‘HBP’). CPP manufactures popular dwelling extras and backyard garden instruments by good quality manufacturer names these kinds of as ClosetMaid and Ames. HBP is just one of the top makers in the US of residential garage doorways and rolling steel doors, with a nearly 50% market share by their Clopay and CornellCookson models. CPP has struggled underneath the bodyweight of very poor acquisitions, deficiency of cohesiveness and underinvestment, but possesses robust current market share in backyard garden tools and has usually performed perfectly via numerous company cycles. Griffon’s HBP phase has cockroach-like things, with a background of powerful natural progress and resilience in excess of many many years. Nowadays, Clopay and CornellCookson are dependable for practically half of Griffon’s earnings and all over 60% of EBITDA. Offered their potent qualities of resiliency, cash flows and returns on capital, these companies make good acquisition candidates and modern market consolidation adds a worthwhile component to the mix. Valuing HBP using an EBITDA numerous in line with comparable firms as very well as latest transaction comps reflects a for every share price that could exceed Griffon’s present-day business benefit…” (Click on below to read the full textual content)
Griffon Corporation (NYSE:GFF) is not on our list of 30 Most Common Shares Among the Hedge Money. As for each our database, 26 hedge fund portfolios held Griffon Corporation (NYSE:GFF) at the conclude of the third quarter which was 21 in the former quarter.
We mentioned Griffon Corporation (NYSE:GFF) in a different write-up and shared the checklist of best reasonably priced stocks to invest in. In addition, be sure to check out our hedge fund trader letters Q4 2022 page for a lot more trader letters from hedge funds and other primary investors.
Disclosure: None. This short article is at first published at Insider Monkey.