Greystone Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the return of different accounts managed by the firm ranged from -0.7% to -13.9%. The median account return was -9.7%. The quarterly results were unfavorable compared with the -4.9% and -2.2% returns for the S&P 500 and the Russell 2000, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the third-quarter letter, Greystone Capital Management discussed stocks like Rimini Street, Inc. (NASDAQ:RMNI) in the Q3 2022 investor letter. Headquartered in Las Vegas, Nevada, Rimini Street, Inc. (NASDAQ:RMNI) is an enterprise software products and services provider. On November 10, 2022, Rimini Street, Inc. (NASDAQ:RMNI) stock closed at $4.2500 per share. One-month return of Rimini Street, Inc. (NASDAQ:RMNI) was -10.90% and its shares lost 40.73% of their value over the last 52 weeks. Rimini Street, Inc. (NASDAQ:RMNI) has a market capitalization of $375.182 million.
Greystone Capital Management made the following comment about Rimini Street, Inc. (NASDAQ:RMNI) in its Q3 2022 investor letter:
“During the quarter I sold out of our remaining position in one of our longest held companies, Rimini Street, Inc. (NASDAQ:RMNI). Of the errors I made, the first consisted not in assessing the business quality, but rather understanding the macro backdrop for labor and accurately layering that into my growth projections. The second, and more fundamental error included completely whiffing on my analysis of the management team, particularly CEO Seth Ravin.
I don’t claim to have all the answers when it comes to analyzing a company culture or management team. I may have a unique perspective at times given my experience with the San Antonio Spurs and evaluating coaching, management, and athletic talent, but it is far from a perfect science. I prefer to speak to a lot of people – particularly employees or former employees – to get an accurate picture of what leadership is actually like. In this case I failed to do so accurately or meaningfully as the company’s competitive positioning and growth runway appeared to be too attractive to pass up. I believe I was also wrong about some aspects of the company’s competitive position, especially during periods of economic stress, and with a large number of potentially better risk/reward or higher IRR opportunities, I re-allocated the cash from the sale to other current holdings and some new investments. Moving forward I aim to be more critical of our management teams and vow to change course more quickly when it becomes clear I am wrong about my assumptions.”
Rimini Street, Inc. (NASDAQ:RMNI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Rimini Street, Inc. (NASDAQ:RMNI) at the end of the second quarter, which was 15 in the previous quarter.
We discussed Rimini Street, Inc. (NASDAQ:RMNI) in another article and shared Diamond Hill Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
