Greystone Capital Management, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. During the second quarter of 2022, returns for separate accounts managed by Greystone Capital ranged from -19.8% to -30.1%. The median account return was -22.8%. Year-to-date, the median account return was -33.1%, net of fees. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Greystone Capital Management mentioned IDT Corporation (NYSE:IDT) and explained its insights for the company. Founded in 1990, IDT Corporation (NYSE:IDT) is a Newark, New Jersey-based telecom company with a $669.9 million market capitalization. IDT Corporation (NYSE:IDT) delivered a -42.19% return since the beginning of the year, while its 12-month returns are down by -53.23. The stock closed at $25.53 per share on August 09, 2022.
Here is what Greystone Capital Management has to say about IDT Corporation (NYSE:IDT) in its Q2 2022 investor letter:
“In my Q4 2021 letter, I outlined in detail our position in IDT Corp. and the merits behind our investment. Frustratingly since the publication of that letter, IDT shares have declined nearly 50% along with the broader market selloff in communication services, UCaaS businesses and retail related stocks. In addition, the presumption that IDT growth subsidiaries are dependent on positive capital markets activity (not entirely false) also contributed to the decline. So why would we want to own IDT? In keeping with the theme of this letter, IDT’s three growth businesses have all reported very strong results during the past two quarters with no signs of slowing down. Leading the charge is National Retail Solutions (NRS), still growing revenues 100% YoY as of the company’s Q3 2022 report, followed closely by IDT’s UCaaS business Net2Phone, growing revenues 42% from the same period last year. Factoring in each segment’s success, growth runway and unit economics, I don’t believe a $500mm enterprise value is the correct price for IDT shares, especially given one business segment on its own contributes $90mm in EBITDA…” (Click here to see the full text)
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Our calculations show that IDT Corporation (NYSE:IDT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. IDT Corporation (NYSE:IDT) was in 15 hedge fund portfolios at the end of the second quarter of 2022, compared to 9 funds in the previous quarter. IDT Corporation (NYSE:IDT) delivered a -3.66% return in the past 3 months.
In March 2022, we also shared another hedge fund’s views on IDT Corporation (NYSE:IDT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
