Greystone Capital Management Q4 2025 Investor Letter Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 29 2026
0mins
Should l Buy APG?
Source: Yahoo Finance
- Account Performance: Greystone Capital Management reported a net return of +0.3% for separate accounts in Q4 2025, bringing the full-year net return to +2.8%, which lagged behind the S&P 500 and Russell 2000 returns of +2.7% and +2.2%, respectively.
- Investment Strategy Analysis: The firm highlighted that its concentrated and differentiated strategy leads to expected divergence from major indices, with tracking error viewed as a feature rather than a flaw, despite underperformance in 2025 due to poor stock selection and lack of AI-themed investments.
- APi Group Performance: APi Group (NYSE:APG) continued to demonstrate a steady, high-quality business in 2025, reporting Q3 revenues of $2.1 billion, a 14.2% increase from the previous year, with its stock gaining 64.69% over the past 52 weeks.
- View on AI Investments: While acknowledging APi Group's potential, Greystone Capital Management believes that certain AI stocks offer greater upside potential and lower downside risk, indicating a cautious approach towards future investment directions.
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Analyst Views on APG
Wall Street analysts forecast APG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for APG is 45.25 USD with a low forecast of 43.00 USD and a high forecast of 49.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 42.980
Low
43.00
Averages
45.25
High
49.00
Current: 42.980
Low
43.00
Averages
45.25
High
49.00
About APG
APi Group Corporation is a global business services provider of fire and life safety, security, elevator and escalator and specialty services in over 500 locations worldwide. Its segments include Safety Services and Specialty Services. Safety Services segment focuses on end-to-end integrated occupancy systems (fire protection solutions, entry systems, elevators and escalators), including design, installation, inspection, and service of these integrated systems. The work performed within this segment spans across industries and facilities and includes commercial, education, healthcare, high-tech, industrial and special-hazard settings. Specialty Services provides a variety of infrastructure services and specialized industrial plant services, including maintenance and repair of critical infrastructure, such as underground electric, gas, water, sewer, telecommunications infrastructure, and design, installation, inspection, and service of heating, ventilation, and air conditioning systems.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Stock Purchase Overview: On January 5, 2026, Mullin disclosed purchases of 10 stocks, each ranging from $15,000 to $50,000, indicating his ongoing interest in small and mid-cap stocks, with most having market capitalizations below $20 billion.
- Small-Cap Characteristics: Notably, two of these stocks have market caps under $5 billion, reinforcing Mullin's preference for smaller stocks, which could influence his decisions on the Armed Services Committee, particularly regarding future government contracts.
- Historical Trade Review: Prior to this, on December 29, 2025, Mullin bought six of the Magnificent Seven stocks, investing at least $50,000, highlighting his preference for tech stocks, with Microsoft Corp (MSFT) being the largest investment.
- Potential Conflict of Interest: Given Mullin's role on the Armed Services Committee, Benzinga will closely monitor his future stock trades, especially concerning potential conflicts arising from military actions in countries like Venezuela.
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- Conference Call Timing: The company will hold a conference call at 8:30 AM ET on February 25, 2026, where CEO Russell A. Becker and CFO David Jackola will discuss the financial results, offering in-depth insights into the company's performance.
- Investor Conference Participation: APi's senior leadership will participate in the Citi 2026 Global Industrial Tech and Mobility Conference on February 17 and the Barclays 2026 Industrial Select Conference on February 18, showcasing the company's strategic direction and enhancing engagement with investors.
- Company Background Information: APi is a global market-leading business services provider specializing in fire and life safety, security, elevators, and specialty services, with over 500 locations worldwide, providing a stable revenue base that supports the company's financial stability.
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- Financial Impact: CertaSite is expected to positively impact APi's '10/16/60+' shareholder value creation framework, driven by its inspection-first strategy, strong EBITDA margin profile, and asset-light business model, thereby enhancing overall profitability.
- Strategic Synergy: APi's CEO Russ Becker stated that the acquisition will accelerate CertaSite's people-first and inspection-first strategies, leveraging APi's strong balance sheet and robust M&A pipeline to drive future growth and synergies.
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- Investment Strategy Analysis: The firm highlighted that its concentrated and differentiated strategy leads to expected divergence from major indices, with tracking error viewed as a feature rather than a flaw, despite underperformance in 2025 due to poor stock selection and lack of AI-themed investments.
- APi Group Performance: APi Group (NYSE:APG) continued to demonstrate a steady, high-quality business in 2025, reporting Q3 revenues of $2.1 billion, a 14.2% increase from the previous year, with its stock gaining 64.69% over the past 52 weeks.
- View on AI Investments: While acknowledging APi Group's potential, Greystone Capital Management believes that certain AI stocks offer greater upside potential and lower downside risk, indicating a cautious approach towards future investment directions.
See More
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- Stock Purchase Overview: On January 5, 2026, Mullin disclosed purchases of 10 stocks, each ranging from $15,000 to $50,000, indicating his ongoing interest in small and mid-cap stocks, with most having market capitalizations below $20 billion.
- Small-Cap Characteristics: Notably, two of these stocks have market caps under $5 billion, reinforcing Mullin's preference for smaller stocks, which could influence his decisions on the Armed Services Committee, particularly regarding future government contracts.
- Historical Trade Review: Prior to this, on December 29, 2025, Mullin bought six of the Magnificent Seven stocks, investing at least $50,000, highlighting his preference for tech stocks, with Microsoft Corp (MSFT) being the largest investment.
- Potential Conflict of Interest: Given Mullin's role on the Armed Services Committee, Benzinga will closely monitor his future stock trades, especially concerning potential conflicts arising from military actions in countries like Venezuela.
See More
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- Earnings Release Schedule: APi Group plans to release its financial results for the fiscal year 2025 before the market opens on February 25, 2026, which is expected to provide investors with critical financial data and business performance analysis to assess the company's future growth potential.
- Conference Call Timing: The company will hold a conference call at 8:30 AM ET on February 25, 2026, where CEO Russell A. Becker and CFO David Jackola will discuss the financial results, offering in-depth insights into the company's performance.
- Investor Conference Participation: APi's senior leadership will participate in the Citi 2026 Global Industrial Tech and Mobility Conference on February 17 and the Barclays 2026 Industrial Select Conference on February 18, showcasing the company's strategic direction and enhancing engagement with investors.
- Company Background Information: APi is a global market-leading business services provider specializing in fire and life safety, security, elevators, and specialty services, with over 500 locations worldwide, providing a stable revenue base that supports the company's financial stability.
See More
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- Acquisition Completed: APi Group announced the completion of its acquisition of CertaSite on February 2, 2026, which will enhance APi's capabilities in fire and life safety services in the Midwest, solidifying its leadership in non-discretionary, regulatory-driven recurring revenue opportunities.
- Financial Impact: CertaSite is expected to positively contribute to APi's “10/16/60+” shareholder value creation framework, driven by its inspection-first strategy, strong EBITDA margin profile, and asset-light business model, thereby enhancing overall profitability.
- Strategic Synergy: APi's CEO Russ Becker stated that the acquisition will accelerate CertaSite's people-first and inspection-first strategies, leveraging APi's strong balance sheet and robust M&A pipeline to drive future growth and synergies.
- Market Positioning: As a global leader in fire and life safety services with over 500 locations worldwide, APi's acquisition will further strengthen its market position and customer base, ensuring a steady revenue stream and the delivery of innovative solutions.
See More
APi Group Completes Acquisition of CertaSite
- Acquisition Completed: APi Group announced the completion of its acquisition of CertaSite on February 2, 2026, which will enhance APi's capabilities in fire and life safety services in the Midwest, solidifying its leadership in non-discretionary, regulatory-driven recurring revenue opportunities.
- Financial Impact: CertaSite is expected to positively impact APi's '10/16/60+' shareholder value creation framework, driven by its inspection-first strategy, strong EBITDA margin profile, and asset-light business model, thereby enhancing overall profitability.
- Strategic Synergy: APi's CEO Russ Becker stated that the acquisition will accelerate CertaSite's people-first and inspection-first strategies, leveraging APi's strong balance sheet and robust M&A pipeline to drive future growth and synergies.
- Market Leadership: As a global leader in fire and life safety services with over 500 locations and a substantial recurring revenue base, APi's acquisition will further strengthen its market position and competitive advantage in the industry.
See More
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- Account Performance: Greystone Capital Management reported a net return of +0.3% for separate accounts in Q4 2025, bringing the full-year net return to +2.8%, which lagged behind the S&P 500 and Russell 2000 returns of +2.7% and +2.2%, respectively.
- Investment Strategy Analysis: The firm highlighted that its concentrated and differentiated strategy leads to expected divergence from major indices, with tracking error viewed as a feature rather than a flaw, despite underperformance in 2025 due to poor stock selection and lack of AI-themed investments.
- APi Group Performance: APi Group (NYSE:APG) continued to demonstrate a steady, high-quality business in 2025, reporting Q3 revenues of $2.1 billion, a 14.2% increase from the previous year, with its stock gaining 64.69% over the past 52 weeks.
- View on AI Investments: While acknowledging APi Group's potential, Greystone Capital Management believes that certain AI stocks offer greater upside potential and lower downside risk, indicating a cautious approach towards future investment directions.
See More
Micron Director Acquires 11,600 Shares for Nearly $4 Million Amid AI Boom
- Insider Confidence: A director at Micron recently purchased 11,600 shares for nearly $4 million, reflecting strong management confidence in the company's future growth, particularly as its stock has surged nearly 250% over the past year amid rising AI demand.
- Significant Performance Growth: Micron's latest earnings report shows sales growth exceeding 50% year-over-year, setting a new record, with the previous two quarters also posting impressive growth rates of 46% and 36%, indicating accelerating demand for its AI services and solidifying its market position.
- MicroStrategy's Bitcoin Accumulation: A director at MicroStrategy recently acquired 5,000 shares for nearly $800,000, and despite the company's stock volatility, it holds approximately 710K BTC with an average cost of $76,000, compared to the current Bitcoin price of around $89,000, demonstrating a long-term bullish outlook on crypto assets.
- Strong Performance from APi Group: An APi Group director bought 3,000 shares in mid-December for nearly $120,000, reflecting confidence in the company's growth, as Q3 sales reached $2.1 billion, up 14.2% year-over-year, with adjusted EPS of $0.41, a 20.6% increase from the previous year.
See More
