Here’s Greystone Capital Management’s Investment Thesis for Shift4 Technologies (FOUR)

Core Insights - Greystone Capital Management reported a Median Account return of +0.3% for Q4 2025, bringing the full year net returns to +2.8% [1] - The Fund has achieved a cumulative return of +197.7% or +21.9% per year since its inception in Q4 2019 [1] - The firm's performance in Q4 2025 and for the full year lagged behind the S&P 500 and Russell 2000 indices, which returned +2.7% and +2.2% for the quarter, and +17.4% and +13.5% for the year, respectively [1] - The firm attributes its underperformance to poor stock selection, valuation compression of strong performers, and a lack of AI-themed investments [1] Company Focus: Shift4 Payments, Inc. - Shift4 Payments, Inc. (NYSE:FOUR) is highlighted as a key investment, with a market capitalization of $4.82 billion [2] - The stock closed at $47.23 on March 11, 2026, with a one-month return of -13.45% and a 52-week decline of 43.95% [2] - Greystone initiated a position in Shift4 Payments during Q4 2025, noting its strong operational execution and disciplined capital allocation [3] - Despite a significant decline in share price, the underlying business of Shift4 Payments has shown solid organic growth and expanding gross margins, alongside the completion of its largest acquisition, Global Blue, in 2025 [3]