Elastic N.V.

• Greenhaven Road Capital Q1 2022 ↗ Greenhaven Road Capital argues that valuation compression, rather than broken fundamentals, drove declines across KKR, PAR Technology, Elastic, Teladoc Health and Digital Turbine, and added to PAR and Teladoc. It also initiated a basket of U.S.-focused cannabis operators, betting that restrictive federal rules suppress valuations while state legalization and limited retail licenses support earnings. first quarter 2022 APPS $1.3BESTC $9.9BKKR $80B +2
• Greenhaven Road Capital Q1 2021 ↗ Greenhaven Road added to PAR Technology after its Punchh acquisition, arguing that an integrated restaurant-software platform could create pricing power. The portfolio emphasized Elastic, KKR, RCI Hospitality and Digital Turbine, while the manager sold Twitter after rapid appreciation and began building a selective SPAC and warrant-investing effort. first quarter 2021 APPS $1.3BESTC $9.9BKKR $80B +2

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