Investor Letters

Greenhaven Road Capital

greenhavenroad.com

Main Fund Q2 Greenhaven Road Capital is reducing concentration and adding catalyst-driven positions while retaining its emphasis on differentiated research. It argues that Burford’s protein litigation, Hagerty’s insurer partnerships, Cellebrite’s Genesis rollout, Lifecore’s capacity sales and Kingsway’s search-model buildout can close gaps between market expectations and business value. Q2 2026 +11.0% BUR $946MCLBT $2.9BHGTY $4.6BANAB $1.7B
Partners Fund Q1 Greenhaven Road’s Partners Fund argues that Maran Capital’s Horizon Kinetics Holding Company stake offers overlooked exposure to royalties, mineral and water rights, exchanges and future incentive fees. The manager values HKHC’s balance-sheet investments, asset-management earnings and potential carry, while favoring concentrated managers focused outside major indices. fourth quarter +2.0% HKHC $498MMIAX $4.2B
Q4 2025 Greenhaven Road Capital groups Lifecore and Vistry as “Bamboo Trees,” where operational transformations and capacity or partnership-model progress have yet to be reflected in valuations. It argues that fears around AI disruption, litigation, fundraising and credit are mispriced at PAR, Cellebrite, Burford and KKR, while Hagerty benefits from State Farm onboarding and marketplace growth. Q4 2025 -2.0% BUR $946MCLBT $2.9BHGTY $4.6BKKR-P-D
Q1 2025 Kingsway Financial is presented as a new purchase built around a Search Xcelerator that backs operators acquiring small, asset-light businesses, with tax losses and experienced advisers adding optionality. Greenhaven Road added to Lifecore, Vistry and Hagerty during tariff-driven weakness, while arguing that its core holdings retain limited direct trade exposure. Q1 2025 -12.0% KFS BUR $946MCLBT $2.9BKKR $96B
Q1 2024 Greenhaven Road Capital argues that PAR Technology’s restaurant-software expansion, Cellebrite’s digital-evidence tools, KKR’s asset-gathering model and Burford’s litigation portfolio reward patient ownership. The fund exited Sphere and added Louisiana-Pacific and Alta Group, citing their business transitions, durable service economics and capital-allocation potential. first quarter — PAR $804MANY $18MBUR $946MCLBT $2.9B
Q1 2023 Greenhaven Road Capital argues that PAR Technology, KKR, Cellebrite and API Group have durable earnings foundations through low churn, strong balance sheets and non-discretionary demand. It adds Burford Capital, while treating Lifecore and Barnes & Noble Education as smaller special situations tied to asset sales and operational transitions. first quarter +17.0% BUR $946MAPG $18BBNED $415MCLBT $2.9B
Q1 2022 Greenhaven Road Capital added to PAR Technology and Teladoc Health while defending KKR, Elastic, and Digital Turbine as businesses whose fundamentals remain intact despite multiple compression. The fund also established a cannabis-stock basket, arguing that federal restrictions and fragmented state licensing create mispriced, cash-generative U.S. operators. first quarter -26.5% APPS $1.3BESTC $8.9BKKR $96BPAR $804M
Q1 2021 Greenhaven Road added to PAR Technology after its Punchh acquisition, retained conviction in Elastic’s customer monetization and KKR’s permanent-capital model, and saw RCI Hospitality become a top holding. The fund sold Twitter after rapid appreciation and is building SPAC capabilities through warrants, a specialist-manager seed investment and a Special Opportunities Fund. first quarter +14.0% APPS $1.3BESTC $8.9BKKR $96BPAR $804M
Q1 2020 Greenhaven Road Capital retained SharpSpring, Digital Turbine and PAR Technology despite pandemic-driven pressure, arguing that their balance sheets, management teams and competitive positions could strengthen through the disruption. The portfolio added smaller positions in Uber, Roku, Pinterest and Carvana while emphasizing liquidity, durable business models and selective opportunities created by market panic. Q1 — APPS $1.3BCSSE delistedKKR $96BKLR delisted
Q1 2019 Greenhaven Road Capital built positions in PAR Technology and Digital Turbine, arguing that overlooked software and app-installation businesses can monetize recurring revenue more effectively under improved management and distribution. The fund added to SharpSpring, replaced Fiat Chrysler shares with long-dated options, and backed Chicken Soup for the Soul Entertainment’s Crackle venture. Q1 2019 — APPS $1.3BPAR $804MBOX $4.6BCSSE delisted