Investor Letters
Letters through March 31, 2020
2 letters reporting on the period ending March 31, 2020, in each firm's own reckoning.
- Palm Harbour Capital Letter 2020 Q1 | 216 KB Palm Harbour Capital exited Hostelworld and Aryzta after losing confidence in their operators, then re-established Aryzta following activist involvement. The portfolio added selectively amid lockdown dislocation and contrasted IGT’s shutdown-exposed lottery and gaming operations with Gamesys’s resilient online bingo model. first quarter of 2020 ARZTY $1.1BHSW
- Greenhaven Road Capital Q1 2020 Greenhaven Road Capital retained major positions in SharpSpring, Digital Turbine and PAR Technology, arguing that their balance sheets, management teams and competitive positions can withstand the pandemic disruption. It added smaller positions in Roku, Pinterest and Carvana while emphasizing businesses with variable costs and sufficient liquidity. Q1 2020 APPS $1.3BKKR $80BPAR $611M
