LFCR - Greenhaven Road Capital Main Fund Q1 2025 Investor Letter

2025-05-19 09:20:00 ET

Summary

• Despite a tough Q1 and tariff-driven volatility, our core holdings remain fundamentally strong and positioned for long-term growth.
• We increased positions in Lifecore, Vistry Group, and Hagerty, capitalizing on market overreactions and their resilience to trade policy shifts.
• Kingsway Financial is a compelling, overlooked opportunity, scaling the proven search fund model with top-tier advisors and strong acquisition discipline.
• Most portfolio companies are minimally impacted by tariffs; I remain confident in our fundamentals and see significant upside as market focus returns.

Dear Fellow Investors,

The Fund ¹ returned approximately ?12% net of fees and expenses in the first quarter ² . Please refer to your individual statements for exact performance as returns will vary by fund, class, and timing of investment....

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