CLBTW - Greenhaven Road Capital Main Fund Q4 2023 Investor Letter

2024-02-10 09:30:00 ET

Summary

• Greenhaven Road is a boutique hedge fund with the patience and confidence to step outside of the norm. Greenhaven Road Capital digs deep, searching in places rarely trafficked to locate the few hidden gems that will outperform a diversified portfolio of blue chips.
• The Fund returned approximately 15% in the fourth quarter, bringing the full year returns to approximately 51%.
• I have little doubt that in 2024 we will see the return of the dynamics  discussed in this letter: there will be periods where macro dominates, there will continue to be short termism, and despite my best efforts to spread the word – much of what we own will be solidly in Don’t Know / Don’t Care land.

Dear Fellow Investors,

The Fund ¹ returned approximately 15% in the fourth quarter, bringing the full year returns to approximately 51%. Returns will vary by fund and investment class, so please check your statements for your actual returns.

Our Q2 letter was themed around being “one day closer.” I wrote, “I believe that with each passing day we are ‘one day closer.’ These improvements will not always be reflected in share prices, and many times progress will not be linear, but time is the friend of a strong management team, and time is the friend of the competitively advantaged businesses. Time is our friend.”...

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