CTTOF - Greenhaven Road Capital Partners Fund Q4 2024 Investor Letter

2025-03-03 03:25:00 ET

Summary

• The Greenhaven Road Capital Partners Fund returned approximately 10% in Q4, bringing year-to-date returns to 23%, thanks to selective investments and strategic SPVs.
• Our investment in CTT, a 500-year-old Portuguese postal service, exemplifies our strategy of esoteric and transformative investments led by exceptional managers like Steven Wood.
• Steven's strategic initiatives, including real estate monetization and capital allocation, have significantly transformed CTT, driving meaningful share price appreciation and future growth potential.
• CTT's recent joint venture with DHL and expansion into e-commerce and Spanish markets position it for substantial future returns, potentially 2-3x the 2024 year-end share price.

Dear Fellow Investors,

I am pleased to report that the Partners Fund returned approximately 10% ¹ net in the fourth quarter, bringing our year-to-date returns to approximately 23% ¹ net. ...

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