ESTC - Greenhaven Road Capital Q1 2021 Letter

• 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 ~14% net of fees and expenses in Q1’21. Returns will vary by fund, class, and investment date, so please refer to your statements for actual returns.
• Our top five positions represent more than 60% of our portfolio; these are the stocks that “matter” the most. Four have appeared in the top five before.
• Because I only want to add a few ideas per year to the portfolio, I can’t afford many false starts.
• Given the large move up in equity markets in recent quarters, it might surprise you to hear that, at present, I have more ideas than capital. I am finding what appear to be very compelling opportunities in SPAC land and outside.

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