ESTC - Greenhaven Road Capital Q2 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 funds returned ~6% net of fees and expenses in the second quarter bringing YTD returns to ~21%. Returns will vary by fund, class, and investment date, so please refer to your statements for actual returns.
• Our top five holdings represent more than half of our total long exposure and therefore five greatly influence overall returns. Over the course of the quarter, we bought more shares in three of our top five– Digital Turbine (APPS), PAR Technology (PAR), and Elastic Software (ESTC).
• It takes zero imagination for me to see our newest holding Marketwise go up 50% in the next year. I may be off in my analysis or there may be substantial multiple compression that drives asignificant pullback in these stocks or the market, but, overall, I like what we own and think we are positioned for attractivereturns over the long term.

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