APPS - Greenhaven Road Capital Q3 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 approximately -6% net for the third quarter, bringing YTD returns to approximately +14%.
• Our top five holdings should be familiar to limited partners, as we have owned them all prior to this quarter. The largest position is Digital Turbine.
• We have identified a couple of SPAC-related shorts that were not actionable; in one case there was no borrow available, and in another it was at the rate of 200% per year. While we continue to look for diamonds in the rough, rest assured, SPACs are still a fertile hunting ground for shorts.

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