CVNA - Greenhaven Road Partners Fund Q1 2025 Investor Letter
2025-05-19 09:45:00 ET
Summary
- Our fund embraces concentrated holdings, diverging from the passive, diversified approach of mainstream indices like the Russell 2000.
- Key investments include hyper-concentrated positions in CTT Correios de Portugal, Carvana, and CrossingBridge Advisors, each with unique value-unlocking catalysts.
- CrossingBridge Advisors stands out for its rapid AUM growth, strong balance sheet, insider ownership, and substantial upside potential given its current valuation.
- While concentration introduces risk, it is a deliberate feature of our strategy, aiming for differentiated, outsized returns over time alongside my own capital.
Dear Fellow Investors,
The Partners Fund declined just under 4%1 net in the first quarter of 2025 . Our performance diverged from the Russell 2000 primarily because four fund investments share one common characteristic: concentration....
Greenhaven Road Partners Fund Q1 2025 Investor Letter