WEDXF - Greenhaven Road's November 2020 Investor 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.
• There has been a very wide dispersion in the returns of the underlying funds on a quarterly, annual, and since-inception basis.
• Small cap value strategies have been out of favor for the past few years as investors have fawned over large, money-losing growth stocks.
• As we construct a portfolio of funds, I am looking for style diversity, and think that there remains a place for Arquitos’ focus on companies with conservative balance sheets, hidden assets, and significant optionality.

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