Greenhaven Road Capital Main Fund Q4 2024 Investor Letter

2025-03-03 03:10:00 ET

Summary

• The Greenhaven Road Capital Main Fund returned approximately 13% in Q4 and over 27% for the full year, rewarding patient investors.
• Our portfolio avoids the S&P 500, focusing on smaller, idiosyncratic companies with significant growth potential.
• Key holdings like PAR Technology, Lifecore, KKR, Cellebrite, and Burford are well-positioned for long-term growth and profitability.
• Despite market headwinds, I believe our companies will continue to strengthen, offering substantial returns over time.

Dear Fellow Investors,

I ended our Q3 letter saying, “[w]ith a concentrated portfolio of idiosyncratic companies, our returns have and will continue to come in chunks. As we ‘wait,’ progress is being made. I think we hold multiple multi-baggers and believe that the table is set for another ‘chunk’ of returns.” In Q4, we were indeed rewarded for our waiting with another chunk.

The Fund ¹ returned approximately 13% ² during the quarter and ended up more than 27% ² for the full year. Please refer to your individual statements for exact performance as returns will vary by fund, class, and timing of investment. ...

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