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....

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