| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -9% | -9% |
| 2025 |
|---|
| -9.0% |
Greenhaven Road returned -9% in Q3 2025, bringing YTD returns to -9% as the concentrated portfolio faced headwinds from sector rotation away from software and alternative asset managers toward AI beneficiaries. The fund's top five holdings - PAR Technologies, Cellebrite, KKR, LifeCore, and Hagerty - all declined despite strong business fundamentals and progress. Software companies faced 26% multiple compression as AI uncertainty created competitive concerns, while alternative asset managers dealt with private equity and private credit headwinds. However, the manager believes these sectors remain attractive long-term, with specialized software like Cellebrite's digital forensics maintaining defensible moats and KKR positioned to benefit from private wealth expansion. LifeCore showed operational progress with GLP-1 customer wins and reshoring tailwinds, while Hagerty's 5x earnings growth thesis through 2029 remains intact. The manager maintains conviction that current holdings trade below intrinsic value, with timing of realization being the primary uncertainty rather than ultimate value creation.
Concentrated portfolio of high-quality businesses with durable competitive advantages, strong management teams, and multi-year growth potential trading at attractive valuations despite temporary sector headwinds.
Manager believes current holdings are worth far more than quarter-end share prices suggest, with the main uncertainty being timing rather than ultimate value realization. Expects forward progress over time as good businesses with recurring revenue, operating leverage, and insider ownership should see multiples and growth rates recover from current compressed levels.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Nov 8 2025 | 2025 Q3 | ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC | AI, Asset Management, Concentration, private credit, software, value | - | Concentrated portfolio down 9% YTD as software and alternative asset managers face sector headwinds despite strong fundamentals. Top holdings PAR, Cellebrite, KKR, LifeCore, and Hagerty all declined while business progress continued. Manager maintains conviction in quality businesses with recurring revenue and operating leverage trading below intrinsic value, viewing current sector rotation as temporary. |
| Aug 7 2025 | 2025 Q2 | AAPL, ASTS, BUR, CLBT, GOOGL, KKR, LFCR, MCD, PAR, SOC, T, VZ | Litigation, oil, Pharmaceuticals, private equity, small caps, Space, Trade Policy, value |
SOC BUR LFCR CLBT KKR PAR ASTS |
Greenhaven Road's portfolio resembles Christmas morning with high expected value positions awaiting catalysts. Key holdings include Burford's $6B Argentina settlement exposure, LifeCore benefiting from potential drug tariffs, AST SpaceMobile's satellite technology with defense applications, and Cellebrite preparing for sale. Success depends on company execution rather than macro factors, with multiple multi-bagger opportunities despite uncertain timing. |
| May 20 2025 | 2025 Q1 | BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L | Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility | - | Fund declined 12% in Q1 as tariff volatility pressured top holdings PAR, KKR, and Cellebrite. Manager used weakness to add to onshoring beneficiary Lifecore and unrelated names. Expects policy moderation from reciprocal tariffs toward more reasonable approach. Maintains conviction in small-cap fundamentals and anticipates outperformance when markets return focus to individual company prospects. |
| Feb 28 2025 | 2024 Q4 | AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L | AI, Concentration, growth, small caps, value | - | Greenhaven Road delivered 27% returns in 2024 through concentrated small-cap investing outside the S&P 500. The fund focuses on whether companies can get there - survive and prosper to become larger and more liquid. Despite market headwinds from elevated valuations, strong portfolio fundamentals and AI integration should drive chunky returns as companies execute growth plans. |
| Nov 10 2024 | 2024 Q3 | BUR.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM | Concentration, energy, healthcare, PIPE, self-help, technology, value | - | Greenhaven Road delivered strong Q3 returns focusing on self-help opportunities where companies drive their own value creation. Key moves include PIPE investments in PAR Technology and LifeCore Biomedical at discounts, plus new oil position in Sable Offshore. The concentrated portfolio of operational turnaround stories is positioned for chunky returns as company-specific catalysts materialize. |
| Jul 31 2024 | 2024 Q2 | ALTG, BUR, CLBT, HGTY, KKR, PAR | - | - | |
| May 13 2024 | 2024 Q1 | ALTG, BUR.L, CLBT, IWG.L, JHX, KKR, LPX, PAR | Litigation Finance, private equity, real estate, SaaS, small cap, technology, value | - | Greenhaven Road returned 2% in Q1, maintaining concentrated positions in businesses with inevitable growth prospects including PAR Technology's SaaS transition, KKR's asset management expansion, and Cellebrite's law enforcement tools. Despite short-term market volatility from Fed policy and election uncertainty, the manager emphasizes patience and business fundamentals over quarterly trading, expecting long-term value realization. |
| Apr 2 2024 | 2023 Q4 | APG, BUR, CLBT, IWG.L, KKR, PAR | Concentration, fundamentals, growth, long-term, small caps, technology, value | - | Greenhaven Road returned 51% in 2023 by investing in overlooked small-cap businesses with strong management teams. The concentrated portfolio includes PAR Technology winning major restaurant chains, KKR expanding into private wealth, and new position IWG transitioning to asset-light workspace partnerships. Despite macro noise and short-termism creating volatility, fundamental business progress continues building long-term value. |
| Oct 29 2023 | 2023 Q3 | APG, BUR.L, CLBT, KKR, LFCR, PAR | growth, Litigation, private equity, small caps, technology, value | - | Greenhaven Road delivered 30% YTD returns despite Q3 macro headwinds. PAR Technology's exclusive Burger King partnership validates their restaurant technology transformation, adding $25M ARR and opening doors to other Tier 1 customers. The portfolio includes high-quality businesses like KKR, Burford Capital, and Cellebrite that continue building value while trading at discounts to intrinsic worth. |
| Jul 31 2023 | 2023 Q2 | APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR | catalysts, growth, long-term, small caps, SPACs, value | - | Greenhaven Road returned 25% YTD through Q2 2023, focusing on small-cap value opportunities with clear improvement catalysts. Manager emphasizes patience and long-term value creation, believing time favors competitively advantaged businesses. Portfolio includes former SPACs and transformation stories like Hagerty, Lifecore, and Sphere Entertainment, positioned for multiple expansion as business fundamentals improve and market sentiment shifts. |
| Apr 28 2023 | 2023 Q1 | APG, BNED, BUR, CLBT, KKR, LFCR, PAR, SYY | durability, small caps, special situations, technology, value | - | Small-cap value manager returned 17% in Q1 focusing on durable businesses with low churn and strong balance sheets. Portfolio includes profitable SaaS transitions (PAR), permanent capital structures (KKR), and special situations with asymmetric upside (Lifecore CDMO, Barnes & Noble transformation). Expects recession but confident in portfolio durability and long-term compounding potential. |
| Jan 31 2023 | 2022 Q4 | APG, CLAR, CLBT, ESTC, KKR, MGNT, PAR, PAT GR | - | - | |
| Nov 30 2022 | 2022 Q3 | APG, APPS, CLBT, ESTC, HGTY, KKR, PAR, TDOC | - | - | |
| Jul 31 2022 | 2022 Q2 | - | - | - | |
| Apr 30 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
Enterprise SoftwareManager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption. |
SaaS Enterprise Software Digital Forensics Restaurant Technology AI Impact |
Alternative Asset ManagersKKR represents a core holding despite sector headwinds from private equity concerns and private credit issues. Manager believes diversified asset managers with strong track records will continue growing AUM, particularly in private wealth channel where less than 1.5% of $190 trillion is allocated to alternatives. |
Private Equity Private Credit Asset Management Fee Related Earnings Private Wealth | |
Specialty PharmaLifeCore provides contract pharmaceutical manufacturing with focus on GLP-1 programs. Company benefits from reshoring trends and Trump's 100% tariff on pharmaceutical imports. Revenue expected to ramp in second half of 2026 with significant operating leverage potential. |
Contract Manufacturing GLP1 Pharmaceutical Manufacturing Reshoring Operating Leverage | |
Specialty InsuranceHagerty specializes in collector car insurance with 86% insider ownership and 90% policy renewal rates. Earnings expected to grow 5x from 2024-2029 driven by State Farm partnership, operating leverage from IT platform consolidation, and normalizing loss ratios. |
Collector Car Insurance State Farm Partnership Operating Leverage Recurring Revenue Loss Ratios | |
| 2025 Q2 |
LitigationBurford Capital holds rights to multiple billion-dollar potential judgements including the YPF Argentina case worth over $16B. The fund is also short two companies facing significant litigation with potential treble damages far exceeding their market capitalizations. |
Legal Settlement Judgement Argentina YPF Damages |
Trade PolicyTrump has repeated desire to impose 200% tariff on drugs made outside the US to be implemented in 1.5 years. This would benefit LifeCore's contract drug manufacturing business which has significant excess capacity and operates domestically. |
Tariffs Pharmaceuticals Manufacturing Onshoring Trump | |
SpaceAST SpaceMobile is developing a space-based cellular broadband network using satellites that communicate directly with unmodified smartphones. The company has partnerships with major telecom operators and potential defense applications including Trump's Golden Dome missile shield program. |
Satellites Cellular Defense Golden Dome Broadband | |
Alternative Asset ManagersKKR represents the trend of big getting bigger in alternative assets with continued success in high-net-worth channels. The industry may benefit from potential executive order allowing alternative managers to sell products to 401K investors holding over $7 trillion in assets. |
Private Equity AUM Growth 401K Distribution Wealth Management | |
OilSable Offshore is reopening an old oilfield in federal waters off California that was operated by Exxon for decades. Environmental litigation has delayed pipeline reopening, but the manager believes litigation should be resolved before year end. |
Offshore California Pipeline Environmental Production | |
| 2025 Q1 |
Trade PolicyPresident Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced. |
Tariffs Trade War Reciprocal Liberation Day Global Trade |
Alternative Asset ManagersKKR faces headwinds from tariffs and lack of private equity liquidity, but continues gathering assets through diversified platform. K-Series grew from $7B to $18B in 2024 with nearly $1B monthly inflows. Large managers are gaining market share, with 59% of 2024 fundraising going to top 6 managers versus 20% in 2019. |
Private Equity Asset Management K-Series Fundraising AUM | |
OnshoringDrug manufacturing represents a clear onshoring opportunity where the President is correct about domestic production needs. Tariff policies and legislation like BIOSECURE Act make domestic manufacturing partners more attractive. Lifecore benefits as a domestic CDMO with excess capacity positioned for reshoring demand. |
Domestic Manufacturing CDMO Drug Manufacturing BIOSECURE Act Reshoring | |
| 2024 Q4 |
AIAI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications. |
AI Automation Efficiency Technology Integration |
Small CapsThe fund focuses on small, illiquid companies that trade at discounts to larger peers. The key question is whether these companies can get there - survive and prosper over time to become larger and more liquid. This illiquidity issue solves itself with growth and execution. |
Small Caps Illiquidity Growth Execution Valuation | |
ValueThe fund hunts outside the S&P 500 for undervalued opportunities while the Magnificent 7 drive index returns. Multiple expansion has driven much outperformance, and the manager is happy hunting for value in overlooked areas with better risk-adjusted returns. |
Value Undervalued Multiples Discount Opportunity | |
| 2024 Q3 |
GLP1LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints. |
Ozempic Wegovy Manufacturing Capacity CDMO |
OilNew investment in Sable Offshore Corporation, an oil and gas company that acquired Exxon's Santa Barbara operations. The Santa Ynez field was historically one of Exxon's most productive, producing 15% of California's oil before being shut down in 2015 due to pipeline leak. Sable has potential for substantial cash generation if production restarts. |
Production California Offshore Pipeline Exxon | |
Enterprise SoftwarePAR Technology has transformed into a vertical market software company with accelerating growth and inflecting to profitability. The company has improved its POS code base, executed five acquisitions, won Tier 1 customers like Burger King and Wendy's, and grown ARR per share from $1.04 to $5.30 with line of sight to over $8. |
POS Restaurant ARR Acquisitions Profitability | |
CRO & CDMOLifeCore Biomedical is a contract development and manufacturing organization specializing in fill/finish for sterile injectables. The company operates at less than 35% utilization with doubled capacity, meaning it can almost triple revenue with virtually no additional capital. Management targets at least 12% revenue growth and margin improvement from 15% to 25%. |
Fill/Finish Sterile Utilization Capacity Margins | |
AICellebrite is positioned for AI-driven growth in law enforcement analytics. The company has products and relationships in major law enforcement agencies and could leverage AI to help with case backlogs and human capital shortages. AI tools could parse enormous amounts of data for law enforcement struggling with exploding data volumes. |
Law Enforcement Analytics Data Investigation Tools | |
| 2024 Q1 |
SaaSPAR Technology is transitioning to a recurring revenue model with dramatic growth in ARR per share, from $1.04 in 2018 to expected $10+ in 2025. The company benefits from low churn rates and is adding new products like table service POS and online ordering. |
Recurring Revenue ARR POS Restaurant Technology Software |
CybersecurityCellebrite provides digital evidence extraction and analysis tools for law enforcement. The company benefits from growing digital evidence complexity and understaffed agencies needing technology solutions. New AI-enhanced products should drive pricing power. |
Digital Evidence Law Enforcement AI Investigation Tools Mission Critical | |
Alternative Asset ManagersKKR is positioned for inevitable growth with 18% asset compounding for 15 years and 7X fee-related income growth since 2010. The firm has permanent capital, robust distribution channels, and significant dry powder for deployment. |
Private Equity AUM Growth Fee Income Permanent Capital Distribution | |
Specialty FinanceBurford Capital finances litigation with a large portfolio of cases working through the legal system. The company has an 85% success rate historically and benefits from corporate incentives to monetize legal cases for current earnings. |
Litigation Finance Legal Cases Corporate Incentives Risk Management Returns | |
Commercial Real EstateInternational Workplace Group operates flexible office space and is transitioning to an asset-light partnership model similar to Hilton's hotel management approach. Over 800 partnerships signed last year with 1,000+ expected this year. |
Flexible Office Asset Light Partnerships Real Estate Management Workspace | |
Building ProductsLouisiana-Pacific is transitioning from commodity OSB to specialty products and siding with 50% EBITDA margins. The company benefits from housing deficit dynamics and has consolidated industry structure with rational competitors. |
OSB Siding Housing Deficit Specialty Products Margins | |
| 2023 Q4 |
Commercial Real EstateIWG benefits from headwinds facing corporate real estate market as vacancies rise and landlords become more flexible. The company's partnership model helps landlords fill empty space while reducing IWG's capital requirements. |
Office Flexible workspace Landlords Partnerships Asset-light |
AutomationPAR Technology's unified commerce platform combining POS, payments, loyalty, and back office systems is gaining traction with large restaurant chains. The integrated products reinforce each other and provide competitive advantages. |
POS Restaurant technology Unified commerce Integration Loyalty | |
Alternative Asset ManagersKKR is expanding into private wealth channels and building scale across Asia, climate, infrastructure, insurance, and private credit. The private wealth engine should drive meaningful growth for a decade-plus. |
Private wealth Asset gathering Insurance Private credit Scale | |
CybersecurityCellebrite benefits from increasing data volumes on mobile devices and law enforcement's need for digital forensics tools. The company has limited competition and pricing power through new products with greater functionality. |
Digital forensics Law enforcement Mobile data Case management Pricing power | |
| 2023 Q3 |
RestaurantsPAR Technology's exclusive partnership with Burger King North America represents a major validation of their unified commerce strategy. The restaurant technology stack has become increasingly complex, requiring seamless integration between POS systems, mobile apps, delivery services, and loyalty programs. Large QSR chains that attempt to build these systems internally face significant execution risks. |
POS QSR Technology Integration Franchisees |
Private EquityKKR represents a high-quality, durable business model with nearly half of their capital being permanent. The private equity industry continues growing at approximately 10% annually as institutional investors increase allocations. KKR's next growth phases include expanding their high-net-worth franchise and insurance company offerings. |
AUM Permanent Capital Growth Insurance High Net Worth | |
LitigationBurford Capital's litigation funding model provides asymmetric risk-reward profiles, with downside limited to case funding costs and upside limited only by settlement size. Their YPF case against Argentina resulted in a $6.2 billion judgment, demonstrating the power law dynamics where a few massive cases drive significant returns. |
Funding Settlement Argentina Power Law Asymmetric | |
| 2023 Q2 |
SPACsMultiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion. |
SPACs Multiple expansion Stigma Valuation Business quality |
ValueManager focuses on companies trading below intrinsic value with clear paths to appreciation through business improvements, catalyst realization, or multiple expansion. Emphasizes patience and long-term value creation over short-term market sentiment. |
Value Intrinsic value Multiple expansion Patience Long-term | |
Small CapsPortfolio concentrated in small-cap companies that have underperformed large caps for 10 years. Manager believes law of large numbers will favor smaller companies and their turn for outperformance is coming. |
Small caps Underperformance Large caps Outperformance Cycles | |
| 2023 Q1 |
ResilienceManager emphasizes portfolio durability through companies with low churn, strong balance sheets, and secular tailwinds. Uses marble elephant metaphor to distinguish durable businesses from fragile ones, noting less than 20% of original S&P 500 companies survived 50 years. |
Durability Balance Sheets Churn Survival |
SaaSPAR Technology transitioning to Software as a Service model with 30% ARR growth expected. Cellebrite also moving from perpetual licenses to SaaS. Both companies benefit from recurring revenue models and low customer churn. |
Recurring Revenue ARR Subscription | |
Private CreditBurford Capital finances commercial litigation with asymmetric return profile. Historical 90% ROIC with 30% annualized returns. Structural advantages as largest player with best deal flow and proprietary data. |
Litigation Finance Alternative Credit Asymmetric Returns |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2025 | Fund Letters | Scott Miller | BUR | Burford Capital Limited | Financials | Asset Management | Bull | NYSE | Asymmetric, Catalyst, Claims, litigation, Sovereign | Login |
| Aug 7, 2025 | Fund Letters | Scott Miller | LFCR | LifeCore Biomedical Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Bull | NASDAQ | Capacity, CDMO, leverage, manufacturing, tariffs | Login |
| Aug 7, 2025 | Fund Letters | Scott Miller | CLBT | Cellebrite DI Ltd. | Information Technology | Software - Infrastructure | Bull | NASDAQ | ARR, Catalysts, Intelligence, sale, Software | Login |
| Aug 7, 2025 | Fund Letters | Scott Miller | KKR | KKR & Co. Inc. | Financials | Asset Management | Bull | NYSE | Alternatives, AUM, Distribution, Fundraising, private equity | Login |
| Aug 7, 2025 | Fund Letters | Scott Miller | PAR | PAR Technology Corporation | Information Technology | Software - Application | Bull | NYSE | pipeline, POS, profitability, QSR, Software | Login |
| Aug 7, 2025 | Fund Letters | Scott Miller | ASTS | AST SpaceMobile, Inc. | Information Technology | Communication Equipment | Bull | NASDAQ | broadband, Connectivity, Partnerships, Satellites, Telecom | Login |
| Aug 7, 2025 | Fund Letters | Scott Miller | SOC | Sable Offshore Corp. | Energy | Oil & Gas Drilling | Bull | - | Catalyst, litigation, Offshore, oil, Re-rating | Login |
| TICKER | COMMENTARY |
|---|---|
| PAR | PAR Technologies (PAR) has been frustrating. The five-year chart shows we've been early, and its 40% decline in over just the last two months of the quarter certainly tests conviction. There is no scandal at PAR. In fact, PAR's largest customer, Burger King, has added products over the course of 2025, doubling down on their PAR relationship, and PAR signed more customers during Q3 than in any other quarter in the company's history. PAR has a real shot at winning McDonald's and their 45,000 locations worldwide. A McDonald's win would represent well over $100M per year in recurring revenue for PAR. |
| CLBT | Digital forensics enterprise software company Cellebrite (CLBT) is another top five holding that is down for the year. As the winners and losers of AI are being sorted out, software companies have been placed in the loser bucket and software multiples have declined. The notion that local law enforcement agencies are going to have the budget or talent to use AI or vibe code software to unlock cell phones made by Apple and Google seems unlikely. Cellebrite should be a large beneficiary of AI, defying the 2025 narrative that all software companies are in trouble. |
| KKR | KKR is another of our holdings that is DOWN for the year. Similar to software companies, alternative asset managers are out of favor. Traditional private equity funds represent approximately 22% of KKR's AUM, so while private equity is part of their business, it is not their whole business. KKR continues to have a significant opportunity with individuals. There is over $190 trillion of wealth in individual hands, and less than 1.5% of that has been in private markets. KKR is currently raising over a billion dollars per month and ramping from the mass affluent. |
| LFCR | LifeCore (LFCR) provides the simplest example of good news meeting bad price reaction. On September 23rd, the company filed an S-3 allowing it to register (sell) up to $150M in securities. The market reacted as if LFCR had just sold all $150M in stock in one fell swoop, and shares traded down more than 10% on the news. During Q3, LifeCore announced a number of customer wins that included the signing of a late stage clinical GLP-1 program, showing traction for their sales efforts. All the indicators that we are looking for, except a rising share price, are in place for LFCR's revenue to begin ramping in the second half of 2026. |
| HGTY | Hagerty (HGTY): We have more than doubled Greenhaven Road's number of shares held over the course of 2025. The core thesis: Hagerty's earnings could grow 5x from 2024-2029, driven by three factors. First, the State Farm partnership transitions from a multi-million-dollar expense to a profit contributor as policies come online. Second, operating leverage kicks in as policies in force grow while the company consolidates onto one IT platform. Third, loss ratios normalize back to Hagerty's historical 42% target. Insiders own nearly 86% of the company, which has a large base of recurring revenue with over 90% of policies renewing. |
| KFS | Kingsway Financial (KFS): Search funds have historically generated annual returns in excess of 30% but they have been hard to access with any scale and they are inherently illiquid. At the foundation of our investment thesis is that Kingsway can attract and support very bright younger managers to acquire asset light businesses from retiring baby boomers. This month (October), Kingsway announced the hiring of another searcher, Colton Hanson. Kingsway is an N of 1 company providing access to search at scale, without fees, with liquidity, and with NOLs to help improve the tax efficiency. |
| ASTS | satellite communications company AST SpaceMobile (ASTS, up 100%+) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
