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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution."
Greenhaven Road returned 11% net in Q2 2026 but remains below target performance levels. The manager is moderately adjusting portfolio construction toward lower concentration, more near-term catalysts, and greater profit-taking discipline while maintaining focus on advantaged businesses and differentiated research. The portfolio is unusually well-positioned with several top holdings facing identifiable events over the next year. Burford's protein price-fixing settlements could exceed its market cap as trials begin in 2027, yet remain largely unrecognized by analysts. Hagerty's State Farm partnership is accelerating faster than consensus expects, with potential Geico partnership emerging. Cellebrite's Genesis AI product positions it to shift from perceived AI loser to winner. Special situations at Compass Diversified, Lifecore, and AnaptysBio offer near-term resolution paths. New investments include catalyst-driven positions in CODI, LQDA, APP, and ANAB. The manager believes the portfolio backs swift and strong companies where non-consensus views will be tested within 12 months, not years, determining whether differentiated research produces exceptional returns or painful losses.
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