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Greenhaven Road Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 2 funds

Our archive holds 8 letters from Greenhaven Road Capital, behind 27 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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Greenhaven Road Capital’s own letters page
8
Letters
10
Companies
3
Moves
27
Theses

What they bought and sold · 3 moves

  • TrimmedLiquidia
    June 2026
    “The shares appreciated more than 30% before a verdict, so we realized a short-term gain and will revisit the investment after the decision.”
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  • New positionAnaptysBio
    June 2026
    “This quarter, we invested in AnaptysBio, a situation that may not require as much patience.”
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  • New positionAppLovin
    June 2026
    “This is a 1% position in a small AI basket.”
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Companies held · 10

Every company Greenhaven Road Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 27

  • AnaptysBio, Inc.
    June 2026

    AnaptysBio, Inc. is a drug royalty company whose Jemperli royalties and lawsuit with GSK could lead to a settlement or acquisition premium.

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  • Cellebrite DI Ltd.
    June 2026

    Cellebrite DI Ltd. is a digital forensics software company whose new AI product Genesis could expand its market and support continued compounding and multiple expansion.

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  • Hagerty, Inc.
    June 2026

    Hagerty, Inc. sells classic and collectible car insurance and is expected to benefit from operating leverage, State Farm rollout acceleration, and a possible Geico partnership.

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  • Burford Capital
    June 2026

    Burford Capital is a litigation finance leader with superior case selection and a potentially very large protein-case catalyst that could drive substantial recoveries.

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  • Kingsway Financial Services Inc.
    June 2026

    Kingsway Financial Services is transforming into a public search-fund compounder with organic growth, low-multiple acquisitions, and potential multiple rerating.

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  • Compass Diversified Holdings
    June 2026

    Compass Diversified Holdings is a discounted holding company special situation with asset-sale, management change, and buyback catalysts.

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  • Lifecore Biomedical, Inc.
    June 2026

    Lifecore Biomedical, Inc. is a CDMO with excess manufacturing capacity, new customer wins, and potential upside from sticky contracts or a strategic sale.

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  • LifeCore
    September 2025

    LifeCore (LFCR) is a company whose promising developments and potential revenue growth are overshadowed by a misguided negative market reaction to a recent shelf offering filing.

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  • Cellebrite
    September 2025

    Cellebrite is well-positioned for future growth due to its unique products, high customer value, and upcoming AI tools, despite current market challenges.

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  • KKR
    September 2025

    KKR is a diversified asset manager with significant growth potential despite current market challenges facing alternative asset managers.

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  • PAR Technologies
    September 2025

    PAR Technologies is a high-potential investment facing temporary growth challenges, but with several major opportunities, including a potential deal with McDonald's, that could significantly enhance its valuation.

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  • AST SpaceMobile
    June 2025

    AST SpaceMobile is developing a satellite-based cellular network that will provide worldwide broadband coverage directly to unmodified smartphones, with significant opportunities in various markets, including defense and first responders.

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Letter archive · 8

2026

2025

2024

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