Greenhaven Road Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund returned approximately -9%, bringing the YTD returns to approximately -9%. The factors that affected the portfolio during the quarter included a lack of direct investment in AI, no overlap with the S&P 500 and Russell 2000, and insufficient ownership of small, high growth, yet unprofitable companies that have driven the recent rally and benefited from the current AI landscape. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-quarter 2025 investor letter, Greenhaven Road Capital highlighted stocks such as Lifecore Biomedical, Inc. (NASDAQ:LFCR). Lifecore Biomedical, Inc. (NASDAQ:LFCR) is an integrated contract development and manufacturing organization. The one-month return of Lifecore Biomedical, Inc. (NASDAQ:LFCR) was 3.63%, and its shares gained 4.74% of their value over the last 52 weeks. On November 7, 2025, Lifecore Biomedical, Inc. (NASDAQ:LFCR) stock closed at $6.85 per share, with a market capitalization of $256.645 million.
Greenhaven Road Capital stated the following regarding Lifecore Biomedical, Inc. (NASDAQ:LFCR) in its third quarter 2025 investor letter:
“Lifecore Biomedical, Inc. (NASDAQ:LFCR): Last quarter’s letter emphasized that, while I believe that the companies that we held had high intrinsic and expected value, the timing of realizing the value remained uncertain. I believe that our holdings are worth far more than their quarter-end share prices suggest; the true unknown is when (hopefully not if) the market will come to agree.
Our returns will ultimately be driven by the share prices of our companies, and that will be the only scorecard that matters. That said, there are times where the share price “action” can feel divorced from the health of a business, and this is one of those times.
To illustrate this divergence, I will walk through the dynamics of several of our current holdings. Note: as Q3’s share price decline and its impact on our returns were most pronounced with PAR, I will dedicate an entire appendix to the subject at the end of the letter.
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. “Shelf offerings” like this allow public companies to register a large amount of securities (stock, debt, warrants, etc.) up front and then “take them off the shelf” to sell gradually over time without having to re-file each time. 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. The third quarter marked the one-year anniversary of LifeCore being current on their financials and, thus, was the first time that this management team could put such a shelf offering in place. Given LifeCore’s +/- $280M market cap in mid/late September, $150M is a sizable number, but the size of the shelf was determined based on a peer group identified by LFCR’s financial advisors. I think it was a non-event and reflective of a prudent board and a financially current company – certainly not a “sell the company down 10% and don’t look back” moment. Note: as of this writing, we are a month past the filing, and note that LFCR has yet to actually sell any new stock…” (Click here to read the full text)
Lifecore Biomedical, Inc. (NASDAQ:LFCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 15 hedge fund portfolios held Lifecore Biomedical, Inc. (NASDAQ:LFCR) at the end of the second quarter, up from 12 in the previous quarter. While we acknowledge the risk and potential of Lifecore Biomedical, Inc. (NASDAQ:LFCR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Lifecore Biomedical, Inc. (NASDAQ:LFCR) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Lifecore Biomedical, Inc. (NASDAQ:LFCR) and shared Laughing Water Capital’s views on the company. In its Q2 2025 investor letter, Greenhaven Road Capital highlighted Lifecore Biomedical, Inc.’s (NASDAQ:LFCR) turnaround potential. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.
READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.
Disclosure: None. This article is originally published at Insider Monkey.
