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Greenhaven Road Capital’s Q1 2025 Investor Letter

Greenhaven Road Capital, an investment management company, released its first-quarter 2025 investor letter. In the first quarter, the fund returned around -12% net of fees and expenses, trailing the Russell 2000 by approximately 2% in large part. The Q1 letter focused on President Trump’s Liberation Day and the attendant tariff policies rather than company fundamentals. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

A copy of Greenhaven Road Capital’s Q1 2025 investor letter can be downloaded here.