Here’s Greenhaven Road Capital’s Comment on KKR (KKR)

Greenhaven Road Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. A copy of the letter can be downloaded here. In the second quarter, the fund returned approximately +14% net of fees and expenses, bringing the YTD returns to under +1%. YTD, the Russell 2000 has returned -1.8%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its second-quarter 2025 investor letter, Greenhaven Road Capital highlighted stocks such as KKR & Co. Inc. (NYSE:KKR). KKR & Co. Inc. (NYSE:KKR) is an equity and real estate investment firm. The one-month return of KKR & Co. Inc. (NYSE:KKR) was -2.60%, and its shares gained 19.01% of their value over the last 52 weeks. On August 18, 2025, KKR & Co. Inc. (NYSE:KKR) stock closed at $141.20 per share, with a market capitalization of $125.8 billion.

Greenhaven Road Capital stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its second quarter 2025 investor letter:

“KKR & Co. Inc. (NYSE:KKR) – KKR shares were down more than 8% in the first half of the year, in line with most of the publicly traded “alternative asset managers”. Explaining short-term share price declines is always a form of speculation, but investor pessimism seemed to be related to tariff impacts and institutional investor fatigue. Alternative asset managers have benefitted in recent years as university endowments steadily increased their allocations to “privates” with many endowments investing 40% or more in the asset class. The combination of lower fundraising, endowment taxes, and illiquidity of alternative assets has led both Harvard and Yale to borrow billions of dollars to fund their operations and investment obligations and have, or been rumored to have, sold some of their illiquid private holdings at a 10% or greater discount to their stated value.

Customers in distress selling assets at distressed prices is a coherent bear case for the alternative managers. Fortunately, university endowments represent less than 5% of KKR’s assets under management (AUM). Universities are a customer, but they are not THE customer.

The growth engines for KKR are a continuation of the big getting bigger in alternative assets (gaining share) and broadening the product offering and customer base. The strength of the brand name for KKR, Blackstone, and others are likely to continue to be a magnet for assets – you don’t get fired for recommending KKR.”

In another article, we covered KKR & Co. Inc. (NYSE:KKR) and shared the list of best rebound stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.