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Here’s How KKR (KKR) Gets Affected by the Restructuring of Global Trade and Tariffs

Greenhaven Road Capital, an investment management company, released its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. 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.

In its first-quarter 2025 investor letter, Greenhaven Road Capital highlighted...