Greenhaven Road Capital, an investment management company, released its second-quarter 2026 investor letter.
A copy of the letter can be downloaded here
The fund achieved an approximate 11% net return in the second quarter, indicating progress from the first quarter. Key changes to the portfolio will include lower concentration and increased investments with near-term catalysts, alongside a proactive stance on profit-taking. The focus will remain on owning strong businesses and conducting research that challenges consensus views, as several major investments are poised for significant events within the year.
Despite declines in market multiples, underlying businesses continue to grow, suggesting a favorable positioning for returns. Additionally, reviewing the Fund’s top five holdings could help identify its best picks for 2026. In its Q2 2026 investor letter, Greenhaven Road Capital highlighted Kingsway Corporation (NYSE:KWY).