Greenhaven Road Capital commentary for the fourth quarter ended December 31, 2020.
Q4 2020 hedge fund letters, conferences and more
Dear Fellow Investors,
In the fourth quarter, Greenhaven’s fund returned in excess of 30%, bringing full-year 2020 returns to more than 105% after fees and expenses. Please check your individual statements as returns are impacted by investment date, share class, etc.
Given the large, positive difference between our 2020 performance and that of the major indices, one might question if we are using excessive leverage or excessive concentration to achieve those results. The short answer to both is no. 2020 returns were driven by stock-picking across a range of...
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