Greenhaven Road Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund returned approximately -9%, bringing the YTD returns to approximately -9%. The factors that affected the portfolio during the quarter included a lack of direct investment in AI, no overlap with the S&P 500 and Russell 2000, and insufficient ownership of small, high growth, yet unprofitable companies that have driven the recent rally and benefited from the current AI landscape. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-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 0.73%, and its shares lost 22.18% of their value over the last 52 weeks. On November 7, 2025, KKR & Co. Inc. (NYSE:KKR) stock closed at $121.32 per share, with a market capitalization of $112.286 billion.
Greenhaven Road Capital stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its third quarter 2025 investor letter:
“KKR & Co. Inc. (NYSE:KKR) is another of our holdings that is DOWN for the year. Similar to software companies, alternative asset managers are out of favor. Alternative managers including Blackstone, Apollo, Carlyle, and Blue Owl have all seen lower share prices. The two most prevalent concerns for the alternative asset managers relate to traditional private equity and private credit.
