Greenhaven Road Capital Letters & Research Archive

Greenhaven Road Capital is a boutique hedge fund founded by Scott Miller, focused on overlooked small-cap value stocks with a concentrated, low-turnover book, plus a Partners Fund that seeds emerging managers. Its candid quarterly letters are known for surfacing obscure ideas; AUM is roughly $600m.

4 pieces · 2025–2025 · updated every Monday

2025

12-31Greenhaven Road Partners Fund Q4 2025 Investor LetterThis investor letter dives into a stock called HKHC, a small asset manager that’s being overlooked. Its stock fell by a third in 2025, yet cash and investments alone are worth $20.63 per share—almost…→12-31Greenhaven Road Capital Q4 2025 Investor LetterThis letter explains why Greenhaven Road Capital’s fund lost 10% in 2025 but still has high hopes. The manager says the companies he owns are actually getting stronger—one drug manufacturer is only us…→09-30Greenhaven Road Partners Fund Q3 2025 Investor LetterMarkets are incredibly focused on AI and big tech stocks, leaving some companies deeply undervalued. For example, Daily Journal Corporation (DJCO) trades at around $360 per share, which only covers th…→09-30Greenhaven Road Capital Q3 2025 Investor LetterThis investor letter explains why the fund lost about 9% in Q3 2025 by avoiding AI stocks. The author believes his holdings—like restaurant software, police phone-cracking tools, and litigation financ…→