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 Kingsway Financial Services Inc. (NYSE:KFS). Headquartered in Chicago, Illinois, Kingsway Financial Services Inc. (NYSE:KFS) engages in extended warranty and business services. The one-month return of Kingsway Financial Services Inc. (NYSE:KFS) was -19.28%, and its shares gained 45.31% of their value over the last 52 weeks. On November 7, 2025, Kingsway Financial Services Inc. (NYSE:KFS) stock closed at $13.02 per share, with a market capitalization of $375.932 million.
Greenhaven Road Capital stated the following regarding Kingsway Financial Services Inc. (NYSE:KFS) in its third quarter 2025 investor letter:
“Kingsway Financial Services Inc. (NYSE:KFS): I wrote about Kingsway extensively in our Q1 letter (link). Search funds have historically generated annual returns in excess of 30% but they have been hard to access with any scale and they are inherently illiquid.
