Greenhaven Road Capital Q1 2018 Investor Letter

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About: Fiat Chrysler Automobiles N.V. (FCAU), ETSY, TRIP, EVI, BXC, AINC, PRPL, IEA, Includes: DDM, DIA, DOG, DXD, EEH, EPS, EQL, FEX, FWDD, HUSV, IVV, IWL, IWM, JHML, JKD, OTPIX, PSQ, QID, QLD, QQEW, QQQ, QQQE, QQXT, RSP, RWL-OLD, RWM, RYARX, RYRSX, SBUS, SCAP, SCHX, SDOW, SDS, SFLA, SH, SMLL, SPDN, SPLX, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TNA, TQQQ, TWM, TZA, UDOW, UDPIX, UPRO, URTY, USSD, USWD, UWM, VFINX, VOO, VTWO, VV
by: Fund Letters
Summary

Includes detailed analysis of Greenhaven Road Capital's positions in FCAU, ETSY, TRIP, EVI, BXC, AINC, PRPL, IEA.

This past quarter, volatility returned to the markets and the indices’ steady, multiyear march higher ended. Our partnership was fortunate, returning approximately +8% net of fees and expenses.

We are more concentrated, invested in companies that tend to have very high insider ownership, and invested in companies that are often outside of the major indices because of size or geography.

Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.