Investor Letters

Letters through March 31, 2024

2 letters reporting on the period ending March 31, 2024, in each firm's own reckoning.

Palm Harbour Capital Letter 2024 Q1 Palm Harbour Capital purchased Piraeus Port Authority, citing its cash generation, balance sheet and capacity expansion, while selling two undisclosed positions after operational problems worsened. The portfolio case centers on discounts at Ocean Wilsons, Japanese cash-rich companies and International Games Technology, where a planned Everi merger is expected to separate the lottery business despite added execution and concession risks. first quarter GHTI 0FHO delisted0NV0 0ONR delisted
Greenhaven Road Capital Q1 2024 Greenhaven Road Capital argues that PAR Technology’s restaurant-software expansion, Cellebrite’s digital-evidence tools, KKR’s asset-gathering model and Burford’s litigation portfolio reward patient ownership. The fund exited Sphere and added Louisiana-Pacific and Alta Group, citing their business transitions, durable service economics and capital-allocation potential. first quarter PAR $804MANY $18MBUR $946MCLBT $2.9B