Greenhaven Road Capital, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund achieved an approximate 11% net return in the second quarter, indicating progress from the first quarter.
Key changes to the portfolio will include lower concentration and increased investments with near-term catalysts, alongside a proactive stance on profit-taking. The focus will remain on owning strong businesses and conducting research that challenges consensus views, as several major investments are poised for significant events within the year. Despite declines in market multiples, underlying businesses continue to grow, suggesting a favorable positioning for returns.
Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026. In its Q2 2026 investor letter, Greenhaven Road Capital highlighted AnaptysBio, Inc. (NASDAQ:ANAB) as a newly added position. AnaptysBio, Inc. (NASDAQ:ANAB) is a clinical-stage biotechnology company focusing on immunology therapeutics for autoimmune and inflammatory diseases.
On August 14, 2026, AnaptysBio, Inc. (NASDAQ:ANAB) closed at $58.47 per share, reflecting a market capitalization of $1.73 billion. AnaptysBio, Inc. (NASDAQ:ANAB) posted a one-month return of 16.27%, while its shares gained 338.15% over the past 52 weeks. Greenhaven Road Capital stated the following regarding AnaptysBio, Inc. (NASDAQ:ANAB) in its Q2 2026 investor letter: "Many of our investments require patience.
Rather than a clear near-term catalyst, they offer an advantaged product or management team that can build the business and compound value over time. This quarter, we invested in AnaptysBio, a situation that may not require as much patience. AnaptysBio, Inc. (NASDAQ:ANAB) is a drug royalty company.
In 2014, Tesaro licensed a portfolio of pre-clinical antibodies from AnaptysBio. Tesaro, then a small company with $180M in cash, paid AnaptysBio $17M under an agreement designed for two small companies. The agreement included exclusivity and notification provisions and required Tesaro to seek an "optimal commercial return" for AnaptysBio's drugs, which were still in clinical trials.
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