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 KKR & Co. Inc. (NYSE:KKR) is a leading private equity and real estate investment firm focusing on direct and fund-of-fund investments.
On August 14, 2026, KKR & Co. Inc. (NYSE:KKR) closed at $114.01 per share, reflecting a market capitalization of $102.34 billion. Inc. (NYSE:KKR) posted a one-month return of 13.58%, while its shares lost 22.00% over the past 52 weeks.
Greenhaven Road Capital stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its Q2 2026 investor letter: "We still own PAR and KKR & Co. Inc. (NYSE:KKR), but they are not currently top-five holdings, so we will devote more space to the new investments.
KKR remains a great business. I believe the private credit scare will pass and AUM will march higher, driven by the maturation of existing strategies and the development of the high-net-worth channel." KKR & Co. Inc. (NYSE:KKR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026.
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