Greenhaven Report.pdf

Greenhaven Road Letter 2019 Q4.pdf
Preview of Greenhaven Report
🔗 Source: static1.squarespace.com
📊 Size: 573 KB
👤 Author: Scott Miller
⬇️ Downloads: 160

Summary

The funds returned 2% net in Q4 and 15.5% for 2019, underperforming the Russell 2000 but outperforming by 25% and 29% over 3- and 5-year periods. The biggest negative impacts were less liquid positions, not purchases like Digital Turbine, Nintendo, and KKR, which appreciated significantly. The fund doesn't own any S&P 500 stocks, as 90% of the index's gains came from "multiple expansion" rather than earnings growth, and owns no stocks with bond-like dividends. Top holdings include KKR, which is expected to continue growing assets and management fees, with a credible path to doubling management fees over the next five years.

Description

The funds returned 2% net in Q4 and 15.5% for 2019, underperforming the Russell 2000 but outperforming by 25% and 29% over 3- and 5-year periods.

Technical Information

  • File Format: PDF
  • File Size: 573 KB
  • Pages: 11
  • Language: EN
  • Author: Scott Miller
  • Total Downloads: 160
  • Last Updated: 3 weeks ago

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