Greenhaven Road Investment Management, L.P.

Hedge Fund • Value

Greenhaven Road Investment Management, L.P. is a Value-focused Hedge Fund based in Greenwich, CT led by Mark Joel Rubin, reporting $349.3M in AUM as of Q3 2025 with 39% Technology concentration, 97% concentrated in top 10 holdings, and 16% allocation to PAR.

COOMark Joel Rubin

Portfolio Value: $242.3M
Positions: 15
Top Holding: PAR at 15.89%
Last Reported: Q3 2025

Address8 Sound Shore Drive, Suite 210, Greenwich, CT, 06830, United States

Top Holdings

Largest long holdings in Greenhaven Road Investment Management, L.P.'s portfolio (97.4% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 PAR Technology PAR	Software - Application Technology	$38.5M	15.89%	-$863.5K Sold	2.40% 973.2K shares	Q4 2019 Held for 5y 11m
2 Hagerty HGTY	Insurance - Property & Casualty Financial Services	$32.1M	13.24%	+$10.3M Bought	2.69% 2.7M shares	Q2 2022 Held for 3y 5m
3 Cellebrite DI Ltd. CLBT	Software - Infrastructure Technology	$30.6M	12.64%	+$2.5M Bought	0.68% 1.7M shares	Q4 2021 Held for 3y 11m
4 KKR & Co. KKR	Asset Management Financial Services	$28.6M	11.78%	-$1.9M Sold	0.02% 219.7K shares	Q4 2019 Held for 5y 11m
5 Lifecore Biomedical, Inc. LFCR	Drug Manufacturers - Specialty & Generic Healthcare	$27.2M	11.22%	—	9.86% 3.7M shares	Q1 2023 Held for 2y 8m
6 Burford Capital BUR	Asset Management Financial Services	$19.2M	7.91%	-$269.3K Sold	0.73% 1.6M shares	Q1 2023 Held for 2y 8m
7 Kingsway Financial Services KFS	Auto - Dealerships Consumer Cyclical	$19.2M	7.91%	—	4.54% 1.3M shares	Q1 2023 Held for 2y 8m
8 Louisiana-Pacific Corporation LPX	Construction Industrials	$16.6M	6.83%	-$1.3M Sold	0.27% 186.4K shares	Q1 2024 Held for 1y 8m
9 AST SpaceMobile ASTS	Communication Equipment Technology	$16.2M	6.67%	+$3.0M Bought	0.12% 329.1K shares	Q2 2025 Held for 5 months
10 Allot Ltd. ALLT	Software - Infrastructure Technology	$8.0M	3.32%	+$1.4M Bought	1.65% 759.6K shares	Q4 2024 Held for 11 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Greenhaven Road Investment Management, L.P.'s latest filing

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GthenC

Market Value

$242.3M

Prior: $284.8M

Q/Q Change

-14.91%

-$42.5M

Net Flows % of MV

-5.7%

Turnover Ratio

9.96%

New Purchases

0 stocks

Added To

5 stocks

+$17.2M

Sold Out Of

3 stocks

$20.4M

Reduced Holdings

5 stocks

-$10.6M

Increased Positions

Position	Shares Δ	Change
1 Quest Resource Holdings QRHC	+137.18%	13.0K → 30.8K +$27.9K
2 Hagerty HGTY	+47.1%	1.8M → 2.7M +$10.3M
3 AST SpaceMobile ASTS	+22.8%	268.0K → 329.1K +$3.0M
4 Allot Ltd. ALLT	+21.34%	626.0K → 759.6K +$1.4M
5 Cellebrite DI Ltd. CLBT	+8.89%	1.5M → 1.7M +$2.5M

Decreased Positions

Position	Shares Δ	Change
1 Barnes & Noble Education BNED	Sold	984.2K → 0 −$11.6M
2 Alta Equipment Group ALTG	Sold	1.4M → 0 −$8.6M
3 CoreCard CCRD	Sold	7.4K → 0 −$215.4K
4 Sable Offshore Corp. SOC	-55.2%	645.9K → 289.3K −$6.2M
5 Louisiana-Pacific Corporation LPX	-7.45%	201.4K → 186.4K −$1.3M