Soumya Eswaran
4 min read
In This Article:
Greenhaven Road Capital, an investment management company, released its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned around -12% net of fees and expenses, trailing the Russell 2000 by approximately 2% in large part. The Q1 letter focused on President Trump’s Liberation Day and the attendant tariff policies rather than company fundamentals. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its first-quarter 2025 investor letter, Greenhaven Road Capital highlighted stocks such as PAR Technology Corporation (NYSE:PAR). PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. The one-month return of PAR Technology Corporation (NYSE:PAR) was 11.65%, and its shares gained 38.49% of their value over the last 52 weeks. On May 22, 2025, PAR Technology Corporation (NYSE:PAR) stock closed at $66.39 per share with a market capitalization of $2.689 billion.
Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its Q1 2025 investor letter:
"PAR Technology Corporation (NYSE:PAR) – PAR does have a legacy hardware business that would be impacted by tariffs. PAR’s supply chains primarily involve South Korea and Taiwan, so they should not be impacted by the super-sized China tariffs, and the company believes that tariff costs generally can be passed on to customers. That said, virtually nobody owns PAR for the hardware business, though it is helpful to be vertically integrated and subsidized hardware can be used to secure very high-margin software contracts. I cannot imagine an informed PAR investor selling their shares because of the impact of tariffs. Further, PAR’s core customers are Quick Service Restaurants (Burger King, etc.), which generally do very well in a weaker economy as consumers “trade down.”
