Greenhaven Road Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. A copy of the letter can be downloaded here. In the second quarter, the fund returned approximately +14% net of fees and expenses, bringing the YTD returns to under +1%. YTD, the Russell 2000 has returned -1.8%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its second-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 -25.90%, and its shares lost 1.82% of their value over the last 52 weeks. On August 18, 2025, PAR Technology Corporation (NYSE:PAR) stock closed at $52.25 per share, with a market capitalization of $2.12 billion.
Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its second quarter 2025 investor letter:
“PAR Technology Corporation (NYSE:PAR) – PAR is another difficult company to forecast earnings precisely. The company primarily adds new customers through RFP processes, the duration and outcome of which are not known. Even after winning an RFP, the implementation timeline is dictated by the customer. This past quarter saw a rollout implementation slowdown from Burger King, their largest customer, which halted implementation because they are adopting an additional module. This is a very “good” problem to have – your largest customer slowing down to buy more product. It is also worth noting that Burger King has several additional cross-sale opportunities including Popeye’s, Tim Hortons, and Burger King International. Burger King buying more is an excellent data point even if it had a negative impact on last quarter’s revenue.
