Greenhaven Road Capital’s third-quarter 2025 investor letter reported a -9% return for the quarter, bringing the YTD returns to approximately -9%. Factors affecting the portfolio included no direct investment in AI, lack of overlap with S&P 500 and Russell 2000, and insufficient ownership of small, high growth companies in the AI landscape.

One of the highlighted stocks in the investor letter was Hagerty, Inc. (NYSE:HGTY), a US-based company providing insurance services for collector cars. HGTY had a one-month return of 5.70% and shares gained 14.25% over the last 52 weeks. As of November 7, 2025, HGTY stock closed at $12.43 per share with a market capitalization of $4.252 billion.

Greenhaven Road Capital doubled its shares in Hagerty, Inc. (NYSE:HGTY) in 2025, anticipating 5x earnings growth from 2024-2029. The core thesis includes profit contribution from State Farm partnership, operating leverage as policies increase, and normalization of loss ratios to historical levels. HGTY is not among the 30 most popular stocks among hedge funds.

Read more at Yahoo Finance: Greenhaven Road Capital Doubled Its Holdings in Hagerty (HGTY)