Greenhaven Road Capital, an investment management firm, has issued its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned about 15%, bringing full-year returns to about 51%. All of the Q4 returns were driven by persistence coupled with multiple expansions during the quarter as investors were willing to pay a higher price to earnings or earnings per share for the same underlying company. Additionally, you can check out the fund's top 5 holdings to see its top picks for 2023.
Greenhaven Road Capital featured stocks like PAR Technology Corporation (NYSE:PAR) in its Q4 2023 Investor Letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) is a technology company serving the restaurant and retail industries . On February 14, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $48.70 per share. PAR Technology Corporation (NYSE:PAR)'s one-month return is 10.81%, and its shares have gained 33.83% in value over the past 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market cap of $1.365 billion.
Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its Q4 2023 investor letter:
“Bar Technology Company (NYSE:PAR) – In October, our largest proprietary company, PAR, announced its biggest customer win, Burger King. The road to Burger King was long and winding. One could argue that the first seeds were planted in 2014 when the company purchased a cloud-based point-of-sale system called Brink. However, this also would not have happened if CEO Savineet Singh had not been appointed in 2018. It also would not have happened if the company had not decided to pursue a unified commerce strategy in 2021. This overnight success took almost 10 years. As a result of a series of product, hiring and acquisition decisions.
I see two sources of optimism for us as shareholders. The first is that although Burger King's announcement was the largest in the company's history and represents 8,000 Burger King locations in North America, there are also many reasons to believe that two other large chains (Tim Hortons and Popeye's) with the same owners could secure Burger King if it succeeds. Implementation of Burger King, representing an additional 8,000 locations in North America, and eventually Burger King International…” (Click here to read the full text)
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PAR Technology Corporation (NYSE:PAR) isn't on our list of the 30 most popular stocks among hedge funds. According to our database, 17 hedge funds' portfolios owned PAR Technology Corporation (NYSE:PAR) at the end of the third quarter which were 19 in the previous quarter.
We discussed PAR Technology Corporation (NYSE:PAR) in another article and shared Choice Equities Capital Management's views on the company. Additionally, please see our Q4 2023 Hedge Fund Investor Letters page for additional investor letters from hedge funds and other major investors.
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Disclosure: None. This article was originally published on Insider Monkey.
