Greenhaven Road Capital, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the Fund returned approximately 15%, bringing the full-year returns to approximately 51%. The reason for all of the Q4 returns was perseverance along with multiple expansions during the quarter as investors were willing to pay a higher P/E or P/S for the same underlying company. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Greenhaven Road Capital featured stocks such as PAR Technology Corporation (NYSE:PAR) in the fourth quarter 2023 investor letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) is a technology company that serves restaurants and retail industries. On February 14, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $48.70 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was 10.81%, and its shares gained 33.83% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $1.365 billion.
Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its fourth quarter 2023 investor letter:
“PAR Technology Corporation (NYSE:PAR) – In October, our largest holding, PAR, announced their biggest customer win, Burger King. The path to Burger King was long and winding. One could argue that the first seeds were planted in 2014 when the company bought a cloud-based Point of Sale system called Brink. However, it also would not have happened if CEO Savneet Singh had not been hired in 2018. It also would not have happened if the company had not decided to pursue their Unified Commerce strategy in 2021. This overnight success was almost 10 years in the making and the result of a series of product, hiring, and acquisition decisions.
I see two sources of optimism for us as shareholders. The first is that, even though the Burger King announcement was the largest in company history and represents 8,000 Burger King locations in North America, there are also many reasons to believe that two other large chains (Tim Horton’s and Popeye’s) with the same owners as Burger King could be secured if the Burger King implementation is successful, representing an additional 8,000 locations in North America, and then eventually international Burger Kings…” (Click here to read the full text)
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PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of third quarter which was 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. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.