Greenhaven Road Capital, an investment management company, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm stated in its Q3 2024 letter that with a concentrated portfolio of idiosyncratic companies returns are expected to come in chunks, with progress being made and multiple multi-baggers holding potential. The expectation was paid off in Q4 with another chunk. The fund returned approximately 13% in the quarter bringing yearly returns to 27%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

In its fourth quarter 2024 investor letter, Greenhaven Road Capital emphasized stocks such as Burford Capital Limited (NYSE:BUR). Burford Capital Limited (NYSE:BUR) offers legal finance products and services. The one-month return of Burford Capital Limited (NYSE:BUR) was -4.99%, and its shares lost 3.04% of their value over the last 52 weeks. On March 6, 2025, Burford Capital Limited (NYSE:BUR) stock closed at $13.71 per share with a market capitalization of $3.008 billion.

Greenhaven Road Capital stated the following regarding Burford Capital Limited (NYSE:BUR) in its Q4 2024 investor letter:

"Burford Capital Limited (NYSE:BUR) – Burford isn't just "getting there" - they're already the leader in litigation finance with a 27% historical gross IRR and losses on only 13% of cases, according to their disclosures. I have gone out of my way in past letters to highlight just how good the company has been historically at financing litigation. They rarely lose money on cases, in part because the vast majority (76%) settle. They do, however, occasionally have “monster winners” that return 10X, 50X or even 100X their initial investment.

An accountant meticulously going over documents in her office, exemplifying the company's commitment to accuracy and detail.