Greenhaven Road Capital, an investment management company, recently released its third-quarter 2025 investor letter, detailing its performance and top holdings. The fund reported a return of approximately -9% in the third quarter, bringing the year-to-date returns to approximately -9%. The letter highlighted factors that affected the portfolio during the quarter, including a lack of direct investment in AI, no overlap with the S&P 500 and Russell 2000, and insufficient ownership of small, high-growth, yet unprofitable companies that have benefited from the current AI landscape.
One of the top holdings mentioned in the investor letter is Cellebrite DI Ltd. (NASDAQ:CLBT). Headquartered in Petah Tikva, Israel, Cellebrite DI Ltd. is a software company that develops solutions for legally sanctioned investigations. The stock has seen a one-month return of -21.27% and a 16.17% loss in value over the last 52 weeks. As of November 7, 2025, Cellebrite DI Ltd. closed at $15.40 per share, with a market capitalization of $3.765 billion.
In the investor letter, Greenhaven Road Capital discussed Cellebrite DI Ltd. and its performance in 2025. The letter mentioned that software companies like Cellebrite have been placed in the “loser” bucket as winners and losers in AI are being sorted out. The decline in software multiples has been a headwind for medium-growth software companies, including Cellebrite. Despite the challenging landscape, Cellebrite DI Ltd. remains a top holding for Greenhaven Road Capital.
According to data, Cellebrite DI Ltd. is not among the 30 most popular stocks among hedge funds. However, 38 hedge fund portfolios held Cellebrite DI Ltd. at the end of the second quarter, indicating some level of interest in the stock. In Q2 2025, Cellebrite reported revenue of $113.3 million, up 18% from the same period in 2024, driven by subscription revenue growth of 21%. While Greenhaven Road Capital sees the potential in Cellebrite DI Ltd., they believe that certain AI stocks offer greater upside potential and carry less downside risk.
Overall, Greenhaven Road Capital’s third-quarter 2025 investor letter provides insights into their performance and top holdings, including Cellebrite DI Ltd. Despite the challenges faced by software companies in the current AI landscape, Cellebrite remains a key investment for the fund. Investors can download the full investor letter to gain a deeper understanding of Greenhaven Road Capital’s investment strategy and outlook for 2025.
