Core Insights - Greenhaven Road Capital reported a third-quarter 2025 return of approximately -9%, with year-to-date returns also at -9% [1] - The fund's performance was impacted by a lack of direct investment in AI, no overlap with major indices like the S&P 500 and Russell 2000, and insufficient holdings in small, high-growth, unprofitable companies that have benefited from the AI landscape [1] Company Focus: Hagerty, Inc. (NYSE:HGTY) - Hagerty, Inc. provides insurance services for collector cars and enthusiast vehicles, with a one-month return of 5.70% and a 52-week gain of 14.25% [2] - As of November 7, 2025, Hagerty's stock closed at $12.43 per share, with a market capitalization of $4.252 billion [2] - Greenhaven Road has more than doubled its shares in Hagerty during 2025, with a core thesis that earnings could grow fivefold from 2024 to 2029 due to a partnership with State Farm, operating leverage from policy growth, and normalization of loss ratios [3] Hedge Fund Interest - Hagerty, Inc. is not among the 30 most popular stocks among hedge funds, with 11 hedge fund portfolios holding the stock at the end of Q2 2025, down from 12 in the previous quarter [4] - While acknowledging Hagerty's potential, the company believes certain AI stocks present greater upside potential and less downside risk [4]