Group 1 - Greenhaven Road Capital reported a third-quarter 2025 return of approximately -9%, resulting in year-to-date returns also at approximately -9% [1] - The portfolio's performance was negatively impacted by 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 [1] - The fund's top 5 holdings can be reviewed to identify its best investment picks for 2025 [1] Group 2 - Kingsway Financial Services Inc. (NYSE:KFS) was highlighted in the investor letter, with a one-month return of -19.28% and a 52-week gain of 45.31% [2] - As of November 7, 2025, Kingsway Financial Services Inc. closed at $13.02 per share, with a market capitalization of $375.932 million [2] - The company has been discussed in previous letters, noting that search funds have historically generated annual returns exceeding 30%, although they are difficult to access at scale and are inherently illiquid [3]