Greenhaven Road Capital: Short Term Gain Realized from Liquidia (LQDA), Investment to Be Revisited

Greenhaven Road Capital , an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here . The fund achieved an approximate 11% net return in the second quarter, indicating progress from the first quarter. Key changes to the portfolio will include lower concentration and increased investments with near-term catalysts, alongside a proactive stance on profit-taking. The focus will remain on owning strong businesses and conducting research that challenges consensus views, as several major investments are poised for significant events within the year. Despite declines in market multiples, underlying businesses continue to grow, suggesting a favorable positioning for returns. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.

In its Q2 2026 investor letter, Greenhaven Road Capital highlighted Liquidia Corporation (NASDAQ: LQDA ). Liquidia Corporation (NASDAQ:LQDA) is a biopharmaceutical company, focusing on developing therapies for rare cardiopulmonary diseases. On August 14, 2026, Liquidia Corporation (NASDAQ:LQDA) closed at $74.44 per share. One-month return of Liquidia Corporation (NASDAQ:LQDA) was 0.26% and its shares gained 178.79% over the past 52 weeks. Liquidia Corporation (NASDAQ:LQDA) has a market capitalization of $6.66 billion.

Greenhaven Road Capital stated the following regarding Liquidia Corporation (NASDAQ:LQDA) in its Q2 2026 investor letter:

"Liquidia Corporation (NASDAQ:LQDA) — This is another special situation. The company has launched a successful drug but remains in a patent dispute that will determine how large their market can be. We purchased shares below where I believed they would settle even after an adverse trial outcome. The shares appreciated more than 30% before a verdict, so we realized a short-term gain and will revisit the investment after the decision."

Liquidia Corporation (NASDAQ:LQDA) is not on our list of the 40 Most Popular Stocks Among Hedge Funds . As per our database, 41 hedge fund portfolios held Liquidia Corporation (NASDAQ:LQDA) at the end of the first quarter which was 44 in the previous quarter. While we acknowledge the potential of Liquidia Corporation (NASDAQ:LQDA) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

In another article , we covered Liquidia Corporation (NASDAQ:LQDA) and shared Buckley Capital's insight on the company. In addition, please check out our hedge fund investor letters Q2 2026 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 .