The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
Laughing Water Capital returned 39.8% net in Q2 2026, bringing year-to-date returns to 33.6% and 10-year annualized returns to 20.0%. The exceptional quarter was driven by three portfolio company acquisitions (Theravance, Avanos, SECURE Waste) and the doubling of the largest position. The manager emphasizes that timing was largely coincidental, but the process of identifying mispriced opportunities in forgotten corners of the market remains sound. The portfolio is currently more concentrated than typical, with a double-digit cash position providing flexibility for future deployment. New position AnaptysBio represents a special situation with 50-80% upside potential over the next 4-6 weeks, as the company faces litigation with GSK over Jemperli royalties that could result in settlement or outright acquisition. Other key positions include Liquidia awaiting a favorable patent ruling, Nextnav awaiting FCC spectrum approval, and Lifecore evaluating strategic alternatives. The manager continues to focus on idiosyncratic healthcare and special situation investments largely removed from the real economy, with distinct catalysts on the horizon to surface value while ignoring macro headlines.
Laughing Water Capital generates exceptional returns by identifying mispriced special situations in forgotten corners of the investment universe, focusing on good businesses led by good people dealing with operational, optical, or structural problems that markets improperly value, and patiently waiting for catalysts to surface value.
Manager has no deep thoughts on what will come next for equity markets and suggests skepticism toward those who claim to know. The biggest determinant of future success will be the performance of individual businesses and behavior of management partners. Portfolio is well positioned with companies largely removed from the real economy and distinct value-surfacing events on the horizon. Best path forward is to ignore scary headlines while focusing on owned businesses and their operators, with confidence that patience will be rewarded over time regardless of bumps along the way.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Laughing Water Capital or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.