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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Hit by a market favoring massive momentum stocks, but remains fully invested and highly convicted in cheap, high-fundamental-growth holdings like LFCR, LQDA, and NN."
Laughing Water Capital (LWC) returned 6.8% in Q4 2025, resulting in a full-year 2025 net return of 3.9%, which underperformed the S&P 500 TR and Russell 2000 indices. The manager attributes this underperformance to heavy market factorization (where large size, growth, and momentum indices dominated) and costly individual stock losers. Despite these headwinds, LWC remains confident in its contrarian, bottom-up investment process, highlighting strong fundamental execution across core holdings like Lifecore Biomedical, Liquidia, NextNav, Secure Waste, and Vistry Group. The fund exited its position in Thryv Inc as a admitted mistake and initiated three new undisclosed small positions.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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Growth Outlook
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Language Signal
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