CDMO

CDMO

CDMO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 21, 2025	Laughing Water Capital	13.1%	-	CDMO, CLAR, CTLP, GFL, HUBS, LFCR, NN, PAR, PLYA, SES.TO, THRY, VTY.L, WCN	Biotech, Buybacks, Canada, Oil Services, small caps, value, Waste management	SECURE Waste Infrastructure represents a transformation from cyclical oil services to recurring waste management with 80% of cash flows now recurring versus 60% previously cyclical. The company benefits from regulatory moats, geographic advantages, and stable demand from Western Canadian oil production. Management is aggressively repurchasing shares at attractive valuations.	VTY.L PAR NN LFCR SES.TO CLAR THRY VTY LN PAR NN LFCR SES CN CLAR	View
2024 Q1	May 3, 2024	Laughing Water Capital	2.5%	11.1%	CDMO, CTLT, HALO, LFCR, NN, NVDA, PAR, TACT, THRY	Biotechnology, Capacity, CDMO, long-term, Manufacturing, small caps, value	Large portion of portfolio invested in Contract Drug Manufacturing Organizations focused on biologics. Both Lifecore and Avid positioned to benefit from industry consolidation as Catalent is acquired by Novo Holdings and Chinese CDMOs face regulatory restrictions. Companies have available capacity during industry shortage and should benefit from tremendous operating leverage as capacity fills.		View
2025 Q1	Mar 31, 2025	Aristotle Small Cap Equity Fund	-7.6%	-7.6%	ADC, AER, AGI, ASGN, B, CDMO, CHE, CHH, CMCO, DBI, FFIC, HURN, MMSI, MODV, MTSI, ONB, SUM, VECO, VVV, WWE	gold, healthcare, industrials, REITs, semiconductors, small cap, technology, value	Fund focuses on small-cap segment with compelling valuations relative to large caps, trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, and continued reshoring of U.S. manufacturing.		View
2023 Q3	Oct 19, 2023	Laughing Water Capital	2.5%	11.1%	APLS, CDMO, HGV, LFCR, THRY	Biotechnology, Cloud, Macro, small caps, value, volatility	Manager discusses Avid Bioservices as a biologic contract drug manufacturer facing near-term headwinds from biotech spending slowdown but positioned to benefit from favorable industry dynamics including patent cliff, outsourcing trends, and supply-demand imbalance. Expects significant cash flow generation as new capacity gets filled over 4-5 years.	THRY CDMO	View
2023 Q1	Oct 5, 2023	Laughing Water Capital	2.5%	11.1%	BAX, CDMO, LFCR, SCTL, WST	Biotechnology, CDMO, distressed, M&A, small cap, value	Manager has significant exposure to the CDMO space through both Lifecore Biomedical and Avid Bioservices, viewing the sector as benefiting from massive secular tailwinds including the growth of biologics from 43% of US pharma sales to 55% of drugs in development. The CDMO business model offers high normalized margins, low normalized capex, high switching costs, and predictable long-term cash flows despite quarterly lumpiness.		View
2024 Q4	Jan 27, 2025	VH Standard Asset Management	-	-3.9%	ALTM, ALTR, AXNX, CDMO, CTLT, ESGR, GBNY, HCP, HES, INST, IPG, JNPR, JWN, MRNS, PDCO, PTVE, RCM, SMAR, SRCL, SRDX	Antitrust, Deal Flow, M&A, Merger Arbitrage, Regulatory, Trump	The fund experienced significant losses from the CPRI transaction failure in October, with the judge ruling against the merger based on novel antitrust theories about affordable luxury handbags. Despite this setback, the manager notes 33 deals completed between October and year-end with only 4 failures, indicating continued M&A activity in the sector.		View
2023 Q2	Jul 17, 2023	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLT, DGX, ENZ, HGV, LFCR, LH, NVR, TACT, THRY, VTY.L	Biotech, Buybacks, Homebuilders, small caps, software, value	Manager believes small cap stocks have been left behind by a market focused on mega-cap tech and AI exposure, creating an attractive opportunity set. The fund does not own any mega-cap tech stocks and has benefited from focusing on individual small businesses with idiosyncratic problems that management teams can solve over 3-5 years.		View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, ERIC, HALO, HGV, LFCR, LMB, NN, THRY, VTY.L, XPOF	Biotechnology, contrarian, Franchising, momentum, quantitative, small caps, value	Manager focuses on contrarian investing in businesses trading at single digit multiples of free cash flow, believing good businesses led by incentivized people will not trade at these levels forever. The strategy targets hidden corners of the market with optical, operational, or structural problems that are likely temporary.	XPOF CTLP	View
2022 Q4	Jan 31, 2023	Laughing Water Capital	2.5%	11.1%	AIM CN, APG, CDMO, HGV, LDE GR, THRY, VTY LN	-			View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	ALC, APG, BVH, CDMO, DGX, ENZ, HGV, LFCR, LH, LMB, NN, RCL, THRY, VNDA, VTY.L, VZ	Buybacks, concentrated, long-term, small caps, value	Manager focuses on small and very small cap stocks despite recent underperformance. Notes that small caps have significantly underperformed large caps, with micro cap ETF returning only 8% in 2023. Believes this creates opportunity as small caps are only 4% expensive vs 20-year average while large caps are 88% expensive.	ANNX	View
2024 Q4	Jan 16, 2025	Laughing Water Capital	18.6%	39.5%	CDMO, CTLP, HUBS, LFCR, NN, PAR, THRY, TTAN, VTY.L, VZ	Biotech, Concentration, small caps, software, Spectrum, technology, value	NextNav represents a next-generation GPS and wireless spectrum investment with significant upside potential. The company is awaiting FCC approval for its petition to update 900 MHz spectrum band rules, which would enable terrestrial GPS and 5G spectrum creation. Recent valuation markers suggest the spectrum could be worth approximately $40 per share if approved.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Laughing Water Capital	Avid Bioservices	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Biologic Manufacturing, Biosimilars, biotechnology, capacity expansion, CDMO, contract manufacturing, Free Cash Flow, operating leverage, Outsourcing, Patent cliff, pharmaceuticals	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Avid Bioservices	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Bioprocessing, Capacity utilization, CDMO, NOLs, operating leverage, Pharmaceutical, Private Equity Buyout	View Pitch

BSD Shareholders of CDMO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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