LFCR

LFCR

LFCR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Greenhaven Road Capital	14.0%	1.0%	ASTS, BUR, CLBT, KKR, LFCR, PAR, SOC	Capital Allocation, Compounding, growth, long-term, quality businesses	The commentary centers on long-term compounding driven by owning exceptional businesses with reinvestment opportunities. Management emphasizes capital allocation discipline, founder-led cultures, and structural growth tailwinds. Short-term volatility is viewed as irrelevant relative to the power of sustained earnings growth.	ASTS PAR KKR CLBT LFCR BUR SOC	View
2025 Q2	Jul 21, 2025	Laughing Water Capital	13.1%	-	CTLP, LFCR, NN, PAR, SES CN, THRY, VTY LN	Buybacks, deep value, hidden assets, mispricing, small caps	The letter emphasizes deep value investing focused on misunderstood businesses and hidden asset value. Management highlights inefficiencies created by quantitative screening and accounting distortions. Long-term returns are expected from operational improvement, buybacks, and multiple expansion.	THRY VTY LN PAR NN LFCR SES CN CLAR	View
2024 Q1	May 3, 2024	Laughing Water Capital	2.5%	11.1%	CDMO, LFCR, NN, PAR, TACT, THRY	-			View
2025 Q1	May 20, 2025	Greenhaven Road Capital	-12.0%	-12.0%	BUR, CLBT, KKR, LFCR, PAR	-			View
2024 Q1	Apr 29, 2024	White Falcon Capital Management	6.0%	8.5%	CTS CN, DAVA, LFCR	-			View
2025 Q1	Apr 24, 2025	Laughing Water Capital	-13.0%	-13.0%	CTLP, HGV, LFCR, NN NA, PAR, PLYA, THRY, VTY LN, XPOF	-			View
2024 Q1	Apr 15, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, PKE, RDVT, SSP, TBRG, TRU, VSAT, WMT	-			View
2023 Q4	Feb 27, 2024	Summers Value Fund	-	16.1%	INSP, LFCR, SPOK, UFPT, UTMD, VRTV, ZIMV	-			View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	ALC, ANGI, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, SCWX, SNEX, SSP, VSAT	-			View
2025 Q3	Nov 8, 2025	Greenhaven Road Capital	-9.0%	-9.0%	CLBT, HGTY, KFS, KKR, LFCR, PAR	AI impact, growth, Recurring Revenue, software, Valuations	The fund highlights severe multiple compression across software companies as AI-driven build vs. buy narratives pressure valuations. Despite this headwind, management argues select holdingsCellebrite, PAR, and LifeCoreretain durable competitive advantages, recurring revenue, and long runways for growth. The letter emphasizes intrinsic-value compounding, temporary dislocations, and multi-year catalysts such as product launches, large RFP cycles, and regulatory tailwinds.		View
2024 Q3	Nov 10, 2024	Greenhaven Road Capital	15.0%	12.0%	BUR, CLBT, HGTV, KKR, LFCR, PAR, SOC	-			View
2024 Q3	Oct 20, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA	-			View
2023 Q3	Oct 19, 2023	Laughing Water Capital	2.5%	11.1%	CDMO, HGV, LFCR, THRY	-			View
2025 Q3	Oct 16, 2025	Laughing Water Capital	-1.0%	-2.7%	CLAR, LFCR, NN, PAR, THRY, VTY LN	fundamentals, mispricing, Patience, small caps, Value Investing	Laughing Water emphasizes patience and logic amid a market obsessed with AI and quantitative trading. The fund highlights long-term value creation across holdings such as Clarus, Lifecore, and NextNav, where operational and regulatory progress is ignored by short-term investors. Management sees improving fundamentals that will eventually translate into higher valuations as market sentiment normalizes.	VTY LN THRY US PAR US NN US LFCR US CLAR US	View
2023 Q3	Oct 10, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT	-			View
2023 Q1	Oct 5, 2023	Laughing Water Capital	2.5%	11.1%	LFCR	-			View
2022 Q4	Jan 31, 2023	Summers Value Fund	7.8%	-15.9%	LFCR, UFPT, UTMD	-			View
2025 Q4	Jan 13, 2026	Laughing Water Capital	6.8%	3.9%	LFCR, LQDA, NN, PAR, SES.TO, THRY, UTHR, VTY.L, WCN	Biotechnology, contrarian, defense, Factor Investing, small caps, value	Manager discusses two biotech investments: Lifecore Biomedical, a CDMO with excess capacity in a supply-constrained market, and Liquidia Corp, which has FDA approval for Yutrepia to treat pulmonary arterial hypertension with superior delivery versus incumbents. NextNav represents a national security investment focused on creating a terrestrial backup to GPS, with bipartisan support and urgency driven by China and Russia having satellite-killing capabilities while the US lacks terrestrial backup systems. Secure Waste Infrastructure operates alongside oil fields in Western Canada with stable cash flows, high economic EBITDA margins above 30%, and management aggressively repurchasing shares at attractive valuations. Manager emphasizes focus on off-the-beaten-path small cap investments during times of uncertainty, noting that factors like size, growth, and momentum have driven recent market performance against their investment approach.	VTY LN SES CN NN LQDA LFCR	View
2023 Q4	Aug 1, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	0UR4 LN, AVD, DLHC, HNGR, LFCR, LTRPA, OUT, SSP, VSAT	-			View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR, CLBT, HGTY, KKR, LFCR, PAR, SPHR	-			View
2023 Q2	Jul 17, 2023	Laughing Water Capital	2.5%	11.1%	APG, CDMO, HGV, LFCR, TACT, THRY, VTY LN	-			View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, HGV, LFCR, LMB, NN, THRY, VTY LN, XPOF	-			View
2024 Q2	Jun 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, CLVT, CMP, KBR, LFCR, LGF/B, NEU, NVDA, RDVT, SIX, SSP, SXI, VSAT	-			View
2023 Q1	Apr 28, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, BNED, BUR, CLBT, KKR, LFCR, PAR	-			View
2023 Q1	Mar 31, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD	-			View
2024 Q4	Feb 28, 2025	Greenhaven Road Capital	13.0%	27.0%	BUR, CLBT, DHER, IWG LN, KKR, LFCR, MKTW, PAR, VTY	-			View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	APG, CDMO, ENZ, HGV, LFCR, LMB, NN, THRY, VNDA, VTY LN	-			View
2023 Q4	Jan 18, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA, NTPIF, VTY LN	-			View
2024 Q4	Jan 16, 2025	Laughing Water Capital	18.6%	39.5%	CDMO, CTLP, LFCR, NN, PAR, THRY, VTY LN	-			View
2022 Q4	Jan 13, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AVID, CLMB, HRG, IAC, IEHC, LFCR, LTRPA, SKX, UFPT, VMD	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Matthew Sweeney	Lifecore Biomedical, Inc.	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Capacity, CDMO, Injectables, Margins, Utilization	View Pitch
Jan 8, 2026	Fund Letters	Matthew Sweeney	Lifecore Biomedical Inc.	Health Care	Pharmaceuticals	Bull	NASDAQ	acquisition, CDMO, Injectables, Reshoring, tariffs	View Pitch
Jan 8, 2026	Value Investors Club	ThatDu04	Lifecore Biomedical Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Clinical research, drug development, healthcare, life sciences, pharmaceuticals	View Pitch
Dec 6, 2025	Fund Letters	Scott Miller	LifeCore Biomedical Inc.	Health Care	Drug Manufacturers - Specialty & Generic	Bull	NASDAQ	Capacity, CDMO, leverage, manufacturing, tariffs	View Pitch
Nov 29, 2025	Fund Letters	Aziz V. Hamzaogullari	Lifecore Biomedical, Inc.	Health Care	Drug Manufacturers - Specialty & Generic	Bull	NASDAQ	Bioprocessing, CDMO, Contractmanufacturing, GLP-1, Injectables, pharmaceuticals, Reshoring, tariffs	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Lifecore Biomedical, Inc.		Drug Manufacturers - Specialty & Generic	Bull		customer wins, financial strategy, GLP-1 program, Lifecore Biomedical, market overreaction, pharmaceutical manufacturing, shelf offering, target price, U.S. re-shoring, undervalued	View Pitch
Oct 24, 2025	Value Investors Club	liverpoolstocks	Lifecore Biomedical Inc.	Health Care	Health Care Manufacturing	Bull	NASDAQ	acquisition target, Biomanufacturing, CDMO, deleveraging, GLP-1, turnaround	View Pitch

BSD Shareholders of LFCR

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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