LFCR Archives

LFCR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	VH Standard Asset Management	8.1%	7.1%	BASE, BERY, BPMC, BRDG, COOP, DFS, ESGR, GMS, GTLS, HES, JNPR, JWN, LFCR, RDFN, SGOV, SPTN, STR, SWTX, TURN, X	Antitrust, Cash, Deregulation, M&A, Merger Arbitrage, Regulatory	The manager notes a significant pickup in M&A activity within the biotech-pharma-healthcare industry recently, which has provided deal flow for the portfolio. Johnson & Johnson's $15 billion acquisition of Intra-Cellular received no regulatory scrutiny, exemplifying the more permissive environment.		View
2025 Q2	Aug 7, 2025	Greenhaven Road Capital	14.0%	1.0%	AAPL, ASTS, BUR, CLBT, GOOGL, KKR, LFCR, MCD, PAR, SOC, T, VZ	Litigation, oil, Pharmaceuticals, private equity, small caps, Space, Trade Policy, value	Burford Capital holds rights to multiple billion-dollar potential judgements including the YPF Argentina case worth over $16B. The fund is also short two companies facing significant litigation with potential treble damages far exceeding their market capitalizations.	ASTS PAR KKR CLBT LFCR BUR SOC	View
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	May 20, 2025	Greenhaven Road Capital	-12.0%	-12.0%	BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L	Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility	President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced.		View
2024 Q1	Apr 29, 2024	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, ATZ.TO, CTS.TO, DAVA, FNV, LFCR, NU, TECK.TO	Canada, gold, IT Services, small caps, technology, value	Manager discusses IT service providers as good businesses that act as a royalty on IT spend, serving as an important link between technology and corporations. Sees favorable backdrop with rising technology investments, growing outsourcing trends, and emergence of AI. Endava and Converge represent significant positions in this space.	CTS.TO LCBM EQTL	View
2025 Q1	Apr 24, 2025	Laughing Water Capital	-13.0%	-13.0%	CTLP, HGV, LFCR, NN, PAR, PLYA, THRY, VTY.L, XPOF	Biotechnology, Buybacks, Resilience, small caps, software, Spectrum, tariffs, value	Manager discusses Trump administration's tariff plans and their potential economic impact, noting uncertainty around implementation and suggesting much may be posturing. Believes Trump will likely declare victory on tariffs with minimal actual changes to avoid losing midterm elections.	PAR VTY.L NN LFCR CDMO XPOF	View
2026 Q1	Apr 20, 2026	Laughing Water Capital	-4.5%	-4.5%	LFCR, LQDA, LRN, NN, PAR, SES.TO, TBPH, VTY.L	Biotechnology, Concentration, small cap, special situations, value			View
2024 Q1	Apr 15, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT	aerospace, healthcare, Media, small caps, technology, value	Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market.	RDVT TBRG PKE	View
2023 Q4	Feb 27, 2024	Summers Value Fund	-	16.1%	ELMD, FRPT, INSP, ISDR, LFCR, MODV, OTCM, PINC, SPOK, UFPT, UTMD, VRTV, ZIMV	Biotechnology, dividends, healthcare, Long/Short, Medical Devices, small caps, value	The fund has significant exposure to medical device companies including UFP Technologies (linked to da Vinci surgical robot growth), Inspire Medical (sleep apnea devices), and Zimvie (spine and dental). The manager sees strong growth potential in surgical robotics and sleep apnea treatment markets.	ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN	View
2024 Q4	Dec 31, 2024	Summers Value Fund	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024.	ZIMV INDV UFPT ELMD	View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT	aerospace, Concentration, infrastructure, Media, small cap, technology, value	Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI.		View
2025 Q3	Nov 8, 2025	Greenhaven Road Capital	-9.0%	-9.0%	ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC	AI, Asset Management, Concentration, private credit, software, value	Manager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption.		View
2024 Q3	Nov 10, 2024	Greenhaven Road Capital	15.0%	12.0%	BUR.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM	Concentration, energy, healthcare, PIPE, self-help, technology, value	LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints.		View
2023 Q3	Oct 29, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, BUR.L, CLBT, KKR, LFCR, PAR	growth, Litigation, private equity, small caps, technology, value	PAR Technology's exclusive partnership with Burger King North America represents a major validation of their unified commerce strategy. The restaurant technology stack has become increasingly complex, requiring seamless integration between POS systems, mobile apps, delivery services, and loyalty programs. Large QSR chains that attempt to build these systems internally face significant execution risks.		View
2024 Q3	Oct 20, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA	Biotechnology, FDA, Patent litigation, small caps, value	Liquidia continues to face FDA delays for their PAH and PH-ILD drug Yutrepia until May 2025, despite having a superior product with better patient tolerance. The manager believes Liquidia can capture 50% market share given the 50-60% dropout rate for the competitor's drug.	LFCR LQDA ENDI	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
2025 Q3	Oct 16, 2025	Laughing Water Capital	-1.0%	-2.7%	CLAR, DISH, LFCR, NN, PAR, T, THRY, VTY.L	concentrated, fundamentals, Patience, Private Market, small caps, undervalued, value	Manager focuses on businesses trading below private market value with clear catalysts for value realization. Multiple portfolio companies are undergoing strategic reviews or have management incentivized to maximize shareholder value through potential sales.	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, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT	Concentration, cybersecurity, energy, healthcare, Media, small caps, value	The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math.	AMSWA DLHC SSP IAC VSAT	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
2022 Q4	Jan 31, 2023	Summers Value Fund	7.8%	-15.9%	LFCR, UFPT, UTMD	-			View
2024 Q4	Jan 30, 2025	Summers Value Partners	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	Concentration, healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms.	ZIMV INDV UFPT ELMD	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%	AVD, CJREF, CNX, DLHC, HNGR, LFCR, LTRPA, OUT, SSP, VSAT, VTS	Agriculture, concentrated, energy, Media, small cap, Travel, value	Manager holds three energy-related stocks including Hallador Energy, CNX Resources, and Vitesse Energy. Believes demand for carbon energy is stickier than many expect and sufficient alternatives are harder to produce than anticipated, creating higher and steadier profit fundamentals for domestic energy sources.		View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR	catalysts, growth, long-term, small caps, SPACs, value	Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion.		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
2024 Q2	Jun 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT	Auto Parts, Concentration, Data Services, small cap, turnaround, value	Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value.	RDVT CLVT AAP KBR VSAT CMP SSP	View
2023 Q1	Apr 28, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, BNED, BUR, CLBT, KKR, LFCR, PAR, SYY	durability, small caps, special situations, technology, value	Manager emphasizes portfolio durability through companies with low churn, strong balance sheets, and secular tailwinds. Uses marble elephant metaphor to distinguish durable businesses from fragile ones, noting less than 20% of original S&P 500 companies survived 50 years.		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%	AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L	AI, Concentration, growth, small caps, value	AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications.		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
2023 Q4	Jan 18, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA, MNKD, NTP, UTHR, VTY.L	activism, Biotechnology, Buybacks, Homebuilders, Skin in Game, small caps, value	Liquidia won patent litigation against United Therapeutics for PAH treatment, with CEO making $1M share purchase before decision. Product expected to launch April 2024 with potential to capture significant market share from United Therapeutics through superior delivery technology.	NTP ENDP LFCR VTY.L LQDA	View
2023 Q4	Jan 17, 2024	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, CNDT, CTS.TO, DCBO.TO, FTRE, LFCR, NU, ROVR, WBD	Brazil, Fintech, growth, Quality, small caps, technology, value	White Falcon practices value investing by buying businesses for less than they are worth when the market has low expectations. Their style has nothing to do with low current valuations - a stock at 10x P/E can be expensive while another at 30x P/E may be fantastic value.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ROVR	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
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
Apr 28, 2026	Fund Letters	Arquitos Capital Management	Lifecore Biomedical Inc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	activist, Biotech Services, CDMO, Hyaluronic Acid, Injectables, sale process, Special Situation, Supply Constrained	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Lifecore Biomedical Inc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Capacity utilization, CDMO, Fill-Finish, operating leverage, sale process, Tariff Beneficiary, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Lifecore Biomedical Inc.	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Biosecure Act, Biotech, CDMO, Fill-Finish, M&A Target, Re-shoring, tariffs	View Pitch
Apr 13, 2026	Fund Letters	Arquitos Capital Management	Lifecore	Health Care	Life Sciences Tools & Services	Neutral	NASDAQ	activist investor, capacity expansion, CDMO, contract manufacturing, Fill-Finish, Neutral, turnaround, weight-loss drugs	View Pitch
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.

LFCR

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