LQDA

LQDA

LQDA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 24, 2025	Arquitos Capital Management	13.1%	28.8%	ENDI, LQDA	Intrinsic Value, narratives, Patience, uncertainty, volatility	The letter frames uncertainty as a source of opportunity, highlighting narrative-driven volatility that disconnects prices from intrinsic value. Case studies emphasize patience through legal, regulatory, and sentiment-driven noise. Long-term returns are attributed to disciplined conviction amid discomfort.	ENDI LQDA	View
2025 Q1	May 5, 2025	Buckley Capital	-0.5%	-0.5%	BFIT NA, DNTL CN, LQDA, VRNA	-			View
2025 Q3	Oct 20, 2025	Arquitos Capital Management	29.6%	66.8%	ENDI, FNCH, LQDA	Biotechnology, FDA, healthcare, Litigation, small caps	Arquitos continues to focus on small-cap special situations, emphasizing patient, long-term investments in undervalued companies like Liquidia and Finch Therapeutics. The fund highlights FDA approval for Yutrepia and ongoing IP litigation as key near-term catalysts. Manager remains optimistic about value realization from concentrated holdings in healthcare and asset management.	FNCH ENDI LQDA	View
2024 Q3	Oct 20, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA	-			View
2025 Q4	Jan 27, 2026	Buckley Capital	2.6%	21.4%	ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC	aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value	Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability.	LQDA DAVE IWG LN LNW PRTH WLFC	View
2025 Q4	Jan 22, 2026	Arquitos Capital Management	0.0%	0.0%	ENDI, FNCH, LQDA, MRK, UTHR	Biotechnology, Concentration, Patents, SmallCap, special situations, value	Portfolio concentrated in biotech companies including Liquidia Corporation with successful drug launch capturing 25% market share, Finch Therapeutics with patent litigation victory, and focus on companies with unique drug delivery technologies and patent protection. Merck identified as logical buyer for Liquidia given their ownership of complementary drug Winrevair and active M&A strategy. Combination therapy potential creates strategic value for potential acquirers.	FNCH ENDI LQDA	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
2024 Q4	Jan 26, 2025	Arquitos Capital Management	-	29.6%	ENDI, FNCH, LQDA, NTPIF	-			View
2023 Q4	Jan 18, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA, NTPIF, VTY LN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 29, 2026	Fund Letters	Zack Buckley	Liquidia Corporation	Health Care	Biotechnology	Bull	NASDAQ	Asymmetric, Biotech, litigation, Optionality, pharma	View Pitch
Jan 27, 2026	Fund Letters	Matthew Sweeney	Liquidia Corporation	Health Care	Biotechnology	Bull	NASDAQ	Adoption, Approvals, Biotech, litigation, Pah	View Pitch
Jan 24, 2026	Fund Letters	Steven L. Kiel	Liquidia Corporation	Health Care	Biotechnology	Bull	NASDAQ	Biotech, cashflow, Druglaunch, patents, Pulmonary	View Pitch
Dec 3, 2025	Fund Letters	Steven L. Kiel	Liquidia Corporation	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Commercialization, growth, Prescriptions, Trials, valuation	View Pitch
Nov 29, 2025	Fund Letters	Steven L. Kiel	Liquidia Corporation	Health Care	Biotechnology	Bull	NASDAQ	Adoption, Catalysts, FDA approval, IP risk, M&A, Prescriptions, rare disease	View Pitch
Nov 6, 2025	Seeking Alpha	Seeking Alpha	Liquidia Corporation		Biotechnology	Bull		analyst upgrades, biotechnology, FDA approval, insider sales, L606, Liquidia Corporation, market traction, PRINT technology, pulmonary arterial hypertension, Yutrepia	View Pitch

BSD Shareholders of LQDA

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: