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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 2024 Q1 | May 3, 2024 | Laughing Water Capital | 2.5% | 11.1% | CDMO, LFCR, NN, PAR, TACT, 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 |
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| 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 |
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| 2024 Q2 | Jul 17, 2022 | Laughing Water Capital | 2.5% | 11.1% | APG, CDMO, CTLP, HGV, LFCR, LMB, NN, THRY, VTY LN, XPOF | - | 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 | ||
| 2024 Q4 | Jan 16, 2025 | Laughing Water Capital | 18.6% | 39.5% | CDMO, CTLP, LFCR, NN, PAR, THRY, VTY LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Matthew Sweeney | NextNav Inc. | Communication Services | Wireless Telecommunications | Bull | NASDAQ | Gps, Nationalsecurity, Optionality, Regulation, Spectrum | View Pitch |
| Jan 8, 2026 | Fund Letters | Matthew Sweeney | NextNav Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | Gps, Nationalsecurity, Optionality, Regulation, Spectrum | View Pitch |
| Sep 16, 2025 | Short Thesis | Bleecker Street | NextNav Inc | Information Technology | Industrial Machinery (Precision Components) | Bear | NASDAQ | automotive, Cyclical, leverage, Precision parts, restructuring | View Pitch |
| Sep 16, 2025 | Short Thesis | Night Market | NextNav Inc | Information Technology | Location Services | Bear | NASDAQ | Capital raises, cash burn, Gov grants, GPS alternative, Spectrum | View Pitch |
| 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. | ||||||||