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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	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
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
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 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
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 13, 2026	Fund Letters	Laughing Water Capital	NextNav Inc	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	900 MHz, 911 System, FCC Rulemaking, GPS alternative, national security, regulatory catalyst, Wireless Spectrum	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	NextNav Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	5G, Fcc, Gps, Mobile Networks, national security, regulatory catalyst, Spectrum	View Pitch
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

BSD Shareholders of NN

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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