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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2022 Q1 | Apr 1, 2022 | Laughing Water Capital | -12.5% | - | AIM.TO, CSP.L, HMHC, NVR, TACT, THRY | activism, Buybacks, Homebuilders, small caps, software, special situations, value | TACT THRY HMHC CSP.L AIM.TO |
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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 19, 2026 | Substack | Toff Cap Monday Monitor | TransAct Technologies Incorporated | Technology | Electronic Equipment & Instruments | Bear | NASDAQ Stock Market | Core hardware strengths, financial performance, food-service software, market cap, net cash position, Shareholder activism, strategic alternatives, strategic direction, TransAct Technologies | View Pitch |
| Jun 15, 2026 | Fund Letters | Laughing Water Capital | TransAct Technologies | Computer Hardware | Technology Hardware & Equipment | Bull | NASDAQ | activist investors, asset monetization, Gaming Equipment, Pure-Play, recurring revenue, restaurant software, supply chain | View Pitch |
| Apr 29, 2026 | Substack | Toff Cap Monday Monitor | TransAct Technologies Incorporated | Technology | Electronic Equipment & Instruments | Bear | Nasdaq Stock Market | core hardware, execution risk, food-service software, Investor confidence, net cash position, strategic alternatives, strategic pivot, TransAct Technologies | 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. | ||||||||