THRY

THRY

THRY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 15, 2025	Unconventional Value	-	31.6%	PGY, PL, RELY, SPIR, THRY, UPST, XMTR	AI, Concentration, disruption, Founders, growth	The letter centers on applying AI-driven disruption to underappreciated business models in consumer credit, data, and software. Management focuses on founder-led companies with differentiated assets and long runways for monetization. Volatility and concentrated positioning are embraced as necessary for outsized long-term returns.	RELY XMTR THRYV PGY PL	View
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	View
2024 Q1	May 3, 2024	Laughing Water Capital	2.5%	11.1%	CDMO, LFCR, NN, PAR, TACT, THRY	-			View
2025 Q1	Apr 24, 2025	Laughing Water Capital	-13.0%	-13.0%	CTLP, HGV, LFCR, NN NA, PAR, PLYA, THRY, VTY LN, XPOF	-			View
2025 Q4	Feb 22, 2026	Unconventional Value	0.0%	0.0%	AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR	AI, Fintech, growth, SaaS, Satellites, small cap, technology, value	AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs.	RELY THRY PL	View
2023 Q3	Oct 19, 2023	Laughing Water Capital	2.5%	11.1%	CDMO, HGV, LFCR, 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	View
2025 Q4	Jan 21, 2026	Liberty Park Capital Management	-7.4%	0.0%	ARQ, BELFB, LAKE, MEC, THRY, XMTR	AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value	The manager believes AI holds transformative potential comparable to the internet but views the current market frenzy as echoing the dot-com bubble. Despite trillions in spending commitments, few businesses report meaningful incremental revenue from AI today, and the AI trade was priced-to-perfection by October 2025. Data center investments are viewed as part of the AI infrastructure boom that will eventually cool due to construction delays, efficiency improvements, and supply chain catchup. The manager sees this as similar to past technology booms where asset prices eventually fall as hype fades. SPACs are experiencing renewed frenzy as part of the current market environment that bears striking similarities to past market excesses, with companies without revenue or profits propelling major indices higher.	THRY ARQ XMTR MEC BELFB	View
2025 Q4	Jan 16, 2026	Far View Capital Management	-7.0%	-9.7%	CRTA.L, THG.L, THRY, TRST.L, UNFI, WEW.DE	E-Commerce, Europe, SaaS, small caps, technology, value	Portfolio includes Westwing AG, a European online home-goods retailer that was the largest contributor in H2 2025. Also invested in Ingenuity PLC, an e-commerce enablement operation providing technology, fulfillment, and marketing services to consumer brands including Nestle, Coca-Cola, P&G, and L'Oreal. Invested in Cirata PLC, a UK-listed data migration software specialist, and previously held Thryv Holdings which offered a SaaS business within a legacy Yellow Pages wrapper. The Thryv thesis broke when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn and delayed product development.	THRY TRST LN CRTA LN WEW GR	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
2022 Q2	Sep 21, 2022	Bonhoeffer Capital Management	11.3%	0.0%	BERY, THRY, TIT IM, WWI NO	-			View
2023 Q2	Jul 17, 2023	Laughing Water Capital	2.5%	11.1%	APG, CDMO, HGV, LFCR, TACT, THRY, VTY LN	-			View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, HGV, LFCR, LMB, NN, THRY, VTY LN, XPOF	-			View
2022 Q2	Jun 30, 2022	Deep Sail Capital Partners	13.8%	23.5%	THRY	-			View
2023 Q1	Apr 18, 2023	Liberty Park Capital Management	7.1%	2.5%	ALTR, ATI, HEES, INTT, ITI, KRNT, LBRT, LSTR, LUNA, THRY, TITN, TWI, ZEUS	-			View
2022 Q4	Jan 31, 2023	Laughing Water Capital	2.5%	11.1%	AIM CN, APG, CDMO, HGV, LDE GR, THRY, VTY LN	-			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
2024 Q4	Jan 14, 2025	Liberty Park Capital Management	5.9%	8.6%	CGNX, GTLS, HQI, INOD, INOQ, LWLG, MOD, NVEE, SOUN, THRY, UPWK, XMTR, YOU	-			View
2022 Q4	Jan 3, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	9WY, AAPL, ADYE AV, CDW, EW, FSR, GOOGL, META, MSI, PYPL, SI, SW, THRY, TSCO, V	-			View
2023 Q4	Jan 2, 2024	Greystone Capital	8.0%	16.0%	APG, BELFA, CURN, FC, LMB, SENEA, SYZ CN, THRY	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Tim Gallagher	Thryv Holdings, Inc.	Information Technology	Application Software	Bull	NASDAQ	cashflow, debt, SaaS, Software, turnaround, valuation	View Pitch
Jan 28, 2026	Fund Letters	Brad Hathaway	Thryv Holdings, Inc.	Information Technology	SMB Software	Bear	NASDAQ	Churn, execution risk, exit, Retention, SaaS	View Pitch
Jan 24, 2026	Fund Letters	Charles P. Murphy	Thryv Holdings, Inc.	Information Technology	Application Software	Bear	NASDAQ	Competition, growth, Retention, SaaS, SMB	View Pitch
Jan 8, 2026	Fund Letters	Matthew Sweeney	Thryv Holdings Inc.	Information Technology	Application Software	Bull	NASDAQ	Optimism, SaaS, SMB, Transition, valuation	View Pitch
Nov 6, 2025	Seeking Alpha	Seeking Alpha	Thryv Holdings, Inc.		Internet Content & Information	Bull		customer churn, debt management, Free Cash Flow, high-value customers, legacy print business, market cap, SaaS growth, Thryv Holdings, upsell opportunities, valuation	View Pitch
Oct 23, 2025	Value Investors Club	ThatDu04	Thryv Holdings Inc.	Communication Services	Application Software	Bull	NASDAQ	CRM, SaaS, SMB software	View Pitch
Aug 7, 2025	Substack	Idea Hive	Thryv Holdings	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch

BSD Shareholders of THRY

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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