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| 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, Fintech, growth, SaaS, small caps, technology | AI is viewed as an accelerant to value unlock across multiple portfolio companies. Planet Labs benefits from AI in moving up the value chain to deliver solutions rather than raw data. Consumer credit companies like Pagaya and Upstart use AI as a perfectly matched solution for the massive opportunity in consumer credit. Xometry's business is enabled by an AI instant quoting engine that allows for a new business model category. | RELY XMTR SPIR THRY UPST PGY PL RELY XMTR THRYV PGY PL |
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| 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 |
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| 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 |
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| 2025 Q1 | Apr 17, 2025 | Liberty Park Capital Management | -3.5% | -3.5% | AUR, BKTI, BLN, INOD, LBRT, LESL, LMB, MTN, NSSC, RGTI, SEI, SOUN, STKL, SWIM, THRY, TITN, TTEK, VSEC, WNC, XMTR | Long/Short, security, small caps, tariffs, Trade Policy | President Trump announced minimum tariffs on all imports of 10%, plus reciprocal tariffs starting at another 10% and rising above 100% for trade abusers such as China. The manager believes the worst-case scenario of universal >50% tariffs is unlikely because global trade would cease and would enter a Great Depression. Some tariffs will likely remain permanent, and the tariff announcements significantly damaged confidence and predictability. | NSSC |
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| 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 |
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| 2024 Q3 | Oct 31, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU | Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology | Small cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio. | XMTR |
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| 2023 Q3 | Oct 19, 2023 | Laughing Water Capital | 2.5% | 11.1% | APLS, CDMO, HGV, LFCR, THRY | Biotechnology, Cloud, Macro, small caps, value, volatility | Manager discusses Avid Bioservices as a biologic contract drug manufacturer facing near-term headwinds from biotech spending slowdown but positioned to benefit from favorable industry dynamics including patent cliff, outsourcing trends, and supply-demand imbalance. Expects significant cash flow generation as new capacity gets filled over 4-5 years. | THRY CDMO |
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| 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 |
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| 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 |
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| 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 |
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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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| 2022 Q2 | Sep 21, 2022 | Bonhoeffer Capital Management | 11.3% | 0.0% | BERY, THRY, TIT IM, WWI NO | - | View | ||
| 2024 Q2 | Jul 25, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | BELFB, BLBD, BLN, CGNX, COHR, ENVX, ETD, HEES, INTT, ITI, KRNT, LMB, LWLG, NVEE, PRIM, RELL, SWIM, TGLS, THRY, WEAV | AI, Long/Short, small caps, technology, turnaround, value | The manager believes the current AI hype cycle is coming to an end as investors notice actual revenue from AI is minimal relative to enormous capital equipment investment. OpenAI forecasts only $3.4 billion in 2024 revenue while over $100 billion has been spent on data center capex in the past 12 months. The AI industry needs time to digest this massive investment. | KRNT |
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| 2023 Q2 | Jul 19, 2023 | Liberty Park Capital Management | 7.1% | 2.5% | BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS | alpha, energy, inflation, Long/Short, small caps, technology, value | The fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality. | APG|DR CN|KITS CN|NRP|SYZ CN |
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| 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 | |
| 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 |
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| 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 | Banking Crisis, infrastructure, Long/Short, small cap, technology, value | The manager expresses concern about banking system stress following Silicon Valley Bank's failure and expects more bankruptcies among unprofitable tech companies and banks with underwater loan portfolios. They worry about contagion risk and disorderly unwinds as stuff starts to break. | HITI |
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| 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% | 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 |
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| 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 | |
| 2024 Q4 | Jan 14, 2025 | Liberty Park Capital Management | 5.9% | 8.6% | AIOT, BLN.TO, CGNX, GTLS, HQI, INOD, INTT, IONQ, LMB, LWLG, MOD, NVEE, SOUN, SWIM, THRY, TITN, UPWK, WHR, XMTR, YOU | AI, energy, Long/Short, Manufacturing, small caps, Staffing, Trump | Manager is significantly long small-cap equities in general, viewing them as beneficiaries of Trump presidency and rate cuts. The fund focuses on small-cap names with average market cap of $2.5 billion for longs. Performance significantly outpaced Russell 2000 in Q4. | HQI |
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| 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, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY | Concentration, Outperformance, SaaS, small caps, value | Manager emphasizes that small caps now make up less than 4% of the U.S. equity market due to large cap valuation expansion, creating a void where very few investors are choosing small caps to outperform. Markets in both the US and Canada are offering tremendous bargains consisting of well-managed, growing businesses that generate cash, trading at single digit multiples of cash flow. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Laughing Water Capital | Thryv Inc. | Information Technology | Application Software | Bull | NASDAQ | cloud migration, Customer Acquisition, Digital transformation, operating leverage, recurring revenue, Referral Business, SaaS, small business, SMB software, Yellow Pages | View Pitch |
| Apr 13, 2026 | Fund Letters | Unconventional Value | Thryv Holdings, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | business transformation, Local Marketing, Management Quality, Print-to-Digital, SaaS Transition, small business, SMB software | View Pitch |
| 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 |
| 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. | ||||||||