The firm’s Class A investment outperformed benchmarks, driven by acquisitions and gains in its largest position.
Laughing Water Capital reported a 39.8% net return for its Class A investment in Q2 2026, lifting year-to-date gains to 33.6%. The S&P 500 Total Return and Russell 2000 posted 15.0% and 21.5% returns, respectively, in the same period.
The strong performance was fueled by three of its top five holdings being acquired, with its largest position nearly doubling. The firm attributed success to patience in an inefficient market, emphasizing long-term value in undervalued stocks.
NextNav Inc. (NASDAQ:NN), a key holding, closed at $15.30 on July 14, 2026, with a $2.09 billion market cap. The stock declined 17.34% over the past month but rose 0.66% in the last 52 weeks.