Laughing Water Capital’s Q2 2026 letter highlights LFCR’s undervaluation as its portfolio surged 39.8% in the quarter.
Lifecore Biomedical Inc (NASDAQ:LFCR) closed at $4.61 on July 14, 2026, valuing the company at $172.92 million, despite a -16.49% one-month return. The stock has been overlooked by markets even as the company secures new contracts in aseptic fill and finish services for pharmaceuticals and medical devices.
Laughing Water Capital’s Q2 2026 investor letter noted a 39.8% net return for its Class A investment, outpacing the S&P 500’s 15.0% and the Russell 2000’s 21.5% gains. The fund attributed its performance to undervalued positions, including LFCR, which nearly doubled in value during the quarter.
The letter emphasized long-term potential in inefficient markets, where patience with overlooked stocks can yield significant returns. LFCR remains a top holding despite its recent underperformance relative to broader indices.