Overview
- Laughing Water published its Q2 investor letter in mid-July reporting Class A returned about 39.8% in Q2 and a roughly 33.6% year-to-date return net of fees.
- The firm attributed the quarter’s gains to a concentrated portfolio in which three of its top five positions were acquired and its largest holding nearly doubled.
- AnaptysBio is at the immediate center of the fund’s thesis with a trial over Jemperli royalties set for July 14–17 that Laughing Water says could produce a binary outcome ranging from full recovery of rights to a pretrial settlement.
- NextNav’s upside hinges on an FCC Notice of Proposed Rulemaking to permit 5G use of the 902–928 MHz band; the company has asked to run coexistence tests after CEO Miriam Sorond testified to Congress and has cleaned up its balance sheet with warrant calls and debt conversions.
- Lifecore filed an 8‑K showing Series A preferred redemptions and that it is evaluating strategic alternatives, which Laughing Water views as increasing the likelihood of a near-term sale once recent new-business wins convert to cash flow.