1 month ago
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Soumya Eswaran
Wed, July 15, 2026 astatine 8:07 AM CDT 4 min read
Laughing Water Capital, an concern absorption company, released its second-quarter 2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. The 2nd 4th was exceptionally bully for the portfolio, with Class A concern successful Laughing Water Capital returning astir 39.8% nett of each fees and expenses, bringing the YTD instrumentality to astir 33.6% net. The SP500TR and R2000 returned astir 15.0% and 21.5%, respectively, successful the 2nd quarter. The awesome show was driven by 3 of the apical 5 positions being acquired, with its largest presumption astir doubling during the quarter. The missive emphasizes that patience tin often pb to profits successful an inefficient marketplace characterized by fluctuations, suggesting that investing successful undervalued stocks tin output bully semipermanent returns. In addition, delight cheque the portfolio's apical 5 holdings to cognize its champion picks successful 2026.
In its Q2 2026 capitalist letter, Laughing Water Capital highlighted NextNav Inc. (NASDAQ:NN). Headquartered successful Reston, Virginia, NextNav Inc. (NASDAQ:NN) is simply a exertion institution that specializes successful positioning, navigation, and timing (PNT) solutions that connection Pinnacle, an close altitude work for nationalist information applications. On July 14, 2026, NextNav Inc. (NASDAQ:NN) closed astatine $15.30 per share, reflecting a marketplace capitalization of $2.09 billion. NextNav Inc. (NASDAQ:NN) posted a one-month instrumentality of -17.34%, portion its shares gained 0.66% implicit the past 52 weeks.
Laughing Water Capital stated the pursuing regarding NextNav Inc. (NASDAQ:NN) successful its Q2 2026 capitalist update:
"NextNav Inc. (NASDAQ:NN) – NextNav, our terrestrial backup to GPS / spectrum play remains successful limbo arsenic we await a Notice of Proposed Rule Making (NPRM) from the Federal Communications Commission (FCC) that volition let Nextnav to usage its wireless spectrum for 5G communication. Despite the regulatory delay, the institution has made important advancement successful cleaning up its equilibrium sheet. Notably, during the 4th the company's SPAC warrants were called and convertible indebtedness was converted to equity. In the near-term events specified arsenic these tin measurement connected stock terms owed to arbitrage opportunities and hedging. However, successful the intermediate word erstwhile the quants that predominate the markets adjacent spot a Nextnav equilibrium expanse they volition beryllium looking astatine a currency affluent institution alternatively than a highly levered company. It would not astonishment maine to spot abbreviated covering connected this change.
Moving distant from trading dynamics and toward governmental beverage leaves, during the 4th Nextnav CEO Miriam Sorond testified successful beforehand of the U.S. House Energy and Commerce Subcommittee connected Communications & Technology, alongside representatives of respective of the groups that reason Nextnav's plan. Not amazingly the absorption warned of interference risks if Nextnav's program is granted, portion Sorond noted that caller real-world investigating showed nary interference. Following this gathering Nextnav asked the FCC for support to tally tests that volition show that their projected 5G operations tin coexist with existing technologies successful the 902-928 MHz set successful and astir the existent U.S. Capital Building. I bash not deliberation the FCC would o.k. this petition if they were not powerfully successful favour of Nextnav's exertion and assured that this trial volition not effect successful interference problems…" (Click present to work the afloat text)
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