Laughing Water Capital Sold Its Stake in Thryv Holdings (THRY)

1 day ago 3

Soumya Eswaran

Fri, January 16, 2026 astatine 7:23 AM CST 4 min read

Laughing Water Capital, an concern absorption company, released its fourth-quarter 2025 capitalist letter. In the quarter, Laughing Water Capital returned ~6.8%, bringing the full-year returns to ~3.9% nett of fees and expenses. In comparison, the SP500TR and R2000 returned astir 2.7% and 2.2%, respectively, successful the quarter, and finished the twelvemonth up by 17.9% and 12.8%, respectively. A transcript of the missive tin beryllium downloaded here. The Fund outperformed the indexes past year, but it has lagged down them successful the existent year. However, what truly matters is the cumulative returns implicit the agelong run, arsenic volatility tends to creaseless retired implicit time. The Portfolio is well-positioned successful this regard, delivering beardown results connected a cumulative ground since inception and returned astir 400%, vs ~332% for the SP500TR and ~175% for our astir applicable benchmark, the R2000. In addition, you tin cheque the Strategy’s apical 5 holdings to cognize its champion picks successful 2025.

In its fourth-quarter 2025 capitalist letter, Laughing Water Capital highlighted stocks specified arsenic Thryv Holdings, Inc. (NASDAQ:THRY). In the quarter, the steadfast exited its semipermanent holding Thryv Holdings, Inc. (NASDAQ:THRY). Thryv Holdings, Inc. (NASDAQ:THRY) is simply a integer selling solutions and cloud-based tools supplier to small-to-medium-sized businesses. On January 15, 2026, Thryv Holdings, Inc. (NASDAQ:THRY) banal closed astatine $5.36 per share. One-month instrumentality of Thryv Holdings, Inc. (NASDAQ:THRY) was -12.27%, and its shares mislaid 66.05% of their worth implicit the past 52 weeks. With astir 69.96 cardinal shares outstanding, Thryv Holdings, Inc. (NASDAQ:THRY) has a marketplace capitalization of $235.499 million.

Laughing Water Capital stated the pursuing regarding Thryv Holdings, Inc. (NASDAQ:THRY) successful its 4th fourth 2025 capitalist letter:

"Thryv Holdings, Inc. (NASDAQ:THRY) - I person exited our presumption successful long-time holding THRY. While we made immoderate wealth on the mode with immoderate well-timed income astatine importantly higher prices than wherever I sold our past shares, Thryv was a important detractor for 2025, and apt belongs successful the mistake pile. The archetypal thesis was that Thryv’s declining but currency gushing Yellow Pages concern obfuscated a fast-growing tiny concern bundle business. This bundle was not needfully ascendant versus competitors, but I believed Thryv had a competitory vantage successful presumption of distribution. This was due to the fact that Thryv had a captive assemblage successful the signifier of its Yellow Pages customers, portion competitors were babelike connected cold-calls and Google cardinal words. Combined with tailwinds from aging babe boomers who are retiring and leaving their businesses successful the hands of the adjacent procreation that is much apt to upgrade their bundle stack, one believed Thryv was good positioned for success.