Laughing Water Capital, an investment management company, released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, investment in the fund returned 8.4% after all fees and expenses compared to 10.6% and 5.2% returns for the SP500TR and R2000 during the quarter, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Laughing Water Capital featured stocks like NextNav Inc. (NASDAQ:NN) in the first quarter 2024 investor letter. Headquartered in McLean, Virginia, NextNav Inc. (NASDAQ:NN) provides next-generation positioning, navigation, and timing solutions. On May 2, 2024, NextNav Inc. (NASDAQ:NN) stock closed at $8.99 per share. One-month return of NextNav Inc. (NASDAQ:NN) was 19.87%, and its shares gained 332.21% of their value over the last 52 weeks. NextNav Inc. (NASDAQ:NN) has a market capitalization of $1.012 billion.
Laughing Water Capital stated the following regarding NextNav Inc. (NASDAQ:NN) in its first quarter 2024 investor letter:
“NextNav Inc. (NASDAQ:NN) – Nextnav was introduced in the YE’23 letter as a small position. On the surface, NN appears to be a busted SPAC tied to flying taxis. Digging deeper shows that Nextnav owns low band spectrum that they will likely be able to repurpose and monetize in the near future, suggesting that an investment in Nextnav is actually an asset play if you dig beneath the headlines. Through a combination of appreciation and me purchasing more shares following an acquisition that was made at rock bottom prices from what I believe to be a forced seller of sorts, Nextnav has become a large position. I believe that this acquisition delayed the company’s request to the FCC to repurpose a portion of their spectrum for 5G broadband, but more importantly this acquisition only increases the chances that the FCC will look favorably on this request when it is made. It is hard to pinpoint what this spectrum could be worth if repurposed for broadband, but at $1 per MHz-Pop I estimate NN shares would be worth more than $20, and past transactions suggest that there could be significant upside to $1.”
A woman talking on her cellular phone, with a map of a metropolitan area in the background.
NextNav Inc. (NASDAQ:NN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held NextNav Inc. (NASDAQ:NN) at the end of the fourth quarter which was 7 in the previous quarter.
We previously discussed NextNav Inc. (NASDAQ:NN) in another article, where we shared Laughing Water Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
