Laughing Water Capital’s Q2 2026 Investor Letter

Laughing Water Capital, an investment management company, released its second-quarter 2026 investor letter. The second quarter was exceptionally good for the portfolio, with Class A investment in Laughing Water Capital returning approximately 39.8% net of all fees and expenses, bringing the YTD return to approximately 33.6% net. The SP500TR and R2000 returned approximately 15.0% and 21.5%, respectively, in the second quarter. The impressive performance was driven by three of the top five positions being acquired, with its largest position nearly doubling during the quarter. The letter...