Laughing Water Capital, an investment management company, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, investment in the fund returned 3.2% bringing the yearly returns to 11.8%, net of all fees and expenses. The SP500TR and R2000 returned 11.7% and 14.0% during the quarter, respectively, bringing their year-to-date returns to 26.3% and 17.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Laughing Water Capital featured stocks such as Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) in the fourth quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is a biopharmaceutical company. On January 29, 2024, Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) stock closed at $3.80 per share. One-month return of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) was -15.93%, and its shares lost 50.52% of their value over the last 52 weeks. Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) has a market capitalization of $218.622 million.
Laughing Water Capital stated the following regarding Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) in its fourth quarter 2023 investor letter:
“Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) – Vanda was introduced anonymously in the Q3’23 letter as a stock that was trading at less than half the cash on its balance sheet, while continuing to generate cash from pharmaceutical assets that had rolled off patent. Generally speaking, it is hard to lose money when buying cash flowing assets at a significant discount to balance sheet cash, but at the same time the big risk is obvious; management may do something stupid with the cash in order to entrench themselves. Shortly after my purchase, the Company announced they had made an acquisition while releasing essentially no details on the acquired company. This lends credence toward the entrenchment risk, and I exited the position.”
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Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) at the end of third quarter which was 18 in the previous quarter.
We discussed Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) in another article and shared the list of cash-rich penny stocks hedge funds are buying. In addition, please check out our hedge fund investor letters Q4 2023 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.
