Laughing Water Capital, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, investment in the fund returned 13.8%, net of all fees and expenses, compared to the SP500TR and the R2000 returns of 8.7% and 5.2%, respectively. The fund’s return so far in 2023 was 22.4% compared to benchmarks’ 16.9% and 8.1% returns, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Laughing Water Capital highlighted stocks like TransAct Technologies Incorporated (NASDAQ:TACT) in the second quarter 2023 investor letter. Headquartered in Hamden, Connecticut, TransAct Technologies Incorporated (NASDAQ:TACT) designs and develops transaction-based and specialty printers and terminals. On July 27, 2023, TransAct Technologies Incorporated (NASDAQ:TACT) stock closed at $8.22 per share. One-month return of TransAct Technologies Incorporated (NASDAQ:TACT) was -8.26%, and its shares gained 82.67% of their value over the last 52 weeks. TransAct Technologies Incorporated (NASDAQ:TACT) has a market capitalization of $81.819 million.
Laughing Water Capital made the following comment about TransAct Technologies Incorporated (NASDAQ:TACT) in its second quarter 2023 investor letter:
“TransAct Technologies Incorporated (NASDAQ:TACT) – TACT is the leading manufacturer of slot machine printers, and has also been developing a restaurant back-of-house software product called BOHA!. In April it was announced that after 27 years, there would be a change to Transact’s CEO. I cannot be certain, but I believe this was a result of pressure from activists, and in my view, it was past time for a change. My estimate of the value of BOHA! has admittedly come down as interest rates have gone up and software multiples everywhere have declined. However, my estimate of the value of the slot printer business has gone up as Transact has been taking share from their only real competitor, who has been facing production issues. From here, I think it is likely that the activists attempt to sell one or both businesses in the not-too-distant future in order to unlock value.”
Photo by Bank Phrom on Unsplash
TransAct Technologies Incorporated (NASDAQ:TACT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held TransAct Technologies Incorporated (NASDAQ:TACT) at the end of first quarter which was 7 in the previous quarter.
We discussed TransAct Technologies Incorporated (NASDAQ:TACT) in another article and shared the list of biggest lottery companies in the world. In addition, please check out our hedge fund investor letters Q2 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.
