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 Thryv Holdings, Inc. (NASDAQ:THRY) in the second quarter 2023 investor letter. Thryv Holdings, Inc. (NASDAQ:THRY) is a digital marketing solutions and cloud-based tools provider headquartered in DFW Airport, Texas. On July 28, 2023, Thryv Holdings, Inc. (NASDAQ:THRY) stock closed at $23.48 per share. One-month return of Thryv Holdings, Inc. (NASDAQ:THRY) was -5.05%, and its shares lost 3.61% of their value over the last 52 weeks. Thryv Holdings, Inc. (NASDAQ:THRY) has a market capitalization of $803.246 million.
Laughing Water Capital made the following comment about Thryv Holdings, Inc. (NASDAQ:THRY) in its second quarter 2023 investor letter:
“Thryv Holdings, Inc. (NASDAQ:THRY) – Thryv, our small and medium software business, continues to broaden their offering by adding new capabilities, and on the Q1 conference call CEO Joe Walsh announced that the software business is now EBITDA positive globally.
In my mind, the most important KPI for this business is growth through referrals. The thesis is that if you are in a three plumber town, and one plumber starts to use Thryv, the other two plumbers have a problem. Customers will simply prefer to deal with the plumber who can schedule appointments, provide real time updates on arrival time, send invoices and accept payment all by text message rather than dealing with a plumber who has not modernized their business. The other two plumbers will essentially be forced to upgrade, and if THRY is working for their local competition, why try to reinvent the wheel rather than just trying THRY themselves? Management had previously stated that approximately 33% of their new business was through referral. However, more recently I believe this number has moved up to ~40%, suggesting that the thesis is playing out. Recent insider buying and what was effectively a recent buyback demonstrate that management remains confident in the long-term story.”
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Thryv Holdings, Inc. (NASDAQ:THRY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Thryv Holdings, Inc. (NASDAQ:THRY) at the end of first quarter which was 18 in the previous quarter.
We discussed Thryv Holdings, Inc. (NASDAQ:THRY) in another article and shared the list of stock picks from John Paulson’s latest portfolio. 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.
