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Laughing Water Capital, an investment management company, has released its Q4 2023 Investor Letter. You can download a copy of the same here. In the fourth quarter, the return on investments in the Fund was 3.2%, and the annualized return before fees and expenses was 11.8%. SP500TR and R2000 returned 11.7% and 14.0%, respectively, for the quarter, and year-to-date returns of 26.3% and 17.0%. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2023.
Laughing Water Capital featured stocks like NextNav Inc. (NASDAQ:NN) in its Q4 2023 Investor Letter. NextNav Inc. (NASDAQ:NN), headquartered in McLean, Virginia, provides next-generation positioning, navigation and timing solutions. On January 29, 2024, NextNav Inc. (NASDAQ:NN) stock closed at $4.1500 per share. His 1-month return for NextNav Inc. (NASDAQ:NN) is -6.74%, and the company’s stock has increased his 50.36% in value over the past 52 weeks. NextNav Inc. (NASDAQ:NN) has a market capitalization of $457,152,000.
Laughing Water Capital says of NextNav Inc. (NASDAQ:NN) in its Q4 2023 investor letter:
“Next Navi Co., Ltd.” (NASDAQ:NN) – There’s a lot to dislike about Nextnav. Ostensibly, it’s a failed SPAC that tied the value of this advancing company to a flying taxi, held an investor presentation, and completed the merger. Since flying taxis are miles away from my core processes, you may be wondering how NN came into our portfolio.
Nextnav owns the rights to 8 MHz of radio spectrum in the 900 MHz band allocated by the federal government for location monitoring services (LMS). What this means in practice is that the company has two lines of business, one that adds vertical axis capabilities to its existing GPS network (what floor of a building are you on) and one that is next-generation. It is a GPS system and is different from its predecessor. It is encrypted, making it difficult to spoof, and the signal is much stronger than existing GPS, making it difficult to jam. The federal government and first responders have made it clear that developing these technologies is a priority, and the recent conflicts in Ukraine and Israel/Gaza have spotlighted the shortcomings of existing GPS systems. And in theory, if the world were to someday have flying cars, the vertical axis would be important…” (Click here to read the full story)
A sophisticated broadband amplifier that reflects the server room’s beams.
NextNav Inc. (NASDAQ:NN) isn’t included in this list of 30 most popular stocks among hedge funds. According to our database, 7 hedge fund portfolios held NextNav Inc. (NASDAQ:NN) at the end of the third quarter, compared to 5 last quarter. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
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Disclosure: None. This article was originally published on Insider Monkey.
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