<div id="readability-page-1">In Q4, Laughing Water Capital returned ~6.8%, bringing FY returns to ~3.9%. In contrast, the SP500TR (SP500) and R2000 (RTY) returned ~2.7% and ~2.2% in the quarter and finished the year up 17.9% and 12.8%, respectively. The fund exited its long-time holding in Thryv (THRY). It cites PAR Technology Corp. (PAR) as a meaningful detractor on our perfo...</div>

<p>In Q4, Laughing Water Capital achieved a return of approximately 6.8%, resulting in a full-year return of about 3.9%. This performance outpaced the SP500TR and R2000, which returned around 2.7% and 2.2% for the quarter, and finished the year at 17.9% and 12.8%, respectively. The fund exited its long-term investment in Thryv (THRY) and noted PAR Technology Corp. (PAR) as a significant detractor from its performance.</p>

- In Q4, Laughing Water Capital achieved a return of approximately 6.8%, resulting in annual returns of around 3.9%.  
- During the same quarter, the SP500TR and R2000 posted returns of about 2.7% and 2.2%, ending the year at 17.9% and 12.8%, respectively.  
- The fund also divested its long-term holding in Thryv, noting that PAR Technology Corp. was a significant detractor from its performance.

ISHRS Russ 2000 Growth

VG S&P M-Cap 400 Val

iShares Russell 2000

VG Mid-Cap Val

ISHRS Russ 2000 Val

VG S-Cp Grw

Direxion Small Cap Bull 3X

Invesco QQQ Trust

VG S&P 500

ISHRS Russ 1000 Growth

Invesco S&P Small Cap Info Tech

Global X Russell 2000 ETF

Schw Us L-Cp Grw

VG Value

SPDR S&P Software

Thryv

iShares Core S&P 500

Avantis U.S. Small Cap Value

VG Mga Cap 300 Grw

Vanguard Russell 2000 Value

iShares Core S&P US Growth

Vanguard Russell 2000

iShares Expanded Tech Software Sector ETF

Spdr Select Tech

SPDR S&P 600 S-Cp Val

Vanguard Russell 2000 Growth

Avantis US Large Cap Value ETF

SPDR S&P 500

VG Growth

ProShares Russell 2000 High Income ETF

Laughing Water Capital Q4: exits Thryv