No. 3 this year · Hedge fund · Rockville Centre, NY
Laughing Water
Run by Matt Sweeney since 2016. Buys small, overlooked U.S. companies waiting for something specific to happen: a ruling, a sale, a fix.
If you’d given them $1,000 on January 1, by June 30 you’d have
You usually can’t invest in these funds: they’re for very wealthy people and institutions, often with millions to put in. The $1,000 is just a way to picture how they did.
$1,336
$1,336
33.6% in 2026, through Jun 30
The rose 9.6% over the same months (not counting dividends, the cash some companies pay their owners).
S&P 500 data: S&P Dow Jones Indices LLC, via FRED.
What they own
From the fund’s own letters. They name these companies but not how much of the fund is in each. Tap a stock to open its page.
— : their letter doesn’t say how much.
Just bought
1
First reported in the fund’s own letters since April 2026. Older buys show as plain holdings.
Sold
3
First reported in the fund’s own letters since April 2026.
Year by year
Each calendar year’s result, after fees, for Laughing Water Capital, LP. The letters give most years as approximate. 2016 and 2017 are for the lowest-fee class of investors, later years for the standard class.
From Feb 8, 2016 to Jun 30, 2026, it grew 20.0% a year on average, after fees. Up in 9 of the 11 years shown, down in 2.
Not investment advice. For information and education only. Holdings: SEC Form 13F filings and the funds’ own letters. Returns: as reported by the funds or the press, linked at each number. Investors and money managed: the managers’ Form ADV filings with the SEC. Not affiliated with the SEC or any fund.