- H1 2026 Laughing Water Capital sold through takeouts of Theravance Biopharma, Avanos Medical and SECURE Waste Infrastructure, leaving cash and merger securities for new opportunities. The portfolio added AnaptysBio ahead of its licensing dispute with GSK, while retaining conviction in Liquidia, NextNav, Lifecore Biomedical and Stride despite company-specific overhangs. H1 2026 +33.6% ANAB $1.7BAVNS $1.2BGSK $105BLFCR $172M
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