Group 1 - Laughing Water Capital reported a return of approximately 6.8% in Q4 2025, with full-year returns at around 3.9% net of fees and expenses, outperforming the SP500TR and R2000 indexes in the previous year [1] - The cumulative returns since inception for Laughing Water Capital are about 400%, compared to approximately 332% for the SP500TR and around 175% for the R2000 benchmark [1] - The firm highlighted its exit from Thryv Holdings, Inc. (NASDAQ:THRY), which had a significant decline in value, losing 66.05% over the last 52 weeks [2][3] Group 2 - Thryv Holdings, Inc. is a provider of digital marketing solutions and cloud-based tools for small-to-medium-sized businesses, with a market capitalization of approximately $235.499 million [2] - The investment thesis for Thryv included its declining Yellow Pages business and a fast-growing small business software segment, which was believed to have a competitive advantage due to its existing customer base [3] - Despite initial optimism, Thryv was identified as a significant detractor for Laughing Water Capital in 2025, leading to the decision to exit the position [3]