Core Insights - Laughing Water Capital reported a decline of approximately -1% in Q3 2025, resulting in year-to-date returns of approximately -2.7%, while the SP500TR and R2000 indices returned 12.4% and 8.1% respectively for the quarter [1] - The fund highlighted Thryv Holdings, Inc. (NASDAQ:THRY) as a key stock, which has experienced a one-month return of -1.02% and a 52-week loss of 18.64%, closing at $11.70 per share with a market capitalization of $514.055 million [2] Company Analysis - Thryv Holdings, Inc. is positioned as a software provider for small and medium businesses, with a thesis suggesting that its declining business has been overshadowing growth in its software segment [3] - The company operates in a market with millions of small businesses in the U.S. that are transitioning from traditional methods to software solutions, driven by a new generation of business owners [3] - Thryv's SaaS business demonstrates strong metrics, including 25% organic year-over-year revenue growth and a 20% adjusted EBITDA margin, with a net revenue retention rate of approximately 100% [3] - The company has been actively paying down debt, allowing for greater flexibility in capital allocation moving forward [3] - Insider buying activity indicates confidence in the company's future, with four insiders purchasing shares in the open market this year, alongside a recent guidance raise [3]