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 returned 12.4% and 8.1% respectively for the quarter [1] - The fund's top holdings can be reviewed to identify its best investment picks for 2025 [1] Company Focus: NextNav Inc. (NASDAQ:NN) - NextNav Inc. provides next-generation positioning, navigation, and timing (PNT) solutions, with a one-month return of -6.29% and a 52-week gain of 15.32% [2] - As of October 29, 2025, NextNav Inc. stock closed at $13.40 per share, with a market capitalization of $1.804 billion [2] - The investment thesis for NextNav is based on the need for a terrestrial backup to the GPS system, with expectations that the FCC will allow NextNav to repurpose its spectrum for 5G, significantly increasing the value of its stock [3]