Roughing Water Capital, an investment management company, has released its first quarter 2024 investor letter. You can download a copy of the same here. The return on investments in the Fund in the first quarter was 8.4%, excluding all fees and expenses. In comparison, SP500TR and R2000 returned 10.6% and 5.2%, respectively, during the quarter. Additionally, you can check out the fund’s top five holdings to learn about the best stocks for 2024.
Laughing Water Capital featured stocks like NextNav Inc. (NASDAQ:NN) in its Q1 2024 investor letter. NextNav Inc. (NASDAQ:NN), headquartered in McLean, Virginia, provides next-generation positioning, navigation and timing solutions. On May 2, 2024, NextNav Inc. (NASDAQ:NN) stock closed at $8.99 per share. His 1-month return for NextNav Inc. (NASDAQ:NN) is 19.87%, and the company’s stock has increased 332.21% in value over the past 52 weeks. NextNav Inc. (NASDAQ:NN) has a market capitalization of $1.012 billion.
Laughing Water Capital says of NextNav Inc. (NASDAQ:NN) in its Q1 2024 investor letter:
”Next Navi Co., Ltd. (NASDAQ:NN) – Nextnav was featured in the YE’23 letter as a small position. On the surface, NN looks like his failed SPAC tied to flying taxis. Digging deeper, we find that Nextnav owns low-band spectrum that is likely to be reused and monetized in the near future, and digging deeper into the headline reveals that an investment in Nextnav is actually an asset management investment. This suggests something. Following a rock-bottom buyout from what appeared to be some kind of forced sell, Nextnav became a large position thanks to Gratitude and me buying more shares. I think this acquisition delayed the company’s request to the FCC to repurpose some of its spectrum for 5G broadband, but more importantly, it also delayed the company’s request to the FCC when this request was made. This simply increases the likelihood that it will be received favorably. It’s difficult to determine how much this spectrum would be worth if repurposed for broadband, but at $1 per MHz a pop, I’d guess NN stock would be worth more than $20. , and past trading suggests there may be significant upside potential for $1. ”
A woman talking on a mobile phone with a map of a metropolitan area in the background.
NextNav Inc. (NASDAQ:NN) isn’t included in this list of 30 most popular stocks among hedge funds. According to our database, 16 hedge fund portfolios held his NextNav Inc. (NASDAQ:NN) at the end of the fourth quarter, compared to 7 in the previous quarter.
We previously covered NextNav Inc. (NASDAQ:NN) in another article and shared Laughing Water Capital’s take on the company. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
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Disclosure: None. This article was originally published on Insider Monkey.
