Riverwater Partners Small Cap Strategy

Investor Summary

Founded in 2016 by Adam Peck, CFA, and Matt Drvaric, Riverwater Partners is an independent, employee-owned registered investment advisor based in Milwaukee, Wisconsin. The firm manages approximately $245 million in discretionary assets and $600 million in total assets under management across three distinct strategies. As Milwaukee's first registered B Corporation in financial services and a woman-owned company, Riverwater Partners differentiates itself through responsible investing practices and ESG integration. The firm serves institutional and individual investors with minimum account requirements of $1 million for full-service accounts, charging fees ranging from 1.60% annually for smaller accounts to negotiable rates for larger relationships. With 11 employees and 190 client accounts, the firm has demonstrated consistent organic growth since inception.

Fund Strategy

Riverwater Partners employs a proprietary Three Pillar Approach® focusing on Exceptional Management Teams, Superior Business Models, and Attractive Valuations. The firm emphasizes responsible investing with ESG integration across all strategies, maintaining long-term investment horizons with typical holding periods of three years or more. The Small Cap Strategy specifically targets companies with market capitalizations between $250 million and $5 billion, maintaining a concentrated portfolio of 25-45 companies while focusing on profitable businesses with strong cash flows and explicitly excluding unprofitable biotech companies. The firm operates as a fiduciary with the mission 'to make the world a better place by growing wealth through responsible investing' and maintains B Corporation certification, emphasizing measurable impact alongside financial returns.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

Riverwater Partners Small Cap Strategy meaningfully outperformed the Russell 2000 in Q1 2026, driven by strong stock selection in energy, technology, and industrials. The quarter was defined by geopolitical tensions involving Iran, creating energy price spikes and market volatility, alongside reassessment of AI-linked businesses where monetization concerns emerged. Energy names returned nearly 30% on average while the manager identified attractive entry points in quality businesses experiencing AI-driven selloffs. Top contributors included Modine Manufacturing, benefiting from data center cooling demand, and Adeia, an IP licensing business with strong execution. Key detractors were Coastal Financial, pressured by fintech ecosystem risks, and AtriCure, facing competitive concerns despite strong fundamentals. The manager initiated positions in Cushman & Wakefield and other quality names while exiting positions where risk-reward shifted unfavorably. Portfolio repositioning toward energy, materials and defensive sectors reflects current environment while maintaining core philosophy of owning high-quality businesses at attractive valuations.

Forward Outlook

Despite heightened uncertainty, markets tend to respond to changes at the margin and conditions do not need to fully normalize for equities to recover. Closely monitoring Middle East developments while maintaining disciplined approach to capitalize on dislocations. Shift toward energy, materials, utilities and real estate does not represent departure from core philosophy but recalibration of most compelling risk-adjusted opportunities.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 15 2026	2026 Q1	ADEA, ATRC, CCB, CWK, GOOS, MOD, PWP, TALK, TILE, TNC	AI, energy, Geopolitical, Quality, small caps, technology, value	MOD ADEA CCB ATRC TALK PWP CWK	Strong Q1 outperformance driven by energy surge and quality stock selection amid geopolitical tensions and AI reassessment. Energy names up 30% while AI fears created attractive entry points in quality businesses. Repositioning toward energy, materials, and defensive sectors while maintaining discipline on high-quality businesses at reasonable valuations.
Jan 14 2026	2025 Q4	ADEA, AMD, ATMU, ATRC, BHST, BKH, CNX, DIS, HSTM, ITGR, KGS, LEU, LMNR, LOPE, MOD, NPKI, PLMR, STKL, VECO, WRBY	AI, financials, healthcare, infrastructure, Natural Gas, nuclear, Quality, small caps	CNX LEU LOPE LMNR BHST KGS NPKI ADEA WRBY HSTM ITGR	Riverwater's small-cap strategy underperformed in 2025 by avoiding speculative AI and biotech investments while focusing on quality fundamentals. Energy outperformed through natural gas and nuclear themes. The manager expects 2026 to favor quality small-caps as lower-quality factors reverse and Fed rate cuts improve financing conditions for smaller companies.
Oct 16 2025	2025 Q3	ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR	AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value	UEC MOD WOR PFS DGII BDC PLPC	Small Cap Strategy lagged in Q3 as markets favored lower-quality names over the portfolio's profitable companies. Uranium Energy and Modine Manufacturing led gains from nuclear renaissance and AI infrastructure themes. New positions added across sectors. Manager remains constructive on Fed rate cuts, secular AI growth, attractive small-cap valuations, and quality positioning for long-term outperformance.
Jul 17 2025	2025 Q2	LMNR, NVDA	AI, Geopolitical, nuclear, small caps, Trade Policy, Valuations	-	Riverwater Partners sees small-caps as fundamentally undervalued despite superior revenue growth versus large-caps over the past decade. AI democratization will level the competitive playing field for smaller companies. With attractive valuations and unsustainable large-cap multiple expansion, quality small-caps should outperform when relative valuations revert to historical norms.
Mar 31 2025	2025 Q1	BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY	Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs	PLMR LMNR WRBY BOW	Small-cap strategy outperformed Russell 2000 in Q1 through specialty insurance winners PLMR and BOW in attractive E&S market. Added WRBY eyewear despite China tariff exposure. Severe tariff announcements create bear market conditions requiring defensive stance, but volatility may offer opportunities. Small-caps positioned to benefit from domestic resilience and lower global risk exposure.
Jan 10 2025	2024 Q4	NCMI	domestic, inflation, Media, Recovery, small caps, Trade Policy, value	NCMI	Riverwater Partners sees small caps poised for a cycle after 14 years of underperformance, driven by attractive valuations and post-election tailwinds. Economic policies may favor domestic-focused companies despite near-term turbulence. National CineMedia exemplifies the opportunity, emerging debt-free from COVID with 17% free cash flow yield potential as entertainment recovers.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 15 2026

2026 Q1

ADEA, ATRC, CCB, CWK, GOOS, MOD, PWP, TALK, TILE, TNC

AI, energy, Geopolitical, Quality, small caps, technology, value

MOD
ADEA
CCB
ATRC
TALK
PWP
CWK

Strong Q1 outperformance driven by energy surge and quality stock selection amid geopolitical tensions and AI reassessment. Energy names up 30% while AI fears created attractive entry points in quality businesses. Repositioning toward energy, materials, and defensive sectors while maintaining discipline on high-quality businesses at reasonable valuations.

Jan 14 2026

2025 Q4

ADEA, AMD, ATMU, ATRC, BHST, BKH, CNX, DIS, HSTM, ITGR, KGS, LEU, LMNR, LOPE, MOD, NPKI, PLMR, STKL, VECO, WRBY

AI, financials, healthcare, infrastructure, Natural Gas, nuclear, Quality, small caps

CNX
LEU
LOPE
LMNR
BHST
KGS
NPKI
ADEA
WRBY
HSTM
ITGR

Riverwater's small-cap strategy underperformed in 2025 by avoiding speculative AI and biotech investments while focusing on quality fundamentals. Energy outperformed through natural gas and nuclear themes. The manager expects 2026 to favor quality small-caps as lower-quality factors reverse and Fed rate cuts improve financing conditions for smaller companies.

Oct 16 2025

2025 Q3

ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR

AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value

UEC
MOD
WOR
PFS
DGII
BDC
PLPC

Small Cap Strategy lagged in Q3 as markets favored lower-quality names over the portfolio's profitable companies. Uranium Energy and Modine Manufacturing led gains from nuclear renaissance and AI infrastructure themes. New positions added across sectors. Manager remains constructive on Fed rate cuts, secular AI growth, attractive small-cap valuations, and quality positioning for long-term outperformance.

Jul 17 2025

2025 Q2

LMNR, NVDA

AI, Geopolitical, nuclear, small caps, Trade Policy, Valuations

Riverwater Partners sees small-caps as fundamentally undervalued despite superior revenue growth versus large-caps over the past decade. AI democratization will level the competitive playing field for smaller companies. With attractive valuations and unsustainable large-cap multiple expansion, quality small-caps should outperform when relative valuations revert to historical norms.

Mar 31 2025

2025 Q1

BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY

Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs

PLMR
LMNR
WRBY
BOW

Small-cap strategy outperformed Russell 2000 in Q1 through specialty insurance winners PLMR and BOW in attractive E&S market. Added WRBY eyewear despite China tariff exposure. Severe tariff announcements create bear market conditions requiring defensive stance, but volatility may offer opportunities. Small-caps positioned to benefit from domestic resilience and lower global risk exposure.

Jan 10 2025

2024 Q4

NCMI

domestic, inflation, Media, Recovery, small caps, Trade Policy, value

NCMI

Riverwater Partners sees small caps poised for a cycle after 14 years of underperformance, driven by attractive valuations and post-election tailwinds. Economic policies may favor domestic-focused companies despite near-term turbulence. National CineMedia exemplifies the opportunity, emerging debt-free from COVID with 17% free cash flow yield potential as entertainment recovers.

QUARTER	THEMES	TAGS
2026 Q1	Energy Energy names returned nearly 30% on average during the quarter, driven by favorable commodity dynamics and strong company-specific execution. The outbreak of conflict involving Iran introduced supply risk repricing with implications for inflation and corporate margins.	Oil Natural Gas Energy Trading Geopolitical
	AI Markets began reassessing AI-linked businesses where concerns emerged around long-term monetization and competitive intensity. AI-driven fears created attractive entry points in high-quality businesses trading at significant discounts to peers.	Artificial Intelligence Technology Disruption Valuation
	Commercial Real Estate Cushman & Wakefield represents an opportunity where AI-driven selloff created attractive entry point in high-quality CRE services franchise. The company's relationship-driven advisory model depends on capabilities where AI augments rather than replaces human expertise.	CRE Services Property Management Real Estate
	Private Credit Observing pockets of stress within private credit markets driven by liquidity constraints rather than underlying credit deterioration. This environment is contributing to more rational pricing of risk and capital.	Credit Stress Liquidity Financing
2025 Q4	AI Pershing Square views AI as a major driver of market performance and structural growth, particularly benefiting megacap technology companies. The firm has positioned in AI beneficiaries like Alphabet, Amazon, and Meta, seeing AI integration as a key catalyst for these businesses.	Artificial Intelligence Technology Cloud Digital Advertising
	Megacaps The firm has increased exposure to high-quality, higher-growth megacap companies, believing they offer structurally higher growth than most S&P 500 companies at only modestly higher multiples. These companies are viewed as having sustainable competitive moats and long-term secular growth characteristics.	Large Cap Technology Growth Market Leaders
	Earnings Pershing Square emphasizes that elevated earnings growth, particularly from the top ten S&P 500 companies, has been the primary driver of market returns rather than multiple expansion. The firm believes this earnings growth can be sustained structurally.	Earnings Growth Fundamentals S&P 500
	Alternative Asset Managers Through their Brookfield investment, Pershing Square is positioned in the alternative asset management space, viewing it as benefiting from multi-trillion-dollar AI-related infrastructure investment and expecting significant earnings growth acceleration.	Asset Management Infrastructure Private Markets
	Insurance The firm is making a significant investment in the insurance sector through HHH's acquisition of Vantage, viewing it as an ideal transaction to transform HHH into a diversified holding company with higher returns and faster growth.	Specialty Insurance Reinsurance Financial Services
2025 Q3	AI The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending.	Data Centers Infrastructure Thermal Management Computing Workloads
	Uranium Uranium Energy Corp was the top contributor as investor sentiment rallied behind the nuclear energy renaissance. U.S. policy pivots favoring domestic uranium supply, restrictions on Russian imports, and tight global supply conditions drove uranium spot prices to the high $70s-low $80s per pound range.	Nuclear Energy Supply Policy Domestic
	Energy Transition The portfolio includes exposure to materials benefiting from energy transition trends. Companies positioned in critical minerals and energy transition themes remain attractive despite near-term volatility, with the manager monitoring for re-entry opportunities.	Critical Minerals Materials Transition Infrastructure Electrification
	Industrial IoT Digi International provides IoT connectivity solutions as industries undergo digital transformation. The IoT industry is experiencing multi-year expansion with growing demand for secure connectivity, condition-based monitoring, and workflow automation, particularly as AI becomes more ubiquitous in edge applications.	Connectivity Digital Transformation Monitoring Automation Edge
	Grid Upgrade Preformed Line Products supplies crucial components for utility infrastructure modernization. The company benefits from accelerating demand for utility and infrastructure products that enable grid modernization, broadband expansion, and network resilience across industries.	Utility Infrastructure Modernization Broadband Resilience
2025 Q2	AI AI will transform lives more profoundly than the internet, with autonomous agents expected within years. The next wave of AI investment opportunity belongs to small caps as AI tools become democratized, giving smaller companies access to coding and automation capabilities previously exclusive to tech giants.	Automation Democratization Competitive Advantage Infrastructure Semiconductors
	Small Caps Quality small caps have delivered superior revenue growth versus large-caps over the past decade despite underperforming. Valuations remain attractive relative to history and compared to large-caps. The fundamental strength of quality small-caps should drive superior returns when relative multiple expansion reverts.	Valuations Revenue Growth Multiple Expansion Outperformance Quality
	Nuclear Nuclear energy will benefit substantially from the shift in computing demand driven by AI infrastructure requirements.	Computing Demand Energy Infrastructure AI Infrastructure
2025 Q1	Insurance The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital.	E&S Specialty Underwriting Catastrophe Premiums
	Trade Policy Tariffs are a significant concern affecting portfolio companies and market sentiment. The manager notes that announced tariffs appear more severe than anticipated, reinforcing risk-off sentiment. Specific impact mentioned on WRBY with 20% of COGS from China, though management has supply chain flexibility.	Tariffs China Supply Chain COGS Risk-off
	Small Caps The strategy focuses exclusively on small-cap investing with emphasis on bottom-up fundamental research. The manager believes small-caps may benefit from domestic economic resilience and lower exposure to global risks as 2025 progresses, despite initial underperformance versus large-caps.	Russell 2000 Domestic Fundamental Undervalued Compounders
2024 Q4	Small Caps Small caps logged respectable returns in 2024 but continued their 14-year relative underperformance versus large caps. The Russell 2000's 11.5% return marked the first time in 46 years it returned between 6-14%. Manager believes a small cap cycle may be on the horizon due to cyclical nature of markets, attractive valuations versus large caps, and historical outperformance in years following presidential elections.	Russell 2000 Valuations Cycle Presidential Election Outperformance
	Media National CineMedia represents the resilience and growth potential in the media sector. The company provides pre-movie advertising and emerged from COVID bankruptcy with wiped debt and net cash position. Manager expects recovery as box office returns to pre-pandemic levels and advertisers return with improved movie slate in 2025-2026.	Advertising Box Office Recovery Cash Flow NCMI
	Trade Policy Incoming President Trump's policies including significant tariff increases on allies like Canada and Mexico could create economic shock and awe. While potentially disruptive initially, these policies may create opportunities for small-cap companies better positioned to adapt to a domestic-focused economy through higher import costs and labor shortages driving inflation.	Tariffs Immigration Inflation Domestic Focus Policy

QUARTER

THEMES

Energy

Energy names returned nearly 30% on average during the quarter, driven by favorable commodity dynamics and strong company-specific execution. The outbreak of conflict involving Iran introduced supply risk repricing with implications for inflation and corporate margins.

Oil Natural Gas Energy Trading Geopolitical

AI

Markets began reassessing AI-linked businesses where concerns emerged around long-term monetization and competitive intensity. AI-driven fears created attractive entry points in high-quality businesses trading at significant discounts to peers.

Artificial Intelligence Technology Disruption Valuation

Commercial Real Estate

Cushman & Wakefield represents an opportunity where AI-driven selloff created attractive entry point in high-quality CRE services franchise. The company's relationship-driven advisory model depends on capabilities where AI augments rather than replaces human expertise.

CRE Services Property Management Real Estate

Private Credit

Observing pockets of stress within private credit markets driven by liquidity constraints rather than underlying credit deterioration. This environment is contributing to more rational pricing of risk and capital.

Credit Stress Liquidity Financing

2025 Q4

AI

Pershing Square views AI as a major driver of market performance and structural growth, particularly benefiting megacap technology companies. The firm has positioned in AI beneficiaries like Alphabet, Amazon, and Meta, seeing AI integration as a key catalyst for these businesses.

Artificial Intelligence Technology Cloud Digital Advertising

Megacaps

The firm has increased exposure to high-quality, higher-growth megacap companies, believing they offer structurally higher growth than most S&P 500 companies at only modestly higher multiples. These companies are viewed as having sustainable competitive moats and long-term secular growth characteristics.

Large Cap Technology Growth Market Leaders

Earnings

Pershing Square emphasizes that elevated earnings growth, particularly from the top ten S&P 500 companies, has been the primary driver of market returns rather than multiple expansion. The firm believes this earnings growth can be sustained structurally.

Earnings Growth Fundamentals S&P 500

Alternative Asset Managers

Through their Brookfield investment, Pershing Square is positioned in the alternative asset management space, viewing it as benefiting from multi-trillion-dollar AI-related infrastructure investment and expecting significant earnings growth acceleration.

Asset Management Infrastructure Private Markets

Insurance

The firm is making a significant investment in the insurance sector through HHH's acquisition of Vantage, viewing it as an ideal transaction to transform HHH into a diversified holding company with higher returns and faster growth.

Specialty Insurance Reinsurance Financial Services

2025 Q3

AI

The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending.

Data Centers Infrastructure Thermal Management Computing Workloads

Uranium

Uranium Energy Corp was the top contributor as investor sentiment rallied behind the nuclear energy renaissance. U.S. policy pivots favoring domestic uranium supply, restrictions on Russian imports, and tight global supply conditions drove uranium spot prices to the high $70s-low $80s per pound range.

Nuclear Energy Supply Policy Domestic

Energy Transition

The portfolio includes exposure to materials benefiting from energy transition trends. Companies positioned in critical minerals and energy transition themes remain attractive despite near-term volatility, with the manager monitoring for re-entry opportunities.

Critical Minerals Materials Transition Infrastructure Electrification

Industrial IoT

Digi International provides IoT connectivity solutions as industries undergo digital transformation. The IoT industry is experiencing multi-year expansion with growing demand for secure connectivity, condition-based monitoring, and workflow automation, particularly as AI becomes more ubiquitous in edge applications.

Connectivity Digital Transformation Monitoring Automation Edge

Grid Upgrade

Preformed Line Products supplies crucial components for utility infrastructure modernization. The company benefits from accelerating demand for utility and infrastructure products that enable grid modernization, broadband expansion, and network resilience across industries.

Utility Infrastructure Modernization Broadband Resilience

2025 Q2

AI

AI will transform lives more profoundly than the internet, with autonomous agents expected within years. The next wave of AI investment opportunity belongs to small caps as AI tools become democratized, giving smaller companies access to coding and automation capabilities previously exclusive to tech giants.

Automation Democratization Competitive Advantage Infrastructure Semiconductors

Small Caps

Quality small caps have delivered superior revenue growth versus large-caps over the past decade despite underperforming. Valuations remain attractive relative to history and compared to large-caps. The fundamental strength of quality small-caps should drive superior returns when relative multiple expansion reverts.

Valuations Revenue Growth Multiple Expansion Outperformance Quality

Nuclear

Nuclear energy will benefit substantially from the shift in computing demand driven by AI infrastructure requirements.

Computing Demand Energy Infrastructure AI Infrastructure

2025 Q1

Insurance

The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital.

E&S Specialty Underwriting Catastrophe Premiums

Trade Policy

Tariffs are a significant concern affecting portfolio companies and market sentiment. The manager notes that announced tariffs appear more severe than anticipated, reinforcing risk-off sentiment. Specific impact mentioned on WRBY with 20% of COGS from China, though management has supply chain flexibility.

Tariffs China Supply Chain COGS Risk-off

Small Caps

The strategy focuses exclusively on small-cap investing with emphasis on bottom-up fundamental research. The manager believes small-caps may benefit from domestic economic resilience and lower exposure to global risks as 2025 progresses, despite initial underperformance versus large-caps.

Russell 2000 Domestic Fundamental Undervalued Compounders

2024 Q4

Small Caps

Small caps logged respectable returns in 2024 but continued their 14-year relative underperformance versus large caps. The Russell 2000's 11.5% return marked the first time in 46 years it returned between 6-14%. Manager believes a small cap cycle may be on the horizon due to cyclical nature of markets, attractive valuations versus large caps, and historical outperformance in years following presidential elections.

Russell 2000 Valuations Cycle Presidential Election Outperformance

Media

National CineMedia represents the resilience and growth potential in the media sector. The company provides pre-movie advertising and emerged from COVID bankruptcy with wiped debt and net cash position. Manager expects recovery as box office returns to pre-pandemic levels and advertisers return with improved movie slate in 2025-2026.

Advertising Box Office Recovery Cash Flow NCMI

Trade Policy

Incoming President Trump's policies including significant tariff increases on allies like Canada and Mexico could create economic shock and awe. While potentially disruptive initially, these policies may create opportunities for small-cap companies better positioned to adapt to a domestic-focused economy through higher import costs and labor shortages driving inflation.

Tariffs Immigration Inflation Domestic Focus Policy

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	MOD	Modine Manufacturing Company	Auto Parts	Industrial Machinery	Bull	New York Stock Exchange	Cooling Solutions, data center, Industrial technology, secular growth, spinoff, thermal management	Login
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	ADEA	Adeia Inc.	Software - Application	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Hybrid bonding, Intellectual Property, IP Portfolio, Licensing, Semiconductor Technology, Technology Partnerships	Login
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	CCB	Coastal Financial Corporation	Banks - Regional	Banks	Neutral	NASDAQ	BaaS Model, Banking As A Service, fee income, Fintech Partnerships, Partner Deposits, Private Credit	Login
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	ATRC	AtriCure, Inc.	Medical Instruments & Supplies	Health Care Equipment & Supplies	Bull	NASDAQ	Appendage Management, Atrial Fibrillation, Cardiac Surgery, first-mover advantage, Medical devices, Surgical Ablation	Login
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	TALK	Talkspace, Inc.	Health Information Services	Health Care Technology	Bull	NASDAQ	acquisition target, digital health, Healthcare Technology, Mental Health Platform, telehealth, Unit economics	Login
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	PWP	Perella Weinberg Partners	Capital Markets	Capital Markets	Bull	NASDAQ	Boutique Bank, Capital markets, Deal Backlog, Fee Realization, investment banking, M&A Advisory	Login
Apr 15, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	CWK	Cushman & Wakefield plc	Real Estate Services	Real Estate Management & Development	Bull	New York Stock Exchange	AI disruption, commercial real estate, Global Platform, oligopoly, property management, Real Estate Services, recurring revenue	Login
Jan 14, 2026	Fund Letters	Adam Peck	CNX	CNX Resources Corporation	Energy	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	buybacks, energy, Freecashflow, Naturalgas, Volumes	Login
Jan 14, 2026	Fund Letters	Adam Peck	LEU	Centrus Energy Corp.	Energy	Nuclear Fuel	Bull	New York Stock Exchange	Contracts, energysecurity, Enrichment, Nuclear, Policy	Login
Jan 14, 2026	Fund Letters	Adam Peck	LOPE	Grand Canyon Education, Inc.	Consumer Discretionary	Education Services	Bull	NASDAQ	compounder, Education, Enrollment, Regulation, ROIC	Login
Jan 14, 2026	Fund Letters	Adam Peck	LMNR	Limoneira Company	Consumer Staples	Agricultural Products	Bull	NASDAQ	agriculture, Assetvalue, Avocados, Longcycle, Supply	Login
Jan 14, 2026	Fund Letters	Adam Peck	BHST	BioHarvest Sciences Inc.	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, growth, Nutraceuticals, platform, Sustainability	Login
Jan 14, 2026	Fund Letters	Adam Peck	KGS	Kodiak Gas Services, Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	Compression, Contracts, Freecashflow, infrastructure, Naturalgas	Login
Jan 14, 2026	Fund Letters	Adam Peck	NPKI	NPK International Inc.	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Electrification, Freecashflow, infrastructure, Margins, Mats	Login
Jan 14, 2026	Fund Letters	Adam Peck	ADEA	Adeia Inc.	Information Technology	Semiconductor IP	Bull	NASDAQ	Ip, Licensing, litigation, royalties, semiconductors	Login
Jan 14, 2026	Fund Letters	Adam Peck	WRBY	Warby Parker Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Eyewear, Margins, Omnichannel, retail, ROIC	Login
Jan 14, 2026	Fund Letters	Adam Peck	HSTM	HealthStream, Inc.	Health Care	Health Care Technology	Bear	NASDAQ	Commercialization, Execution, healthcare, Software	Login
Jan 14, 2026	Fund Letters	Adam Peck	ITGR	Integer Holdings Corporation	Health Care	Medical Devices	Bear	New York Stock Exchange	Execution, guidance, Medtech, visibility	Login
Oct 16, 2025	Fund Letters	Adam Peck	UEC	Uranium Energy Corp.	Materials	Uranium & Nuclear Energy	Bull	NYSE	Commodities, infrastructure, nuclear energy, Policy, uranium	Login
Oct 16, 2025	Fund Letters	Adam Peck	MOD	Modine Manufacturing Co.	Consumer Discretionary	Industrial Machinery	Bull	NYSE	AI, data centers, growth, manufacturing, semiconductors, thermal management	Login
Oct 16, 2025	Fund Letters	Adam Peck	WOR	Worthington Enterprises Inc.	Materials	Industrial Manufacturing	Bull	NYSE	growth, Industrial, IoT, manufacturing, Reshoring	Login
Oct 16, 2025	Fund Letters	Adam Peck	PFS	Provident Financial Services Inc.	Financials	Banks	Bull	NYSE	Banks, consolidation, dividends, growth, Lending, Value	Login
Oct 16, 2025	Fund Letters	Adam Peck	DGII	Digi International Inc.	Information Technology	Internet of Things (IoT)	Bull	NASDAQ	AI, Automation, Connectivity, Industrial technology, IoT	Login
Oct 16, 2025	Fund Letters	Adam Peck	BDC	Belden Inc.	Information Technology	Communications Equipment	Bull	NYSE	AI, Automation, Connectivity, infrastructure, Networking, Software	Login
Oct 16, 2025	Fund Letters	Adam Peck	PLPC	Preformed Line Products Co.	Industrials	Electrical Equipment & Components	Bull	NASDAQ	broadband, Electrification, infrastructure, manufacturing, Power, utilities	Login
Mar 31, 2025	Fund Letters	Riverwater Partners Small Cap Strategy	PLMR	Palomar Holdings, Inc.	Financials	Property & Casualty Insurance	Bull	NASDAQ	defensive, E&S Insurance, Earthquake Coverage, growth, Property Catastrophe, specialty insurance, Surety Market, underwriting	Login
Mar 31, 2025	Fund Letters	Riverwater Partners Small Cap Strategy	LMNR	Limoneira Company	Consumer Staples	Agricultural Products	Bull	NASDAQ	Agricultural Products, asset value, Avocado Conversion, Cash Flow Optimization, consumer staples, Land Rights, Value, Water Rights	Login
Mar 31, 2025	Fund Letters	Riverwater Partners Small Cap Strategy	WRBY	Warby Parker Inc.	Consumer Discretionary	Specialty Retail	Bull	NYSE	B Corp, direct-to-consumer, Eyewear, growth, market share gains, retail expansion, Specialty retail, Target Partnership	Login
Mar 31, 2025	Fund Letters	Riverwater Partners Small Cap Strategy	BOW	Bowhead Specialty Holdings	Financials	Property & Casualty Insurance	Bull	NYSE	Baleen Platform, E&S Insurance, margin expansion, premium growth, specialty insurance, strategic partnership, Tech-Enabled Platform, Underwriting Expertise	Login
Jan 10, 2025	Fund Letters	Riverwater Partners Small Cap Strategy	NCMI	National CineMedia	Communication Services	Advertising	Bull	NASDAQ	Cash Flow Yield, Cinema Advertising, debt-free, entertainment, media, Post-Bankruptcy, Recovery Play, ROAS Technology, turnaround	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

MOD

Modine Manufacturing Company

Auto Parts

Industrial Machinery

Bull

New York Stock Exchange

Cooling Solutions, data center, Industrial technology, secular growth, spinoff, thermal management

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

ADEA

Adeia Inc.

Software - Application

Technology Hardware, Storage & Peripherals

Bull

NASDAQ

Hybrid bonding, Intellectual Property, IP Portfolio, Licensing, Semiconductor Technology, Technology Partnerships

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

CCB

Coastal Financial Corporation

Banks - Regional

Banks

Neutral

NASDAQ

BaaS Model, Banking As A Service, fee income, Fintech Partnerships, Partner Deposits, Private Credit

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

ATRC

AtriCure, Inc.

Medical Instruments & Supplies

Health Care Equipment & Supplies

Bull

NASDAQ

Appendage Management, Atrial Fibrillation, Cardiac Surgery, first-mover advantage, Medical devices, Surgical Ablation

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

TALK

Talkspace, Inc.

Health Information Services

Health Care Technology

Bull

NASDAQ

acquisition target, digital health, Healthcare Technology, Mental Health Platform, telehealth, Unit economics

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

PWP

Perella Weinberg Partners

Capital Markets

Bull

NASDAQ

Boutique Bank, Capital markets, Deal Backlog, Fee Realization, investment banking, M&A Advisory

Apr 15, 2026

Fund Letters

Riverwater Partners Small Cap Strategy

CWK

Cushman & Wakefield plc

Real Estate Services

Real Estate Management & Development

Bull

New York Stock Exchange

AI disruption, commercial real estate, Global Platform, oligopoly, property management, Real Estate Services, recurring revenue

Jan 14, 2026

Fund Letters

Adam Peck

CNX

CNX Resources Corporation

Energy

Oil & Gas Exploration & Production

Bull

New York Stock Exchange

buybacks, energy, Freecashflow, Naturalgas, Volumes

Jan 14, 2026

Fund Letters

Adam Peck

LEU

Centrus Energy Corp.

Energy

Nuclear Fuel

Bull

New York Stock Exchange

Contracts, energysecurity, Enrichment, Nuclear, Policy

Jan 14, 2026

Fund Letters

Adam Peck

LOPE

Grand Canyon Education, Inc.

Consumer Discretionary

Education Services

Bull

NASDAQ

compounder, Education, Enrollment, Regulation, ROIC

Jan 14, 2026

Fund Letters

Adam Peck

LMNR

Limoneira Company

Consumer Staples

Agricultural Products

Bull

NASDAQ

agriculture, Assetvalue, Avocados, Longcycle, Supply

Jan 14, 2026

Fund Letters

Adam Peck

BHST

BioHarvest Sciences Inc.

Health Care

Biotechnology

Bull

NASDAQ

biotechnology, growth, Nutraceuticals, platform, Sustainability

Jan 14, 2026

Fund Letters

Adam Peck

KGS

Kodiak Gas Services, Inc.

Energy

Oil & Gas Equipment & Services

Bull

New York Stock Exchange

Compression, Contracts, Freecashflow, infrastructure, Naturalgas

Jan 14, 2026

Fund Letters

Adam Peck

NPKI

NPK International Inc.

Industrials

Commercial Services & Supplies

Bull

NASDAQ

Electrification, Freecashflow, infrastructure, Margins, Mats

Jan 14, 2026

Fund Letters

Adam Peck

ADEA

Adeia Inc.

Information Technology

Semiconductor IP

Bull

NASDAQ

Ip, Licensing, litigation, royalties, semiconductors

Jan 14, 2026

Fund Letters

Adam Peck

WRBY

Warby Parker Inc.

Consumer Discretionary

Specialty Retail

Bull

New York Stock Exchange

Eyewear, Margins, Omnichannel, retail, ROIC

Jan 14, 2026

Fund Letters

Adam Peck

HSTM

HealthStream, Inc.

Health Care

Health Care Technology

Bear

NASDAQ

Commercialization, Execution, healthcare, Software

Jan 14, 2026

Fund Letters

Adam Peck

ITGR

Integer Holdings Corporation

Health Care

Medical Devices

Bear

New York Stock Exchange

Execution, guidance, Medtech, visibility

Oct 16, 2025

Fund Letters

Adam Peck

UEC

Uranium Energy Corp.

Materials

Uranium & Nuclear Energy

Bull

NYSE

Commodities, infrastructure, nuclear energy, Policy, uranium

Oct 16, 2025

Fund Letters

Adam Peck

MOD

Modine Manufacturing Co.

Consumer Discretionary

Industrial Machinery

Bull

NYSE

AI, data centers, growth, manufacturing, semiconductors, thermal management

Oct 16, 2025

Fund Letters

Adam Peck

WOR

Worthington Enterprises Inc.

Materials

Industrial Manufacturing

Bull

NYSE

growth, Industrial, IoT, manufacturing, Reshoring

Oct 16, 2025

Fund Letters

Adam Peck

PFS

Provident Financial Services Inc.

Financials

Banks

Bull

NYSE

Banks, consolidation, dividends, growth, Lending, Value

Oct 16, 2025

Fund Letters

Adam Peck

DGII

Digi International Inc.

Information Technology

Internet of Things (IoT)

Bull

NASDAQ

AI, Automation, Connectivity, Industrial technology, IoT

Oct 16, 2025

Fund Letters

Adam Peck

BDC

Belden Inc.

Information Technology

Communications Equipment

Bull

NYSE

AI, Automation, Connectivity, infrastructure, Networking, Software

Oct 16, 2025

Fund Letters

Adam Peck

PLPC

Preformed Line Products Co.

Industrials

Electrical Equipment & Components

Bull

NASDAQ

broadband, Electrification, infrastructure, manufacturing, Power, utilities

Mar 31, 2025

Fund Letters

Riverwater Partners Small Cap Strategy

PLMR

Palomar Holdings, Inc.

Financials

Property & Casualty Insurance

Bull

NASDAQ

defensive, E&S Insurance, Earthquake Coverage, growth, Property Catastrophe, specialty insurance, Surety Market, underwriting

Mar 31, 2025

Fund Letters

Riverwater Partners Small Cap Strategy

LMNR

Limoneira Company

Consumer Staples

Agricultural Products

Bull

NASDAQ

Agricultural Products, asset value, Avocado Conversion, Cash Flow Optimization, consumer staples, Land Rights, Value, Water Rights

Mar 31, 2025

Fund Letters

Riverwater Partners Small Cap Strategy

WRBY

Warby Parker Inc.

Consumer Discretionary

Specialty Retail

Bull

NYSE

B Corp, direct-to-consumer, Eyewear, growth, market share gains, retail expansion, Specialty retail, Target Partnership

Mar 31, 2025

Fund Letters

Riverwater Partners Small Cap Strategy

BOW

Bowhead Specialty Holdings

Financials

Property & Casualty Insurance

Bull

NYSE

Baleen Platform, E&S Insurance, margin expansion, premium growth, specialty insurance, strategic partnership, Tech-Enabled Platform, Underwriting Expertise

Jan 10, 2025

Fund Letters

Riverwater Partners Small Cap Strategy

NCMI

National CineMedia

Communication Services

Advertising

Bull

NASDAQ

Cash Flow Yield, Cinema Advertising, debt-free, entertainment, media, Post-Bankruptcy, Recovery Play, ROAS Technology, turnaround

TICKER	COMMENTARY
MOD	Modine Manufacturing led the way during the quarter. The thermal management specialist continued to benefit from secular demand in data center cooling and a well received spinoff of their auto cooling business into a combined company with Gentherm, with the stock appreciating over 60% as the market recognized the durability of its growth drivers. We have held Modine since early in the strategy's life and trimmed modestly during the quarter, but it remains a meaningful position.
ADEA	Adeia, an intellectual property licensing business, was the second-largest contributor. Adeia's strong stock performance in the first quarter of 2026 was driven by a combination of fundamental execution, increasing visibility around its licensing model, and a series of high-profile agreements that reinforced the value of its intellectual property portfolio. Most notably, Adeia signed a multi-year licensing agreement with AMD tied to its hybrid bonding semiconductor technology as well as expanded partnerships with UMC and earlier agreements with Disney and Microsoft.
CCB	Coastal Financial was our largest detractor. CCB experienced a more volatile first quarter, with stock performance shaped by evolving investor perceptions around risks tied to its fintech partner ecosystem and broader private credit dynamics. While underlying fundamentals remained relatively stable, investors grew more focused on the durability of its fintech relationships amid increasing AI-driven disruption and tightened credit conditions. We reduced our position during the quarter but continue to hold CCB at a lower weighting.
ATRC	AtriCure underperformed during the first quarter of 2026 despite delivering a strong earnings report and providing 2026 guidance that came in above street expectations. The stock's weakness was driven by a shift in investor sentiment following Edwards Lifesciences' announcement of a competing surgical left atrial appendage closure product. However, Edwards' product is not expected to be fully available until late in 2026 or 2027, while AtriCure's AtriClip is already well established and widely adopted among cardiac surgeons.
TALK	We initiated a position in Talkspace, a digital mental health platform with improving unit economics. TALK was taken out shortly after we made the purchase, providing an immediate return. The acquisition was bittersweet: while the takeout delivered strong performance on the day, we believed the company's improving fundamentals offered more upside over a longer horizon.
PWP	Perella Weinberg Partners is an advisory-focused investment bank trading at a discount to peers. PWP continues to benefit from a more constructive M&A environment, with a growing backlog that provides increasing visibility into future fee realization. The firm served as advisor on Abbott's acquisition of Penumbra during the quarter. However, our timing has been challenged, as escalating geopolitical tensions tied to the Iran conflict have weighed on sentiment around deal activity.
CWK	Cushman & Wakefield is one of the world's largest commercial real estate services firms. Despite strong operational fundamentals and an improving earnings trajectory, CWK shares have traded under persistent pressure due to market concerns that artificial intelligence could disintermediate traditional CRE service providers. We believe this fear is significantly overstated. The company's relationship-driven advisory model depends on nuanced local market knowledge, negotiation skill, and trust—attributes where AI augments rather than replaces the human element.
TILE	Interface is a global leader in sustainable flooring solutions, with its carbon-neutral carpet tile program and use of recycled and bio-based materials positioning it as a preferred supplier in an era of growing ESG procurement standards. Financially, the business is leveraged to a recovery in commercial construction and renovation activity, with margin expansion potential from mix shift toward higher-value resilient flooring.
GOOS	We initially identified a turnaround prospect in the luxury outerwear brand Canada Goose, noting positive customer engagement trends. Despite a significant sales beat that demonstrated strong brand resonance, the company reported higher-than-expected SG&A expenses, causing the stock to retreat. When coupled with the energy price spike resulting from the Iran conflict and its subsequent impact on consumer sentiment, we determined that the fundamental backdrop for GOOS had shifted materially, leading us to exit the position.
TNC	We divested from Tennant Company during the quarter following a significant ERP system implementation failure that halted customer orders for a three-week period. With the system still not fully recovered, we remain concerned about the potential for strained client relationships or the necessity of offering discounts to retain major accounts.

TICKER

COMMENTARY

MOD

Modine Manufacturing led the way during the quarter. The thermal management specialist continued to benefit from secular demand in data center cooling and a well received spinoff of their auto cooling business into a combined company with Gentherm, with the stock appreciating over 60% as the market recognized the durability of its growth drivers. We have held Modine since early in the strategy's life and trimmed modestly during the quarter, but it remains a meaningful position.

ADEA

Adeia, an intellectual property licensing business, was the second-largest contributor. Adeia's strong stock performance in the first quarter of 2026 was driven by a combination of fundamental execution, increasing visibility around its licensing model, and a series of high-profile agreements that reinforced the value of its intellectual property portfolio. Most notably, Adeia signed a multi-year licensing agreement with AMD tied to its hybrid bonding semiconductor technology as well as expanded partnerships with UMC and earlier agreements with Disney and Microsoft.

CCB

Coastal Financial was our largest detractor. CCB experienced a more volatile first quarter, with stock performance shaped by evolving investor perceptions around risks tied to its fintech partner ecosystem and broader private credit dynamics. While underlying fundamentals remained relatively stable, investors grew more focused on the durability of its fintech relationships amid increasing AI-driven disruption and tightened credit conditions. We reduced our position during the quarter but continue to hold CCB at a lower weighting.

ATRC

AtriCure underperformed during the first quarter of 2026 despite delivering a strong earnings report and providing 2026 guidance that came in above street expectations. The stock's weakness was driven by a shift in investor sentiment following Edwards Lifesciences' announcement of a competing surgical left atrial appendage closure product. However, Edwards' product is not expected to be fully available until late in 2026 or 2027, while AtriCure's AtriClip is already well established and widely adopted among cardiac surgeons.

TALK

We initiated a position in Talkspace, a digital mental health platform with improving unit economics. TALK was taken out shortly after we made the purchase, providing an immediate return. The acquisition was bittersweet: while the takeout delivered strong performance on the day, we believed the company's improving fundamentals offered more upside over a longer horizon.

PWP

Perella Weinberg Partners is an advisory-focused investment bank trading at a discount to peers. PWP continues to benefit from a more constructive M&A environment, with a growing backlog that provides increasing visibility into future fee realization. The firm served as advisor on Abbott's acquisition of Penumbra during the quarter. However, our timing has been challenged, as escalating geopolitical tensions tied to the Iran conflict have weighed on sentiment around deal activity.

CWK

Cushman & Wakefield is one of the world's largest commercial real estate services firms. Despite strong operational fundamentals and an improving earnings trajectory, CWK shares have traded under persistent pressure due to market concerns that artificial intelligence could disintermediate traditional CRE service providers. We believe this fear is significantly overstated. The company's relationship-driven advisory model depends on nuanced local market knowledge, negotiation skill, and trust—attributes where AI augments rather than replaces the human element.

TILE

Interface is a global leader in sustainable flooring solutions, with its carbon-neutral carpet tile program and use of recycled and bio-based materials positioning it as a preferred supplier in an era of growing ESG procurement standards. Financially, the business is leveraged to a recovery in commercial construction and renovation activity, with margin expansion potential from mix shift toward higher-value resilient flooring.

GOOS

We initially identified a turnaround prospect in the luxury outerwear brand Canada Goose, noting positive customer engagement trends. Despite a significant sales beat that demonstrated strong brand resonance, the company reported higher-than-expected SG&A expenses, causing the stock to retreat. When coupled with the energy price spike resulting from the Iran conflict and its subsequent impact on consumer sentiment, we determined that the fundamental backdrop for GOOS had shifted materially, leading us to exit the position.

TNC

We divested from Tennant Company during the quarter following a significant ERP system implementation failure that halted customer orders for a three-week period. With the system still not fully recovered, we remain concerned about the potential for strained client relationships or the necessity of offering discounts to retain major accounts.

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Industry	Prev Quarter %	Current Quarter %	Change
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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Energy

AI

Commercial Real Estate

Private Credit

AI

Megacaps

Earnings

Alternative Asset Managers

Insurance

AI

Uranium

Energy Transition

Industrial IoT

Grid Upgrade

AI

Small Caps

Nuclear

Insurance

Trade Policy

Small Caps

Small Caps

Media

Trade Policy

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Adam Peck Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Riverwater Partners Small Cap Strategy