Riverwater Micro Opportunities Strategy

Investor Summary

Adam J. Peck, CFA, co-founded Riverwater Partners in 2016 after a distinguished 25-year career in the investment industry. Prior to founding the firm, he co-managed a multi-billion-dollar small-cap value mutual fund at Heartland Advisors valued over $3.5 billion. Peck earned his B.S. in International Relations with Environmental Sciences focus and MBA through the Applied Security Analysis Program at University of Wisconsin–Madison. As a CFA charter holder since 2004, he brings deep expertise in small-cap value investing. Peck serves as President Elect of Milwaukee Repertory Theater board and Vice Chairman of Coral Gables Trust's Trust Investment Committee, demonstrating strong community leadership alongside his investment acumen.

Fund Strategy

The Riverwater Micro Opportunities Strategy employs a proprietary Three Pillar Approach® requiring all holdings to meet three critical criteria: Superior Business, Exceptional Management, and Attractive Valuation. The strategy targets 20-40 micro-cap companies generally below $1.5 billion market capitalization, focusing on higher-quality businesses that are profitable or approaching profitability and can generate attractive returns on invested capital over a full cycle. ESG factors are integrated through a proprietary 25-point scoring system with active management engagement. The approach emphasizes long-term investing with typical holding periods of three years or more, seeking undervalued stocks, failed IPOs, defunct SPACs, and companies with temporarily depressed earnings but reaccelerating growth.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

Riverwater Partners Micro Opportunities Strategy slightly underperformed its benchmark in Q1 2026 amid escalating Middle East geopolitical tensions and market reassessment of growth areas. The Iran conflict introduced external shocks reflected in rising energy prices and heightened volatility, while equity markets reevaluated software and AI-related businesses amid monetization concerns. The manager is repositioning toward energy and materials sectors to benefit from supply disruptions and structural shifts favoring North American firms, while avoiding consumer discretionary and financials due to altered macro conditions. Key contributors included NPK International, benefiting from infrastructure buildout and AI-driven data center expansion, and Douglas Dynamics, aided by robust winter weather. Detractors included Red Violet and Coastal Financial, impacted by software sector weakness and private credit concerns respectively. The strategy initiated positions in Ranger Energy Services and LSB Industries to capitalize on energy cycle opportunities and nitrogen market supply disruptions. Despite elevated uncertainty, the manager remains focused on high-quality businesses with competitive advantages, expecting market stabilization to support equity re-rating over time.

Core Thesis

Riverwater Partners focuses on capitalizing on opportunities created by indiscriminate selling in microcap equities, particularly targeting high-quality businesses with durable competitive advantages trading at attractive valuations amid AI disruption concerns and geopolitical uncertainty.

Forward Outlook

The manager expects a more delayed recovery in consumer-oriented businesses and financials due to geopolitical tensions and energy price impacts. Despite elevated uncertainty, markets tend to respond to incremental changes rather than absolute outcomes, and stabilization could support equity re-rating. The focus remains on repositioning toward energy and materials while selectively adding defensive sectors with higher earnings visibility.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 15 2026	2026 Q1	AVD, CCB, LXU, NPKI, PLOW, RDVT, RNGR, TALK	AI, energy, Fertilizers, Geopolitical, healthcare, materials, Microcap, private credit	NPKI PLOW RDVT CCB RNGR TALK LXU	Riverwater Partners repositioned its microcap strategy in Q1 2026 toward energy and materials amid Middle East tensions while capitalizing on AI disruption selling. The fund added energy services and nitrogen chemical exposure through new positions in Ranger Energy and LSB Industries, expecting structural supply advantages for North American firms despite near-term macro uncertainty.
Jan 14 2026	2025 Q4	AVD, AVID, CLMB, FSBC, IRMD, LEU, LMNR, MAMA, MEC, NCMI, NGS, PLOW, PWP, UROY	AI, Biotechnology, fundamentals, Microcap, nuclear, Quality, rates, value	IRMD AVD LMNR NGS PLOW	Riverwater's micro-cap strategy underperformed in 2025 by avoiding speculative AI and biotech themes while maintaining quality discipline. Top holding IRadimed gained 80% on FDA approval. Manager expects 2026 rotation back to fundamentals favoring quality micro-caps, supported by Fed rate cuts and improving real economy earnings. Portfolio positioned for cyclical outperformance at fundamental inflection points.
Oct 16 2025	2025 Q3	ABEO, ALLT, ARIS, AVBC, AVD, BDC, CCB, DCTH, IRMD, MAMA, MEC, NPKI, TILE, UROY, UTL	AI, Banking, healthcare, Microcap, nuclear, Quality, uranium, value	UROY DCTH AVBC ALLT AVD	Micro-cap strategy delivered solid absolute returns but lagged benchmark's rally in lower-quality stocks. Strong performance from uranium theme and healthcare holdings offset consumer discretionary weakness. Manager maintains quality focus with new positions in undervalued community bank, cybersecurity, and agricultural chemicals. Optimistic on fundamentals-driven recovery ahead despite current momentum favoring speculation over quality.
Jun 30 2025	2025 Q2	ABEO, AEHR, ALRS, AMRK, ARIS, DCBO, LAKE, LEU, LMNR, NCMI, NPKI, PLOW, RDVT, SSSS, TILE, UROY, UTL	Defensive, energy, Gene Therapy, materials, Microcap, nuclear, Quality, Utilities	LEU ARIS ABEO TILE LEU ABEO TILE	Micro-cap strategy underperformed due to defensive positioning during low-quality rally. Nuclear theme drove outperformance with LEU returning 181%. Added gene therapy play ABEO and sustainable flooring company TILE. Maintaining defensive stance amid tariff uncertainty while seeking mispriced quality companies. Materials sector led by uranium holdings outperformed significantly.
Mar 31 2025	2025 Q1	ALRS, ARIS, CCB, CLMB, IMXI, LMNR, NPKI, RDVT, TGLS, UROY, UTL	Defensive, energy, healthcare, Microcap, Quality, technology, Utilities	ARIS LMNR CLMB RDVT	Riverwater's microcap strategy outperformed in Q1 through quality stock selection, led by water infrastructure play Aris Water Solutions. Added cybersecurity distributor Climb Global and data analytics firm Red Violet while trimming winners. Maintaining defensive stance amid tariff uncertainty but viewing market dislocations as opportunities to acquire quality businesses at attractive valuations.
Dec 31 2024	2024 Q4	AEHR, AMRK, CCB, LEU, MEC, SSSS, TTAN, UROY	AI, Banking, industrials, Microcaps, nuclear, Onshoring, technology, uranium	CCB AMRK UROY SSSS	Riverwater's Micro Opportunities Strategy targets undervalued microcaps positioned for domestic economic tailwinds. Key themes include nuclear power, AI infrastructure, reshoring trends, and banking recovery from Fed rate cuts. Despite Q4 benchmark underperformance, the manager sees opportunity in domestic-focused companies benefiting from tariff policies while avoiding geopolitical risks facing large-cap multinationals.
Jun 30 2024	2024 Q2	AAPL, ARIS, ATOM, BWB, GOOGL, III, LLAP, LMNR, LMT, META, MSFT, NVDA, PERI, QNST, STM, VECO	Agriculture, AI, Banking, Microcap, semiconductors, small cap, value	VECO LMNR	Riverwater's microcap strategy rebounded in Q2 despite continued small-cap underperformance versus large-caps concentrated in AI stocks. Manager sees extreme relative underperformance creating attractive opportunities historically preceding outperformance cycles. Portfolio added banking, marketing, and water recycling names while exiting delayed semiconductor IP and struggling satellite plays. Featured agricultural holding Limoneira trades at significant discount to asset value.
Apr 15 2024	2024 Q1	ASLE, CRAI, HBIO, HDSN, LEU, LMAT, LMNR, MEC, NYCB, PGY, PWP, TGLS, VECO	AI, Banking, healthcare, industrials, Microcap, SPACs, uranium, value	PGY ASLE CRAI	Riverwater's microcap strategy trails benchmarks due to market preference for unprofitable stocks, but maintains conviction in undervalued quality positions. Banking sector offers opportunities post-CRE selloff, while uranium benefits from domestic production initiatives. Healthcare and industrials remain core themes. Improving macro backdrop and historical patterns suggest microcaps poised to outperform large caps.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 15 2026

2026 Q1

AVD, CCB, LXU, NPKI, PLOW, RDVT, RNGR, TALK

AI, energy, Fertilizers, Geopolitical, healthcare, materials, Microcap, private credit

NPKI
PLOW
RDVT
CCB
RNGR
TALK
LXU

Riverwater Partners repositioned its microcap strategy in Q1 2026 toward energy and materials amid Middle East tensions while capitalizing on AI disruption selling. The fund added energy services and nitrogen chemical exposure through new positions in Ranger Energy and LSB Industries, expecting structural supply advantages for North American firms despite near-term macro uncertainty.

Jan 14 2026

2025 Q4

AVD, AVID, CLMB, FSBC, IRMD, LEU, LMNR, MAMA, MEC, NCMI, NGS, PLOW, PWP, UROY

AI, Biotechnology, fundamentals, Microcap, nuclear, Quality, rates, value

IRMD
AVD
LMNR
NGS
PLOW

Riverwater's micro-cap strategy underperformed in 2025 by avoiding speculative AI and biotech themes while maintaining quality discipline. Top holding IRadimed gained 80% on FDA approval. Manager expects 2026 rotation back to fundamentals favoring quality micro-caps, supported by Fed rate cuts and improving real economy earnings. Portfolio positioned for cyclical outperformance at fundamental inflection points.

Oct 16 2025

2025 Q3

ABEO, ALLT, ARIS, AVBC, AVD, BDC, CCB, DCTH, IRMD, MAMA, MEC, NPKI, TILE, UROY, UTL

AI, Banking, healthcare, Microcap, nuclear, Quality, uranium, value

UROY
DCTH
AVBC
ALLT
AVD

Micro-cap strategy delivered solid absolute returns but lagged benchmark's rally in lower-quality stocks. Strong performance from uranium theme and healthcare holdings offset consumer discretionary weakness. Manager maintains quality focus with new positions in undervalued community bank, cybersecurity, and agricultural chemicals. Optimistic on fundamentals-driven recovery ahead despite current momentum favoring speculation over quality.

Jun 30 2025

2025 Q2

ABEO, AEHR, ALRS, AMRK, ARIS, DCBO, LAKE, LEU, LMNR, NCMI, NPKI, PLOW, RDVT, SSSS, TILE, UROY, UTL

Defensive, energy, Gene Therapy, materials, Microcap, nuclear, Quality, Utilities

LEU
ARIS
ABEO
TILE
LEU
ABEO
TILE

Micro-cap strategy underperformed due to defensive positioning during low-quality rally. Nuclear theme drove outperformance with LEU returning 181%. Added gene therapy play ABEO and sustainable flooring company TILE. Maintaining defensive stance amid tariff uncertainty while seeking mispriced quality companies. Materials sector led by uranium holdings outperformed significantly.

Mar 31 2025

2025 Q1

ALRS, ARIS, CCB, CLMB, IMXI, LMNR, NPKI, RDVT, TGLS, UROY, UTL

Defensive, energy, healthcare, Microcap, Quality, technology, Utilities

ARIS
LMNR
CLMB
RDVT

Riverwater's microcap strategy outperformed in Q1 through quality stock selection, led by water infrastructure play Aris Water Solutions. Added cybersecurity distributor Climb Global and data analytics firm Red Violet while trimming winners. Maintaining defensive stance amid tariff uncertainty but viewing market dislocations as opportunities to acquire quality businesses at attractive valuations.

Dec 31 2024

2024 Q4

AEHR, AMRK, CCB, LEU, MEC, SSSS, TTAN, UROY

AI, Banking, industrials, Microcaps, nuclear, Onshoring, technology, uranium

CCB
AMRK
UROY
SSSS

Riverwater's Micro Opportunities Strategy targets undervalued microcaps positioned for domestic economic tailwinds. Key themes include nuclear power, AI infrastructure, reshoring trends, and banking recovery from Fed rate cuts. Despite Q4 benchmark underperformance, the manager sees opportunity in domestic-focused companies benefiting from tariff policies while avoiding geopolitical risks facing large-cap multinationals.

Jun 30 2024

2024 Q2

AAPL, ARIS, ATOM, BWB, GOOGL, III, LLAP, LMNR, LMT, META, MSFT, NVDA, PERI, QNST, STM, VECO

Agriculture, AI, Banking, Microcap, semiconductors, small cap, value

VECO
LMNR

Riverwater's microcap strategy rebounded in Q2 despite continued small-cap underperformance versus large-caps concentrated in AI stocks. Manager sees extreme relative underperformance creating attractive opportunities historically preceding outperformance cycles. Portfolio added banking, marketing, and water recycling names while exiting delayed semiconductor IP and struggling satellite plays. Featured agricultural holding Limoneira trades at significant discount to asset value.

Apr 15 2024

2024 Q1

ASLE, CRAI, HBIO, HDSN, LEU, LMAT, LMNR, MEC, NYCB, PGY, PWP, TGLS, VECO

AI, Banking, healthcare, industrials, Microcap, SPACs, uranium, value

PGY
ASLE
CRAI

Riverwater's microcap strategy trails benchmarks due to market preference for unprofitable stocks, but maintains conviction in undervalued quality positions. Banking sector offers opportunities post-CRE selloff, while uranium benefits from domestic production initiatives. Healthcare and industrials remain core themes. Improving macro backdrop and historical patterns suggest microcaps poised to outperform large caps.

QUARTER	THEMES	TAGS
2026 Q1	Energy The fund is expanding exposure to Energy sector due to structural shifts from Middle East geopolitical tensions. Rising energy prices from Iran conflict and supply disruptions create competitive advantages for North American firms. The manager initiated positions in Ranger Energy Services and expects sustained pricing strength through the energy cycle.	Oil Natural Gas Geopolitical Supply Pricing
	Fertilizers LSB Industries represents a concentrated play on nitrogen markets benefiting from global supply disruptions. Strait of Hormuz blockade and Russian export suspensions removed 27% of global ammonia supply, creating the tightest nitrogen inventory in years. The company benefits from domestic natural gas feedstock advantages and oligopolistic market structure.	Nitrogen Ammonia Supply Chain Agriculture Commodities
	AI AI disruption concerns led to indiscriminate selling across software and data analytics companies, creating attractive entry points. The manager views recent underperformance in holdings like Red Violet as sentiment-driven rather than fundamental. AI-driven data center expansion also benefits infrastructure plays like NPK International.	Software Data Analytics Disruption Sentiment Infrastructure
	Private Credit Stress has emerged in select areas of private credit markets driven by tightening liquidity rather than credit quality deterioration. The manager views this as contained and comparable to 2023 regional banking episode. These conditions are fostering more disciplined risk pricing across capital markets.	Liquidity Credit Banking Risk Pricing
2025 Q4	AI Manager discusses AI monetization progress at Alphabet with strong third-quarter results and improving sentiment around digital advertising and AI. Google Cloud grew over 30% year-over-year supported by rapid adoption of AI training and inference services. Gemini platform enhancements were well received including lower-cost inference options.	Cloud Monetization Infrastructure Training Inference
	GLP1 Eli Lilly was a top performer driven by its GLP-1 franchises Mounjaro and Zepbound where sales more than doubled year-over-year. Manager believes demand for GLP-1 treatments continues to outpace supply with additional indications on the horizon. Views Lilly as positioned to deliver sustained revenue and cash-flow growth over the coming decade.	Diabetes Obesity Pharmaceuticals Growth Pipeline
	Streaming Netflix was the portfolio's largest detractor following investor concerns around near-term subscriber growth and rising content spending. Manager notes slower net subscriber additions guidance and margin pressure from elevated investment in live sports and international content. Despite headwinds, views Netflix as dominant global streaming platform with durable competitive advantages.	Content Subscribers Sports Competition Monetization
	Cloud CoreWeave shares declined despite revenue growing more than 40% year-over-year due to elongated GPU delivery lead times and slower enterprise AI workload ramp. Manager believes CoreWeave's purpose-built infrastructure is uniquely positioned within high-performance cloud compute market with differentiated architecture and strategic partnerships.	GPU Infrastructure Enterprise Computing Partnerships
2025 Q3	Nuclear Nuclear power gained momentum as a clean energy solution for AI data centers, with uranium prices strengthening into the high $70s low $80s per pound range. The manager maintains long-standing conviction that nuclear energy will play a critical role in meeting exponential growth in power demands from artificial intelligence infrastructure.	Uranium Nuclear AI Data Centers Clean Energy
	AI Artificial intelligence emerged as a transformative growth potential theme driving market attention. The manager specifically highlighted nuclear power's role in meeting exponential growth in power demands from AI infrastructure, particularly data centers requiring clean, reliable baseload generation.	AI Data Centers Infrastructure Power Growth
	Onshoring The manager continues to see opportunities in companies exposed to reshoring trends and domestic manufacturing. Despite near-term headwinds for some holdings like Mayville Engineering Company, confidence remains in long-term positioning to benefit from ongoing reshoring of manufacturing to the United States.	Reshoring Manufacturing Domestic Industrial Supply Chain
	Community Banks Maintained overweight position in community banks that stand to benefit from eventual steepening of the yield curve and improving net interest margins. The manager sees attractive risk-reward dynamics within the banking sector, especially for well-capitalized institutions with strong deposit franchises and disciplined lending practices.	Banks Yield Curve Interest Margins Deposits Lending
	Cybersecurity Initiated position in Allot, which offers network security as a service and can disrupt the security market for individuals and small businesses via communications service providers. The company's security-as-a-service business is growing above 50% and represents 20% of revenue.	Security SaaS Network Cybersecurity Growth
2025 Q2	Nuclear Nuclear power is positioned as critical infrastructure for AI data centers and decarbonization goals. Big tech firms are securing long-term nuclear power deals and investing in small modular reactors. Policy environment supports quadrupling nuclear electricity by 2050 through reformed licensing and federal backing.	Nuclear SMR HALEU Uranium Energy
	Gene Therapy First-mover opportunity in curative gene therapies for rare dermatological diseases. Single-treatment model with high efficacy and durable results differentiates from chronic re-application alternatives. Vertically integrated manufacturing enhances supply chain control and scalability.	Gene Therapy Rare Diseases Biotechnology Manufacturing Pricing
2025 Q1	Water Aris Water Solutions provides infrastructure and water recycling solutions to energy producers in Texas. The company benefits from growing regulatory focus on water reuse and rising demand for sustainable infrastructure, positioning it well for secular ESG trends.	Water recycling Infrastructure ESG Sustainability Energy
	Cybersecurity Climb Global Solutions specializes in cloud-based and data center software distribution, with focus on cybersecurity and networking solutions. Red Violet provides advanced data analytics and identity intelligence solutions with applications in fraud prevention and compliance.	Cloud Data analytics Identity Fraud prevention Software distribution
	Agriculture Limoneira Company is converting lemon acreage to avocados which are 5 times more profitable per acre, while monetizing land and water rights and optimizing existing lemon acreage to improve cash flow stability.	Avocados Land rights Water rights Cash flow Optimization
2024 Q4	Nuclear The Materials sector was a standout performer driven by investments in nuclear power and uranium, which continues to present significant long-term opportunities. The strategy initiated a position in Uranium Royalty Corp. (UROY) to align with this long-standing focus on the nuclear power and uranium theme.	Nuclear Uranium Power Energy Materials
	AI The strategy is investing in picks and shovels for AI, with Aehr Test Systems positioned to benefit from increased investment in AI chips. SuRo Capital Corp. provides exposure to high-growth AI themes through holdings in companies such as OpenAI and CoreWeave.	AI Semiconductors Technology Growth Infrastructure
	Onshoring The strategy focuses on the reshoring of industrial production due to tariff risks from the new administration. Companies with primarily domestic operations like Mayville Engineering Company are well-positioned to capitalize on reshoring trends and avoid potential tariff impacts.	Onshoring Tariffs Manufacturing Domestic Trade
	Regional Banks The strategy remains overweight in banks, particularly benefiting from the Federal Reserve's rate-cutting cycle. The lowering of short-term rates and rise in 10-year Treasury yield has provided benefits through lower funding costs and steepened yield curves, enabling banks to expand net interest margins.	Banks Interest Rates Margins Regional
2024 Q2	AI AI has contributed to large-cap outperformance but also presents opportunities for microcaps as picks and shovels plays. Veeco Instruments exemplifies this opportunity as a key supplier to companies producing AI chips and servers.	Semiconductors Equipment Chips Servers Technology
	Semiconductors Semiconductor equipment companies like Veeco are benefiting from AI demand and diversifying into laser annealing technology for leading-edge chip manufacturing. The sector offers opportunities in companies making equipment for memory, storage, and advanced processors.	Equipment Memory Processing Manufacturing Foundries
	Small Caps Small-cap stocks continued to lag large-caps this quarter, with much of S&P 500 gains concentrated in AI-driven stocks. The manager believes extreme relative underperformance often precedes sustained outperformance for the underperforming asset class.	Underperformance Cyclicality Valuation Opportunity Relative
	Agriculture Limoneira represents an agricultural investment with significant land and water rights valued between $450-550 million. The company is pivoting toward avocado production, a more profitable segment with growing US demand.	Land Water Rights Avocados Lemons Sustainability
2024 Q1	Commercial Real Estate Manager views CRE challenges as largely manageable, confined to major cities with lower-grade office spaces or multifamily units. The NYCB situation is assessed as unique to New York's CRE market and rent-controlled multifamily units. This presents an opportunity to potentially add banks that have been unjustly discounted in the market turmoil.	Banking NYCB Multifamily Office Recovery
	Uranium LEU is positioned favorably for securing funding from approximately $2 billion in new Congressional expenditures for expanding low enriched uranium production capabilities to reduce dependency on Russian uranium supplies. The company awaits a decision on HALEU production program funding and stands to benefit from the strategic advantage in the evolving uranium market landscape.	HALEU Nuclear Energy Security Russia Defense
	SPACs Manager is scouring opportunities among neglected stocks, including failed IPOs and defunct SPACs with potential residual value. Initially identified Pagaya Technologies through screening for undervalued SPACs, though this position was ultimately sold due to strategic concerns.	Failed IPOs Undervalued Screening Opportunity
	AI Manager is keenly observing opportunities within information technology sectors, particularly those linked to advancements in artificial intelligence. Pagaya Technologies was noted for utilizing advanced data science and AI to enhance loan origination for financial institutions.	Data Science Technology Innovation Fintech

QUARTER

THEMES

Energy

The fund is expanding exposure to Energy sector due to structural shifts from Middle East geopolitical tensions. Rising energy prices from Iran conflict and supply disruptions create competitive advantages for North American firms. The manager initiated positions in Ranger Energy Services and expects sustained pricing strength through the energy cycle.

Oil Natural Gas Geopolitical Supply Pricing

Fertilizers

LSB Industries represents a concentrated play on nitrogen markets benefiting from global supply disruptions. Strait of Hormuz blockade and Russian export suspensions removed 27% of global ammonia supply, creating the tightest nitrogen inventory in years. The company benefits from domestic natural gas feedstock advantages and oligopolistic market structure.

Nitrogen Ammonia Supply Chain Agriculture Commodities

AI

AI disruption concerns led to indiscriminate selling across software and data analytics companies, creating attractive entry points. The manager views recent underperformance in holdings like Red Violet as sentiment-driven rather than fundamental. AI-driven data center expansion also benefits infrastructure plays like NPK International.

Software Data Analytics Disruption Sentiment Infrastructure

Private Credit

Stress has emerged in select areas of private credit markets driven by tightening liquidity rather than credit quality deterioration. The manager views this as contained and comparable to 2023 regional banking episode. These conditions are fostering more disciplined risk pricing across capital markets.

Liquidity Credit Banking Risk Pricing

2025 Q4

AI

Manager discusses AI monetization progress at Alphabet with strong third-quarter results and improving sentiment around digital advertising and AI. Google Cloud grew over 30% year-over-year supported by rapid adoption of AI training and inference services. Gemini platform enhancements were well received including lower-cost inference options.

Cloud Monetization Infrastructure Training Inference

GLP1

Eli Lilly was a top performer driven by its GLP-1 franchises Mounjaro and Zepbound where sales more than doubled year-over-year. Manager believes demand for GLP-1 treatments continues to outpace supply with additional indications on the horizon. Views Lilly as positioned to deliver sustained revenue and cash-flow growth over the coming decade.

Diabetes Obesity Pharmaceuticals Growth Pipeline

Streaming

Netflix was the portfolio's largest detractor following investor concerns around near-term subscriber growth and rising content spending. Manager notes slower net subscriber additions guidance and margin pressure from elevated investment in live sports and international content. Despite headwinds, views Netflix as dominant global streaming platform with durable competitive advantages.

Content Subscribers Sports Competition Monetization

Cloud

CoreWeave shares declined despite revenue growing more than 40% year-over-year due to elongated GPU delivery lead times and slower enterprise AI workload ramp. Manager believes CoreWeave's purpose-built infrastructure is uniquely positioned within high-performance cloud compute market with differentiated architecture and strategic partnerships.

GPU Infrastructure Enterprise Computing Partnerships

2025 Q3

Nuclear

Nuclear power gained momentum as a clean energy solution for AI data centers, with uranium prices strengthening into the high $70s low $80s per pound range. The manager maintains long-standing conviction that nuclear energy will play a critical role in meeting exponential growth in power demands from artificial intelligence infrastructure.

Uranium Nuclear AI Data Centers Clean Energy

AI

Artificial intelligence emerged as a transformative growth potential theme driving market attention. The manager specifically highlighted nuclear power's role in meeting exponential growth in power demands from AI infrastructure, particularly data centers requiring clean, reliable baseload generation.

AI Data Centers Infrastructure Power Growth

Onshoring

The manager continues to see opportunities in companies exposed to reshoring trends and domestic manufacturing. Despite near-term headwinds for some holdings like Mayville Engineering Company, confidence remains in long-term positioning to benefit from ongoing reshoring of manufacturing to the United States.

Reshoring Manufacturing Domestic Industrial Supply Chain

Community Banks

Maintained overweight position in community banks that stand to benefit from eventual steepening of the yield curve and improving net interest margins. The manager sees attractive risk-reward dynamics within the banking sector, especially for well-capitalized institutions with strong deposit franchises and disciplined lending practices.

Banks Yield Curve Interest Margins Deposits Lending

Cybersecurity

Initiated position in Allot, which offers network security as a service and can disrupt the security market for individuals and small businesses via communications service providers. The company's security-as-a-service business is growing above 50% and represents 20% of revenue.

Security SaaS Network Cybersecurity Growth

2025 Q2

Nuclear

Nuclear power is positioned as critical infrastructure for AI data centers and decarbonization goals. Big tech firms are securing long-term nuclear power deals and investing in small modular reactors. Policy environment supports quadrupling nuclear electricity by 2050 through reformed licensing and federal backing.

Nuclear SMR HALEU Uranium Energy

Gene Therapy

First-mover opportunity in curative gene therapies for rare dermatological diseases. Single-treatment model with high efficacy and durable results differentiates from chronic re-application alternatives. Vertically integrated manufacturing enhances supply chain control and scalability.

Gene Therapy Rare Diseases Biotechnology Manufacturing Pricing

2025 Q1

Water

Aris Water Solutions provides infrastructure and water recycling solutions to energy producers in Texas. The company benefits from growing regulatory focus on water reuse and rising demand for sustainable infrastructure, positioning it well for secular ESG trends.

Water recycling Infrastructure ESG Sustainability Energy

Cybersecurity

Climb Global Solutions specializes in cloud-based and data center software distribution, with focus on cybersecurity and networking solutions. Red Violet provides advanced data analytics and identity intelligence solutions with applications in fraud prevention and compliance.

Cloud Data analytics Identity Fraud prevention Software distribution

Agriculture

Limoneira Company is converting lemon acreage to avocados which are 5 times more profitable per acre, while monetizing land and water rights and optimizing existing lemon acreage to improve cash flow stability.

Avocados Land rights Water rights Cash flow Optimization

2024 Q4

Nuclear

The Materials sector was a standout performer driven by investments in nuclear power and uranium, which continues to present significant long-term opportunities. The strategy initiated a position in Uranium Royalty Corp. (UROY) to align with this long-standing focus on the nuclear power and uranium theme.

Nuclear Uranium Power Energy Materials

AI

The strategy is investing in picks and shovels for AI, with Aehr Test Systems positioned to benefit from increased investment in AI chips. SuRo Capital Corp. provides exposure to high-growth AI themes through holdings in companies such as OpenAI and CoreWeave.

AI Semiconductors Technology Growth Infrastructure

Onshoring

The strategy focuses on the reshoring of industrial production due to tariff risks from the new administration. Companies with primarily domestic operations like Mayville Engineering Company are well-positioned to capitalize on reshoring trends and avoid potential tariff impacts.

Onshoring Tariffs Manufacturing Domestic Trade

Regional Banks

The strategy remains overweight in banks, particularly benefiting from the Federal Reserve's rate-cutting cycle. The lowering of short-term rates and rise in 10-year Treasury yield has provided benefits through lower funding costs and steepened yield curves, enabling banks to expand net interest margins.

Banks Interest Rates Margins Regional

2024 Q2

AI

AI has contributed to large-cap outperformance but also presents opportunities for microcaps as picks and shovels plays. Veeco Instruments exemplifies this opportunity as a key supplier to companies producing AI chips and servers.

Semiconductors Equipment Chips Servers Technology

Semiconductors

Semiconductor equipment companies like Veeco are benefiting from AI demand and diversifying into laser annealing technology for leading-edge chip manufacturing. The sector offers opportunities in companies making equipment for memory, storage, and advanced processors.

Equipment Memory Processing Manufacturing Foundries

Small Caps

Small-cap stocks continued to lag large-caps this quarter, with much of S&P 500 gains concentrated in AI-driven stocks. The manager believes extreme relative underperformance often precedes sustained outperformance for the underperforming asset class.

Underperformance Cyclicality Valuation Opportunity Relative

Agriculture

Limoneira represents an agricultural investment with significant land and water rights valued between $450-550 million. The company is pivoting toward avocado production, a more profitable segment with growing US demand.

Land Water Rights Avocados Lemons Sustainability

2024 Q1

Commercial Real Estate

Manager views CRE challenges as largely manageable, confined to major cities with lower-grade office spaces or multifamily units. The NYCB situation is assessed as unique to New York's CRE market and rent-controlled multifamily units. This presents an opportunity to potentially add banks that have been unjustly discounted in the market turmoil.

Banking NYCB Multifamily Office Recovery

Uranium

LEU is positioned favorably for securing funding from approximately $2 billion in new Congressional expenditures for expanding low enriched uranium production capabilities to reduce dependency on Russian uranium supplies. The company awaits a decision on HALEU production program funding and stands to benefit from the strategic advantage in the evolving uranium market landscape.

HALEU Nuclear Energy Security Russia Defense

SPACs

Manager is scouring opportunities among neglected stocks, including failed IPOs and defunct SPACs with potential residual value. Initially identified Pagaya Technologies through screening for undervalued SPACs, though this position was ultimately sold due to strategic concerns.

Failed IPOs Undervalued Screening Opportunity

AI

Manager is keenly observing opportunities within information technology sectors, particularly those linked to advancements in artificial intelligence. Pagaya Technologies was noted for utilizing advanced data science and AI to enhance loan origination for financial institutions.

Data Science Technology Innovation Fintech

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	NPKI	NPK International Inc.	Oil & Gas Equipment & Services	Construction & Engineering	Bull	NASDAQ	AI, Composite Materials, data centers, energy, Grid expansion, infrastructure, pipeline development, Rental Fleet	Login
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	PLOW	Douglas Dynamics, Inc.	Auto Parts	Machinery	Bull	New York Stock Exchange	Commercial Equipment, Municipal, North America, Seasonal, Snow Equipment, Weather Cyclical	Login
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	RDVT	Red Violet, Inc.	Software - Application	Application Software	Bull	NASDAQ	AI disruption, Data Analytics, Government, Identity Intelligence, law enforcement, proprietary data, Software	Login
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	CCB	Coastal Financial Corporation	Banks - Regional	Regional Banks	Neutral	NASDAQ	AI disruption, Banking As A Service, Credit Conditions, fee income, Fintech, Partner Deposits, regional bank	Login
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	RNGR	Ranger Energy Services	Oil & Gas Equipment & Services	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	Energy Services, geopolitical, Oil & Gas Services, Permian Basin, Well Maintenance, Well Service Rigs, Workover Activity	Login
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	TALK	Talkspace	Health Information Services	Health Care Technology	Bull	NASDAQ	acquisition target, digital health, Healthcare Technology, Mental health, telemedicine, Unit economics	Login
Apr 15, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	LXU	LSB Industries	Chemicals	Fertilizers & Agricultural Chemicals	Bull	New York Stock Exchange	Ammonia, Blue Ammonia, clean energy, Fertilizer, geopolitical, Mining Explosives, natural gas, Nitrogen Chemicals, Supply Disruption	Login
Jan 14, 2026	Fund Letters	Adam Peck	IRMD	IRadimed Corporation	Health Care	Health Care Equipment	Bull	NASDAQ	FDA, growth, Medtech, Mri, ROIC	Login
Jan 14, 2026	Fund Letters	Adam Peck	AVD	American Vanguard Corporation	Materials	Agricultural Chemicals	Bull	New York Stock Exchange	agriculture, EBITDA, Inventory, Margins, turnaround	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	NGS	Natural Gas Services Group, Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	Compression, Contracts, Energyservices, Margins, Naturalgas	Login
Jan 14, 2026	Fund Letters	Adam Peck	PLOW	Douglas Dynamics, Inc.	Industrials	Commercial Services & Supplies	Bull	New York Stock Exchange	Cyclicality, Industrials, Margins, Replacement, Weather	Login
Oct 16, 2025	Fund Letters	Adam Peck	UROY	Uranium Royalty Corp.	Materials	Uranium & Nuclear Energy	Bull	NASDAQ	AI, clean energy, Commodities, nuclear energy, royalties, uranium	Login
Oct 16, 2025	Fund Letters	Adam Peck	DCTH	Delcath Systems Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, Catalysts, Clinical trials, Medical devices, Oncology	Login
Oct 16, 2025	Fund Letters	Adam Peck	AVBC	Avidia Bancorp Inc.	Financials	Banks	Bull	-	Banks, Fintech, growth, IPO, Payments, Value	Login
Oct 16, 2025	Fund Letters	Adam Peck	ALLT	Allot Ltd.	Information Technology	Cybersecurity & Networking	Bull	NASDAQ	cybersecurity, growth, SaaS, Telecom, turnaround	Login
Oct 16, 2025	Fund Letters	Adam Peck	AVD	American Vanguard Corp.	Materials	Agricultural Chemicals	Bull	NYSE	—	Login
Jun 30, 2025	Fund Letters	Adam Peck	LEU	Centrus Energy Corp.	Energy	Uranium	Bull	New York Stock Exchange	HALEU, Nuclear, Reactors, uranium, utilities	Login
Jun 30, 2025	Fund Letters	Adam Peck	ARIS	Aris Water Solutions, Inc.	Industrials	Environmental & Facilities Services	Bull	New York Stock Exchange	infrastructure, midstream, Permian, Recycling, Water	Login
Jun 30, 2025	Fund Letters	Adam Peck	ABEO	Abeona Therapeutics Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, dermatology, Gene, Raredisease, Therapy	Login
Jun 30, 2025	Fund Letters	Adam Peck	TILE	Interface, Inc.	Industrials	Building Products	Bull	NASDAQ	Building, Commercial, ESG, Flooring, Sustainability	Login
Jun 30, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	LEU	Centrus Energy Corp.	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE American	domestic production, Energy independence, government contracts, HALEU, LEU, national security, Nuclear Fuel, Nuclear Renaissance, uranium	Login
Jun 30, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	ABEO	Abeona Therapeutics	Health Care	Biotechnology	Bull	NASDAQ	biotechnology, dermatology, FDA-approved, gene therapy, High Pricing, manufacturing, operating leverage, rare disease, Single Treatment	Login
Jun 30, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	TILE	Interface Inc	Materials	Building Products	Bull	NASDAQ	Building Products, Carbon Negative, Commercial Flooring, ESG Leadership, Modular Carpet, recurring revenue, Replacement Cycle, Sustainability	Login
Mar 31, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	ARIS	Aris Water Solutions	Utilities	Water Utilities	Bull	NASDAQ	Dividend Growth, Energy Services, ESG, Sustainable Infrastructure, Texas, utilities, Water infrastructure, Water Recycling	Login
Mar 31, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	LMNR	Limoneira Company	Consumer Staples	Agricultural Products	Bull	NASDAQ	agriculture, asset value, Avocados, Cash Flow Optimization, Land Rights, Real Estate, Value, Water Rights	Login
Mar 31, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	CLMB	Climb Global Solutions	Information Technology	Technology Distributors	Bull	NASDAQ	Acquisitions, Cloud software, cybersecurity, data center, Europe, growth, North America, technology distribution	Login
Mar 31, 2025	Fund Letters	Riverwater Micro Opportunities Strategy	RDVT	Red Violet Inc.	Information Technology	Application Software	Bull	NASDAQ	cloud-native, cybersecurity, Data Analytics, Fraud prevention, Identity Intelligence, machine learning, Real Estate, SaaS	Login
Dec 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	CCB	Coastal Financial Corporation	Financials	Regional Banks	Bull	NASDAQ	BaaS, Banking As A Service, Embedded finance, Fintech Partnerships, growth, regional banks, SMB Banking, Washington	Login
Dec 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	AMRK	A-Mark Precious Metals	Financials	Diversified Financial Services	Bull	NASDAQ	Bullion Dealer, Commodities, contrarian, Gold Trading, Margin recovery, Precious Metals, Trading Spreads	Login
Dec 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	UROY	Uranium Royalty Corp.	Energy	Oil, Gas & Consumable Fuels	Bull	NASDAQ	clean energy, Commodities, Mining Royalties, North America, Nuclear Power, royalties, Streaming, uranium	Login
Dec 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	SSSS	SuRo Capital Corp.	Financials	Asset Management & Custody Banks	Bull	NASDAQ	AI, growth, IPO pipeline, NAV discount, private equity, Public Markets, technology, Venture Capital	Login
Jun 30, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	VECO	Veeco Instruments Inc	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, Cyclical, Laser Annealing, Leading-edge Semiconductors, Memory, semiconductor equipment, Technology Transition	Login
Jun 30, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	LMNR	Limoneira	Consumer Staples	Agricultural Products	Bull	NASDAQ	Agricultural Products, Asset Play, Avocado, Land Rights, Lemon, real estate development, strategic review, Sustainability, Value, Water Rights	Login
Mar 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	PGY	Pagaya Technologies Ltd	Information Technology	Application Software	Bear	NASDAQ	AI, Asset-backed securities, Credit Technology, Fintech, lending platform, machine learning, SPAC	Login
Mar 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	ASLE	AerSale Corporation	Industrials	Aerospace & Defense	Bear	NASDAQ	Aerospace, aftermarket services, Aircraft Parts, Aviation, Cargo Conversion, MRO services	Login
Mar 31, 2024	Fund Letters	Riverwater Micro Opportunities Strategy	CRAI	CRA International Inc	Industrials	Research & Consulting Services	Bull	NASDAQ	antitrust, Consulting, Economic Consulting, M&A Advisory, professional services, Regulatory, Utilization Rate	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

NPKI

NPK International Inc.

Oil & Gas Equipment & Services

Construction & Engineering

Bull

NASDAQ

AI, Composite Materials, data centers, energy, Grid expansion, infrastructure, pipeline development, Rental Fleet

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

PLOW

Douglas Dynamics, Inc.

Auto Parts

Machinery

Bull

New York Stock Exchange

Commercial Equipment, Municipal, North America, Seasonal, Snow Equipment, Weather Cyclical

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

RDVT

Red Violet, Inc.

Software - Application

Application Software

Bull

NASDAQ

AI disruption, Data Analytics, Government, Identity Intelligence, law enforcement, proprietary data, Software

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

CCB

Coastal Financial Corporation

Banks - Regional

Regional Banks

Neutral

NASDAQ

AI disruption, Banking As A Service, Credit Conditions, fee income, Fintech, Partner Deposits, regional bank

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

RNGR

Ranger Energy Services

Oil & Gas Equipment & Services

Bull

New York Stock Exchange

Energy Services, geopolitical, Oil & Gas Services, Permian Basin, Well Maintenance, Well Service Rigs, Workover Activity

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

TALK

Talkspace

Health Information Services

Health Care Technology

Bull

NASDAQ

acquisition target, digital health, Healthcare Technology, Mental health, telemedicine, Unit economics

Apr 15, 2026

Fund Letters

Riverwater Micro Opportunities Strategy

LXU

LSB Industries

Chemicals

Fertilizers & Agricultural Chemicals

Bull

New York Stock Exchange

Ammonia, Blue Ammonia, clean energy, Fertilizer, geopolitical, Mining Explosives, natural gas, Nitrogen Chemicals, Supply Disruption

Jan 14, 2026

Fund Letters

Adam Peck

IRMD

IRadimed Corporation

Health Care

Health Care Equipment

Bull

NASDAQ

FDA, growth, Medtech, Mri, ROIC

Jan 14, 2026

Fund Letters

Adam Peck

AVD

American Vanguard Corporation

Materials

Agricultural Chemicals

Bull

New York Stock Exchange

agriculture, EBITDA, Inventory, Margins, turnaround

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

NGS

Natural Gas Services Group, Inc.

Energy

Oil & Gas Equipment & Services

Bull

New York Stock Exchange

Compression, Contracts, Energyservices, Margins, Naturalgas

Jan 14, 2026

Fund Letters

Adam Peck

PLOW

Douglas Dynamics, Inc.

Industrials

Commercial Services & Supplies

Bull

New York Stock Exchange

Cyclicality, Industrials, Margins, Replacement, Weather

Oct 16, 2025

Fund Letters

Adam Peck

UROY

Uranium Royalty Corp.

Materials

Uranium & Nuclear Energy

Bull

NASDAQ

AI, clean energy, Commodities, nuclear energy, royalties, uranium

Oct 16, 2025

Fund Letters

Adam Peck

DCTH

Delcath Systems Inc.

Health Care

Biotechnology

Bull

NASDAQ

Biotech, Catalysts, Clinical trials, Medical devices, Oncology

Oct 16, 2025

Fund Letters

Adam Peck

AVBC

Avidia Bancorp Inc.

Financials

Banks

Bull

Banks, Fintech, growth, IPO, Payments, Value

Oct 16, 2025

Fund Letters

Adam Peck

ALLT

Allot Ltd.

Information Technology

Cybersecurity & Networking

Bull

NASDAQ

cybersecurity, growth, SaaS, Telecom, turnaround

Oct 16, 2025

Fund Letters

Adam Peck

AVD

American Vanguard Corp.

Materials

Agricultural Chemicals

Bull

NYSE

—

Jun 30, 2025

Fund Letters

Adam Peck

LEU

Centrus Energy Corp.

Energy

Uranium

Bull

New York Stock Exchange

HALEU, Nuclear, Reactors, uranium, utilities

Jun 30, 2025

Fund Letters

Adam Peck

ARIS

Aris Water Solutions, Inc.

Industrials

Environmental & Facilities Services

Bull

New York Stock Exchange

infrastructure, midstream, Permian, Recycling, Water

Jun 30, 2025

Fund Letters

Adam Peck

ABEO

Abeona Therapeutics Inc.

Health Care

Biotechnology

Bull

NASDAQ

Biotech, dermatology, Gene, Raredisease, Therapy

Jun 30, 2025

Fund Letters

Adam Peck

TILE

Interface, Inc.

Industrials

Building Products

Bull

NASDAQ

Building, Commercial, ESG, Flooring, Sustainability

Jun 30, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

LEU

Centrus Energy Corp.

Energy

Oil, Gas & Consumable Fuels

Bull

NYSE American

domestic production, Energy independence, government contracts, HALEU, LEU, national security, Nuclear Fuel, Nuclear Renaissance, uranium

Jun 30, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

ABEO

Abeona Therapeutics

Health Care

Biotechnology

Bull

NASDAQ

biotechnology, dermatology, FDA-approved, gene therapy, High Pricing, manufacturing, operating leverage, rare disease, Single Treatment

Jun 30, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

TILE

Interface Inc

Materials

Building Products

Bull

NASDAQ

Building Products, Carbon Negative, Commercial Flooring, ESG Leadership, Modular Carpet, recurring revenue, Replacement Cycle, Sustainability

Mar 31, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

ARIS

Aris Water Solutions

Utilities

Water Utilities

Bull

NASDAQ

Dividend Growth, Energy Services, ESG, Sustainable Infrastructure, Texas, utilities, Water infrastructure, Water Recycling

Mar 31, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

LMNR

Limoneira Company

Consumer Staples

Agricultural Products

Bull

NASDAQ

agriculture, asset value, Avocados, Cash Flow Optimization, Land Rights, Real Estate, Value, Water Rights

Mar 31, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

CLMB

Climb Global Solutions

Information Technology

Technology Distributors

Bull

NASDAQ

Acquisitions, Cloud software, cybersecurity, data center, Europe, growth, North America, technology distribution

Mar 31, 2025

Fund Letters

Riverwater Micro Opportunities Strategy

RDVT

Red Violet Inc.

Information Technology

Application Software

Bull

NASDAQ

cloud-native, cybersecurity, Data Analytics, Fraud prevention, Identity Intelligence, machine learning, Real Estate, SaaS

Dec 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

CCB

Coastal Financial Corporation

Financials

Regional Banks

Bull

NASDAQ

BaaS, Banking As A Service, Embedded finance, Fintech Partnerships, growth, regional banks, SMB Banking, Washington

Dec 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

AMRK

A-Mark Precious Metals

Financials

Diversified Financial Services

Bull

NASDAQ

Bullion Dealer, Commodities, contrarian, Gold Trading, Margin recovery, Precious Metals, Trading Spreads

Dec 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

UROY

Uranium Royalty Corp.

Energy

Oil, Gas & Consumable Fuels

Bull

NASDAQ

clean energy, Commodities, Mining Royalties, North America, Nuclear Power, royalties, Streaming, uranium

Dec 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

SSSS

SuRo Capital Corp.

Financials

Asset Management & Custody Banks

Bull

NASDAQ

AI, growth, IPO pipeline, NAV discount, private equity, Public Markets, technology, Venture Capital

Jun 30, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

VECO

Veeco Instruments Inc

Information Technology

Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, Cyclical, Laser Annealing, Leading-edge Semiconductors, Memory, semiconductor equipment, Technology Transition

Jun 30, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

LMNR

Limoneira

Consumer Staples

Agricultural Products

Bull

NASDAQ

Agricultural Products, Asset Play, Avocado, Land Rights, Lemon, real estate development, strategic review, Sustainability, Value, Water Rights

Mar 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

PGY

Pagaya Technologies Ltd

Information Technology

Application Software

Bear

NASDAQ

AI, Asset-backed securities, Credit Technology, Fintech, lending platform, machine learning, SPAC

Mar 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

ASLE

AerSale Corporation

Industrials

Aerospace & Defense

Bear

NASDAQ

Aerospace, aftermarket services, Aircraft Parts, Aviation, Cargo Conversion, MRO services

Mar 31, 2024

Fund Letters

Riverwater Micro Opportunities Strategy

CRAI

CRA International Inc

Industrials

Research & Consulting Services

Bull

NASDAQ

antitrust, Consulting, Economic Consulting, M&A Advisory, professional services, Regulatory, Utilization Rate

TICKER	COMMENTARY
NPKI	NPK International (NPKI) was the strategy's leading contributor during the quarter. NPKI outperformed the market in the first quarter of 2026, driven by increasing investor recognition of its role as a picks and shovels beneficiary of the ongoing energy and infrastructure buildout, including power demand tied to AI-driven data center expansion. The company's composite matting solutions are critical for supporting grid expansion, pipeline development, and broader infrastructure projects, positioning it well in a capital spending environment that remains resilient despite macro uncertainty. Investors have also responded positively to the company's long runway for growth, as NPKI continues to expand its rental fleet, providing a clear path to incremental revenue and margin expansion. Importantly, the composite mat industry is growing faster than traditional wood-based alternatives, driven by superior durability, environmental benefits, and lower total cost of ownership. This combination of structural growth, capacity expansion, and exposure to durable infrastructure themes has supported both earnings visibility and multiple expansion during the quarter.
PLOW	Douglas Dynamics (PLOW) was another standout and a company we highlighted in the deep dive section of the fourth quarter of 2025 letter. PLOW is a leading North American manufacturer of commercial snow and ice control equipment and work truck solutions, serving municipal, commercial, and contractor end markets. The bottom line is that this winter's snow season was considerably more robust than last year's and exceeded the strength of most typical winters. This favorable weather significantly improved the financial results and fundamental outlook for Douglas Dynamics.
RDVT	Red Violet (RDVT), a provider of data analytics and identity intelligence solutions used across government, law enforcement, and enterprise markets, underperformed in the first quarter of 2026 primarily due to broad-based weakness across the software sector. Much of the sell-off was driven by investor concerns around AI disruption, which has led to indiscriminate multiple compression across data and analytics companies. Despite this pressure, we believe RDVT's competitive positioning remains intact, supported by its proprietary data assets and highly specialized identity intelligence capabilities. These datasets, which have been built over time and are difficult to replicate, create a meaningful barrier to entry and underpin the company's value proposition. In our view, the recent underperformance reflects sentiment rather than fundamentals, and the company remains well positioned to benefit from continued demand for high-quality data and analytics solutions.
CCB	Coastal Financial (CCB) was our second 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—supported by its Banking-as-a-Service model and continued growth in partner-driven deposits and fee income—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, as we believe the core business model remains intact.
RNGR	Ranger Energy Services (RNGR) is a leading provider of high-spec well service rigs and ancillary services to U.S. onshore oil and gas operators, with a focus on completion, production, and maintenance activity across key basins such as the Permian. The investment case is centered on its leverage to sustained and potentially increasing North American oil and gas production, particularly in an environment where global supply uncertainty—driven in part by geopolitical tensions—supports higher commodity prices and incentivizes domestic output. Unlike exploration and production companies, RNGR offers a more stable, service-oriented exposure to the energy cycle, benefiting from ongoing well maintenance and workover activity that is less volatile than drilling. As producers seek to maximize existing asset productivity and extend well life, demand for high-quality service rigs remains robust, positioning RNGR to drive utilization and pricing improvements. Combined with disciplined capital allocation and a focus on operational efficiency, the company is well positioned to generate strong free cash flow and deliver attractive returns through the cycle.
TALK	We initiated a position in Talkspace (TALK), 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.
LXU	LSB Industries (LXU) is a U.S.-based pure-play nitrogen chemical producer operating three manufacturing facilities in Alabama, Arkansas, and Oklahoma, along with a nitric acid facility in Baytown, Texas operated on behalf of Covestro. The company produces ammonia, urea ammonium nitrate (UAN), and both high-density ammonium nitrate (HDAN) for mining explosives and low-density ammonium nitrate (LDAN) for agricultural fertilizer. LXU is a micro-cap baby CF Industries—a concentrated, higher-beta way to play the nitrogen market compared to diversified giants like CF Industries or Nutrien. The stock has been weighed down by cyclical concerns around nitrogen pricing normalization and broader commodity market volatility. However, the market appears to be overlooking a powerful structural shift: the Strait of Hormuz blockade and Russian ammonium nitrate export suspensions have removed approximately 27% of global ammonia supply and 35% of global urea flows from the market, creating the tightest nitrogen inventory in years and driving North American benchmark prices for ammonia higher. For a company of LXU's size, this supply dislocation has an outsized impact on margins and cash flow.
AVD	Within the Materials sector, we saw significant quarterly weakness primarily due to American Vanguard (AVD). The company faced headwinds from the geopolitical conflict in the Middle East and concerns that rising input expenses might outpace their ability to implement product price hikes.

TICKER

COMMENTARY

NPKI

NPK International (NPKI) was the strategy's leading contributor during the quarter. NPKI outperformed the market in the first quarter of 2026, driven by increasing investor recognition of its role as a picks and shovels beneficiary of the ongoing energy and infrastructure buildout, including power demand tied to AI-driven data center expansion. The company's composite matting solutions are critical for supporting grid expansion, pipeline development, and broader infrastructure projects, positioning it well in a capital spending environment that remains resilient despite macro uncertainty. Investors have also responded positively to the company's long runway for growth, as NPKI continues to expand its rental fleet, providing a clear path to incremental revenue and margin expansion. Importantly, the composite mat industry is growing faster than traditional wood-based alternatives, driven by superior durability, environmental benefits, and lower total cost of ownership. This combination of structural growth, capacity expansion, and exposure to durable infrastructure themes has supported both earnings visibility and multiple expansion during the quarter.

PLOW

Douglas Dynamics (PLOW) was another standout and a company we highlighted in the deep dive section of the fourth quarter of 2025 letter. PLOW is a leading North American manufacturer of commercial snow and ice control equipment and work truck solutions, serving municipal, commercial, and contractor end markets. The bottom line is that this winter's snow season was considerably more robust than last year's and exceeded the strength of most typical winters. This favorable weather significantly improved the financial results and fundamental outlook for Douglas Dynamics.

RDVT

Red Violet (RDVT), a provider of data analytics and identity intelligence solutions used across government, law enforcement, and enterprise markets, underperformed in the first quarter of 2026 primarily due to broad-based weakness across the software sector. Much of the sell-off was driven by investor concerns around AI disruption, which has led to indiscriminate multiple compression across data and analytics companies. Despite this pressure, we believe RDVT's competitive positioning remains intact, supported by its proprietary data assets and highly specialized identity intelligence capabilities. These datasets, which have been built over time and are difficult to replicate, create a meaningful barrier to entry and underpin the company's value proposition. In our view, the recent underperformance reflects sentiment rather than fundamentals, and the company remains well positioned to benefit from continued demand for high-quality data and analytics solutions.

CCB

Coastal Financial (CCB) was our second 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—supported by its Banking-as-a-Service model and continued growth in partner-driven deposits and fee income—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, as we believe the core business model remains intact.

RNGR

Ranger Energy Services (RNGR) is a leading provider of high-spec well service rigs and ancillary services to U.S. onshore oil and gas operators, with a focus on completion, production, and maintenance activity across key basins such as the Permian. The investment case is centered on its leverage to sustained and potentially increasing North American oil and gas production, particularly in an environment where global supply uncertainty—driven in part by geopolitical tensions—supports higher commodity prices and incentivizes domestic output. Unlike exploration and production companies, RNGR offers a more stable, service-oriented exposure to the energy cycle, benefiting from ongoing well maintenance and workover activity that is less volatile than drilling. As producers seek to maximize existing asset productivity and extend well life, demand for high-quality service rigs remains robust, positioning RNGR to drive utilization and pricing improvements. Combined with disciplined capital allocation and a focus on operational efficiency, the company is well positioned to generate strong free cash flow and deliver attractive returns through the cycle.

TALK

We initiated a position in Talkspace (TALK), 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.

LXU

LSB Industries (LXU) is a U.S.-based pure-play nitrogen chemical producer operating three manufacturing facilities in Alabama, Arkansas, and Oklahoma, along with a nitric acid facility in Baytown, Texas operated on behalf of Covestro. The company produces ammonia, urea ammonium nitrate (UAN), and both high-density ammonium nitrate (HDAN) for mining explosives and low-density ammonium nitrate (LDAN) for agricultural fertilizer. LXU is a micro-cap baby CF Industries—a concentrated, higher-beta way to play the nitrogen market compared to diversified giants like CF Industries or Nutrien. The stock has been weighed down by cyclical concerns around nitrogen pricing normalization and broader commodity market volatility. However, the market appears to be overlooking a powerful structural shift: the Strait of Hormuz blockade and Russian ammonium nitrate export suspensions have removed approximately 27% of global ammonia supply and 35% of global urea flows from the market, creating the tightest nitrogen inventory in years and driving North American benchmark prices for ammonia higher. For a company of LXU's size, this supply dislocation has an outsized impact on margins and cash flow.

AVD

Within the Materials sector, we saw significant quarterly weakness primarily due to American Vanguard (AVD). The company faced headwinds from the geopolitical conflict in the Middle East and concerns that rising input expenses might outpace their ability to implement product price hikes.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

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

Fertilizers

AI

Private Credit

AI

GLP1

Streaming

Cloud

Nuclear

AI

Onshoring

Community Banks

Cybersecurity

Nuclear

Gene Therapy

Water

Cybersecurity

Agriculture

Nuclear

AI

Onshoring

Regional Banks

AI

Semiconductors

Small Caps

Agriculture

Commercial Real Estate

Uranium

SPACs

AI

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 Micro Opportunities Strategy