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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
In Q4 2025, the Riverwater Small Cap Strategy underperformed the Russell 2000 due to stock selection and factor headwinds, as lower-quality factors (such as high short interest and negative FCF) outperformed. Energy, IT, and...
— Nathan Fredrick, CFA
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Other investors who've written on CNX Resources Corporation
CNX consistently produced solid operational results, maintaining a strong balance sheet and a highly hedged position. Low-cost structures and...
CNX Resources ($CNX) is an independent natural gas exploration and production company operating in the Appalachian Basin, representing 6.1% of the portfolio. The manager maintains...