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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q3 | Oct 11, 2022 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, IBKR, NFLX, SCHW, SSNC, XPEL | - | View | ||
| 2025 Q4 | Jan 15, 2026 | RTW Investments | 15.5% | 35.7% | ALNY, ARGX, AVID, DYN, IMTX, INSM, MDGL, PTCT, RCKT, STOK, TARS, UCB, URGN | Biotechnology, Drug Discovery, Gene Therapy, healthcare, M&A, Pharmaceuticals, Rare Diseases | The sector saw $105B in M&A activity, more than double the prior year and fourth highest in the last decade. Combined with a friendlier FTC, pharmas had enough policy clarity to pursue larger deals by fall. The recovery is likely still in early innings with continued M&A expected. After four years of underperformance, biotech indices finished ahead with NBI +32.4% and R2kB +44.6%. The bear market that endured over four consecutive years ended, with major biotech indices outperforming both the S&P 500 and Nasdaq. AI tools and lower cost Chinese R&D are mega-trends that should materially increase drug discovery productivity. The portfolio includes significant exposure to rare disease therapeutics, with companies like PTC Therapeutics developing medicines for rare neurologic and metabolic conditions. FDA leadership instability could disproportionately impact cell and gene therapy for rare disease through reduced approval of edge cases. Portfolio includes oncology-focused companies like UroGen Pharma developing innovative solutions for urothelial and specialty cancers, and Immatics developing novel PRAME immunotherapies for cancer patients. The sector represents 16% of disease area exposure. The portfolio has exposure to gene and RNA therapies, with companies like Stoke Therapeutics restoring protein expression by harnessing the body's potential with RNA medicine. This modality represents 15% of the portfolio's exposure by treatment type. | View | |
| 2025 Q4 | Jan 14, 2026 | Riverwater Micro Opportunities Strategy | 0.0% | 0.0% | AVD, AVID, CLMB, FSBC, IRMD, LEU, LMNR, MAMA, MEC, NCMI, NGS, PLOW, PWP, UROY | AI, Biotechnology, fundamentals, Microcap, nuclear, Quality, rates, value | The manager emphasizes investment discipline centered on higher-quality businesses that are profitable or approaching profitability with attractive returns on invested capital. They believe quality businesses should regain leadership as fundamentals reassert themselves as the primary driver of returns. While remaining long-term believers in AI and acknowledging that large platforms are positioned to benefit, the manager views many smaller AI-tied companies as facing greater operational and financial risk than current valuations suggest. They avoided AI-adjacent themes that drove speculative performance in 2025. The Materials sector was the top performer for the year driven by investments in the nuclear energy space. Centrus Energy Corp was a big winner before being sold in Q4 as valuation reflected much of the good news, while Uranium Royalty Corp is held to play rising uranium prices expected this year. The manager struggled with biotech exposure as the sector rallied 31% in Q4, but finds it difficult to allocate as many companies are large risk, large reward binary investments outside their area of expertise. They continue to avoid direct biotech exposure while favoring micro-cap MedTech companies that benefit from improving biotech funding. A key tailwind entering 2026 is easing monetary policy with the Federal Reserve's shift toward rate cuts being especially supportive for micro-cap companies. Lower interest rates and a steeper yield curve can meaningfully reduce capital costs, improve liquidity, and support incremental investment for micro-caps. | PLOW NGS LMNR AVD IRMD |
View |
| 2022 Q4 | Jan 13, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AVID, CLMB, HRG, IAC, IEHC, LFCR, LTRPA, SKX, UFPT, VMD | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||