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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | Wasatch Micro Cap Fund | -16.6% | -16.6% | ADUS, BOW, COCO, ESQR, EZPW, GCMG, GDYN, HCI, LMB, MAMA, PNTG, WEAV, XPOF | Biotechnology, Concentration, financials, healthcare, insurance, Micro Cap, value | The Fund's overweight to the financials sector was a large contributor to performance relative to the benchmark. The Fund held several insurance companies whose stocks were higher after announcing strong operating results, including HCI Group providing homeowners insurance in Florida and Bowhead Specialty Holdings focused on casualty and professional liability insurance. | ADUS XPOF WEAV EZPW BOW HCI |
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| 2025 Q3 | Oct 16, 2025 | Riverwater Partners Small Cap Strategy | - | - | 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 | 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. | PLPC BDC DGII PFS WOR MOD UEC |
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| 2025 Q1 | Mar 31, 2025 | Riverwater Partners Small Cap Strategy | - | - | BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY | Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs | 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. | BOW WRBY LMNR PLMR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Riverwater Partners Small Cap Strategy | 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 | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Micro Cap Fund | Bowhead Specialty Holdings, Inc. | Financials | Property & Casualty Insurance | Bull | NASDAQ | Casualty Insurance, earnings growth, Healthcare Liability, Professional Liability, specialty insurance, Specialty Lines, Top-line Growth | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $7.2M | 0.01% | 251,893 | +138,524 | +122.19% | 0.8652% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.8M | 0.00% | 132,250 | -327,924 | -71.26% | 0.4542% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $9.5M | 0.01% | 333,986 | -91,795 | -21.56% | 1.1471% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.4M | 0.00% | 83,471 | +59,741 | +251.75% | 0.2867% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $35.0M | 0.14% | 1,225,000 | +535,065 | +77.55% | 4.2075% |