CLMB

CLMB

CLMB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 20, 2024	Headwaters Capital Management, LLC	8.8%	21.4%	CLMB, QLYS, UFPT	-			View
2024 Q1	Apr 15, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, PKE, RDVT, SSP, TBRG, TRU, VSAT, WMT	-			View
2025 Q3	Oct 13, 2025	Conestoga Micro Cap Composite	11.7%	18.5%	BWMN, CLMB, MAMA, OLO, PHR, PL, PLMR, QTMO, SLP, TKNO, TWST, VCEL, WLDN	Construction, Energy Efficiency, industrials, Infrastructure Spending, Micro Caps	Micro-caps rallied sharply amid risk-on sentiment, driven by illiquid and unprofitable stocks. Conestogas industrial holdingsespecially engineering, defense, and environmental firmsoutperformed on infrastructure spending tailwinds, while healthcare and software detracted. The letter emphasizes durable growth from clean-energy consulting and engineering projects benefiting from federal investment.	BWMN US WLDN US	View
2025 Q4	Jan 22, 2026	Wasatch Micro Cap Fund	1.9%	4.8%	ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL	Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance	The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit.	CLMB CSTL MAMA AXGN	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
2024 Q3	Sep 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, OUT, RDVT, SSP, VSAT	-			View
2025 Q1	Mar 31, 2025	Riverwater Micro Opportunities Strategy	-	-	ARIS, CLMB, LMNR, NPKI, RDVT	-			View
2023 Q1	Mar 31, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD	-			View
2024 Q4	Jan 14, 2025	Headwaters Capital Management, LLC	-6.8%	13.1%	CLMB, PLTR, TMDX	-			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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Ken Korngiebel	Climb Global Solutions, Inc.	Information Technology	IT Distribution	Bear	NASDAQ	growth, Integration, Itdistribution, SMEs, Volatility	View Pitch
Nov 29, 2025	Substack	Shareholders Unite	Climb Global Solutions	Information Technology	Electronics & Computer Distribution	Bull		Acquisitions, capital-efficient, cloud solutions, competitive edge, cybersecurity, data centers, emerging technologies, growth strategy, IT distribution, vendor strategy	View Pitch

BSD Shareholders of CLMB

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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
No investor data available.

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