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| 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, SOPH.L, SWI, UFPT | cybersecurity, Distribution, growth, mid cap, software, technology, value | CLMB is a specialty IT distributor focused on cybersecurity and data center software with deep expertise in the products it distributes. The cybersecurity focus supports faster growth rates than broader IT spend, with demand backdrop for cybersecurity broadly supporting organic revenue growth. QLYS remains a critical solution within the cybersecurity ecosystem despite Microsoft partnership ending. | CLMB |
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| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT | aerospace, healthcare, Media, small caps, technology, value | Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market. | RDVT TBRG PKE |
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| 2024 Q3 | Oct 7, 2024 | Headwaters Capital Management, LLC | 8.8% | 21.4% | ASGTF, CLMB, EYE, FICO, MEDP | Biotechnology, Buybacks, Commercial real estate, mid cap, Rate Cuts, small caps, software | Manager discusses small cap outperformance potential following Fed rate cuts, noting historical patterns where small caps benefit from easing cycles. Cheap valuations and faster earnings growth outlook for 2025 support continued outperformance opportunity. | ASGTF |
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| 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 |
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| 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 |
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| 2024 Q3 | Sep 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, GBLI, IAC, OUT, RDVT, RSSS, SSP, TIPT, VSAT | Advertising, Balance Sheet, Data Services, small caps, turnaround, value | The fund focuses on small-cap value stocks that are unloved by the market, holding positions they describe as stupid cheap with real asset support. The manager emphasizes that public small-cap equity remains an unloved asset class with few players, which has historically been a setup for future success. | RDVT CLMB OUT |
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| 2024 Q3 | Sep 30, 2024 | THB Asset Management | 10.3% | 10.1% | ALNT, BSIG, BWMN, CEG, CLMB, HONE, HWKN, HZO, IMMR, LUMN, LUNA, MSFT, MYRG, PLUS, POOL, RBBN, TRNS, UFPT, VZ, XPRO | Data centers, Energy Transition, Federal Reserve, interest rates, Micro Cap, productivity, small caps, Utilities | Green energy transition initiatives are taking place just as demand for electricity is increasing from EVs and data centers. Utilities are raising rates to fund grid upgrades for offshore wind and neighborhood electrification investments. Solutions to the challenges facing the electrical grid and power generation needs are being developed in real time, which provides investment opportunities within small and mid-size investment universes. | RBBN |
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| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT | Auto Parts, Concentration, Data Services, small cap, turnaround, value | Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value. | RDVT CLVT AAP KBR VSAT CMP SSP |
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| 2025 Q1 | Mar 31, 2025 | Riverwater Micro Opportunities Strategy | - | - | ALRS, ARIS, CCB, CLMB, IMXI, LMNR, NPKI, RDVT, TGLS, UROY, UTL | Defensive, energy, healthcare, Microcap, Quality, technology, Utilities | 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. | RDVT CLMB LMNR ARIS |
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| 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 | cybersecurity, Data centers, mid cap, Quality, Risk Appetite, Speculation, value | Manager emphasizes focus on quality businesses with strong fundamentals, contrasting with market rotation into speculative assets. Quality stocks significantly lagged during Q4 as investors favored high beta and non-earning companies. The strategy maintains discipline in owning quality businesses at appropriate multiples. | TMDX CLMB |
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| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | 1 Main Capital | Limbach Holdings | Industrials | Construction & Engineering | Bull | NASDAQ | Building Systems, consolidation, construction, Engineering services, HVAC, Management Change, Roll-up, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | 1 Main Capital | Limbach | Industrials | Construction & Engineering | Bull | NASDAQ | business transformation, HVAC contractor, M&A Consolidation, margin expansion, Mission-critical Infrastructure, net cash, Owner-direct model | View Pitch |
| Apr 27, 2026 | Fund Letters | 1 Main Capital | Limbach Holdings | Industrials | Construction & Engineering | Bull | NASDAQ | business transformation, HVAC, Leadership Change, margin expansion, Mission-critical Infrastructure, net cash, Specialty Contractor, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | Climb Global Solutions | Information Technology | Technology Distributors | Bull | NASDAQ | Acquisitions, Cloud software, cybersecurity, data center, Europe, growth, North America, technology distribution | View Pitch |
| Apr 13, 2026 | Fund Letters | Headwaters Capital | Climb Global Solutions | Information Technology | Technology Distributors | Bull | NASDAQ | Capital-light, cybersecurity, data center, growth, IT distribution, M&A, ROIC, software distribution, Specialty Distribution, Technology Distributor | View Pitch |
| Apr 13, 2026 | Fund Letters | Headwaters Capital | Climb Global Solutions | Information Technology | Technology Distributors | Bull | NASDAQ | Bull, cybersecurity, data center, IT Distributor, organic growth, Specialty Distribution, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Cove Street Capital Small Cap Value Fund | Climb Global Solutions | Information Technology | Technology Distributors | Bull | NASDAQ | Acquisitions, cybersecurity, data center, Emerging Software, growth, IT distribution, Software, technology | View Pitch |
| 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 |
| 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. | ||||||||