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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | Riverwater Sustainable Value Strategy | - | - | CIEN, COOP, ECG, EXEL, GFF, HAE, LMNR, LNTH, LOPE, LPX, MSA, NCMI, PNW, VECO | Construction, healthcare, infrastructure, Safety, small cap, technology, value | ECG benefits from exponential power demand from AI and data centers, exemplifying Jevons Paradox where efficiency gains are overwhelmed by usage growth. The company's backlog has grown over 40% driven primarily by data center and high-tech infrastructure projects. | MSA GFF ECG MSA GFF LMNR ECG |
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| 2026 Q1 | May 1, 2026 | Aristotle Small Cap Equity Fund | 1.5% | 1.5% | AEIS, HAE, HURN, MTSI, NVTA | AI, domestic, energy, semiconductors, small caps, technology, value | NVST HAE MTSI AEIS |
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| 2026 Q1 | Apr 15, 2026 | Riverwater Sustainable Value Strategy | - | - | CENX, DKS, HAE, JKHY, LEG, PLXS, SFM | AI, Aluminum, fundamentals, Geopolitical, Quality, small caps, value | CENX JKHY DKS MEOH SFM LEG |
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| 2026 Q1 | Apr 13, 2026 | The London Company Small Cap | -2.0% | -2.0% | CCC, CERT, GOLF, HAE, HWKN, MATX, MC, NGVT, RVLV, UNF | energy, Geopolitical, healthcare, industrials, Quality, small cap, value, water | HWKN |
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| 2025 Q4 | Feb 4, 2026 | Aristotle Small Cap Equity Fund | 1.9% | 0.2% | ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW | Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value | The fund focuses exclusively on small-cap equities with valuations remaining compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, continued reshoring of U.S. manufacturing and infrastructure-related spending. Value stocks outperformed growth counterparts during the quarter as the Russell 2000 Value Index returned 3.26% compared to 1.22% for growth. Lower-quality companies outperformed higher-quality companies with factors like high bankruptcy risk, low sales growth, and low price to earnings having the strongest payoffs. MACOM Technology Solutions, a designer and manufacturer of high-performance semiconductor products, was a top contributor with strong quarterly results. The company has meaningful exposure to growing demand from Data Center and 5G end market applications along with domestic manufacturing footprint. Healthcare was the best-performing sector at +18.54% during the quarter. The fund holds positions in companies like Haemonetics in blood management and Acadia Healthcare in behavioral health services, though maintains an underweight allocation as it avoids biotechnology companies due to binary risk. The fund added positions in regional banks including Atlantic Union Bankshares and WesBanco, viewing DOGE-related concerns as creating attractive opportunities. These banks benefit from diversified customer bases, growing market share, and solid balance sheets positioned for trust and deposit opportunities. The fund holds positions in companies supporting power grid modernization through Itron's smart metering solutions and IDACORP's transmission opportunities. These companies are positioned to benefit from critical regional transmission opportunities and grid monitoring solutions. | View | |
| 2025 Q3 | Nov 4, 2025 | Aristotle Small Cap Equity Fund | 3.2% | -1.5% | AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC | Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value | Small cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis. | COLB MTSI MRCY SUPN |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small Cap | 1.6% | -3.3% | AWI, GHC, HAE, IPAR, NGVT, WTM | Fed, industrials, materials, Quality, rates, small caps, value | The portfolio maintains a high Quality, low Volatility positioning that has been out of favor since April but historically regains leadership when fundamentals reassert themselves. Quality factors were headwinds during the high beta rally as markets rewarded speculation over stability. | GHC NGVT AWI |
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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 Q3 | Oct 14, 2025 | Aristotle Small/Mid Cap Equity | 2.6% | - | AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW | AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities | Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment. | View | |
| 2025 Q4 | Jan 21, 2026 | The London Company Small Cap | 2.5% | -1.0% | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value | The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes. | DV CCC GTES CERT NEU HAE |
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| 2025 Q4 | Jan 14, 2026 | Riverwater Sustainable Value Strategy | 0.0% | 0.0% | ADEA, CIEN, CNK, DGX, EXEL, HAE, JLL, LMNR, LOPE, MDU, SNV, TGLS | AI, Banking, Quality, semiconductors, small caps, technology, value | The manager emphasizes focus on quality factors including profitability, strong returns on capital, solid balance sheets, and attractive valuations. Notes this has been one of the most challenging environments for quality-focused investors, with quality factors underperforming similar to the internet bubble period of 1999-2000. Strategy focuses on identifying high-quality companies at reasonable valuations. The manager notes periods favoring low-quality assets typically last only a few quarters and expects quality will ultimately reassert itself. The strategy targets small-cap equities with the Russell 2500 Value Index as benchmark. Manager is increasingly constructive on small-cap equities broadly for 2026, expecting a rotation back toward fundamentals with quality small-cap stocks outperforming lower-quality peers. CIEN benefited from AI datacenter network deployment as networking became a key bottleneck for deploying AI widely. ADEA's media IP portfolio includes AI technologies and computer vision capabilities. | MRX CNK ADEA SNV LMNR LOPE CIEN HAE |
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| 2024 Q2 | Jul 22, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, AUB, CERT, CNNE, DOOR, DV, ENOV, EPRT, GTES, HAE, MATX, MBUU, MRTN, MUSA, NEU, PLUS, TPX | downside protection, free cash flow, Quality, Russell 2000, small caps, value | The portfolio focuses on small-cap equities with emphasis on quality, low volatility, and downside protection. The Russell 2000 Small Cap Index declined 3.3% during the quarter while the portfolio fell 5.8%. The manager notes that small caps faced headwinds as investors favored large cap, growth and momentum factors. | DV GTES |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 4, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | Haemonetics | Medical Devices | Health Care Equipment & Supplies | Bull | New York Stock Exchange | Blood Management, defensive, healthcare, Medical devices, Plasmapheresis, R&D, Value | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | Haemonetics Corporation | Health Care | Health Care Supplies | Bull | New York Stock Exchange | buybacks, cashflow, Margins, Medical devices, turnaround | View Pitch |
| Jan 16, 2026 | Fund Letters | Adam Peck | Haemonetics Corporation | Health Care | Health Care Equipment | Bull | New York Stock Exchange | growth, Hospitals, Medicaldevices, Plasma, recovery | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.7M | 0.01% | 45,776 | +45,776 | +100.00% | 0.1293% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $68.4M | 0.08% | 853,379 | +810,328 | +1882.25% | 2.4100% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.5M | 0.00% | 18,825 | -303,348 | -94.16% | 0.0532% |
| Israel Englander | Millennium Management LLC | $233.2B | $4.4M | 0.00% | 54,821 | -718,358 | -92.91% | 0.1548% |
| Cliff Asness | AQR Capital Management | $190.6B | $253.5M | 0.13% | 3,163,104 | +1,034,226 | +48.58% | 8.9329% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $41.9M | 0.14% | 523,113 | -36,859 | -6.58% | 1.4773% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $717,734 | 0.09% | 11,294 | +5,804 | +105.72% | 0.0253% |