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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Small Cap Fund | 11.8% | -1.1% | BA, COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TBK, USLM | AI, defense, materials, nuclear, small caps, technology, value | AI-fueled boom had widespread effects across sectors, with technology companies continuing their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. | HURC MLAB FIP DCO USLM RRR LEU COOP AEO ASUR STRW FBIN AZZ UTZ NSP DCO LEU |
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| 2025 Q2 | Jun 30, 2025 | Riverwater Micro Opportunities Strategy | - | - | ABEO, AEHR, ALRS, AMRK, ARIS, DCBO, LAKE, LEU, LMNR, NCMI, NPKI, PLOW, RDVT, SSSS, TILE, UROY, UTL | Defensive, energy, Gene Therapy, materials, Microcap, nuclear, Quality, Utilities | Nuclear power is positioned as critical infrastructure for AI data centers and decarbonization goals. Big tech firms are securing long-term nuclear power deals and investing in small modular reactors. Policy environment supports quadrupling nuclear electricity by 2050 through reformed licensing and federal backing. | TILE ABEO LEU TILE ABEO ARIS LEU |
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| 2024 Q1 | Apr 15, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | ASLE, CRAI, HBIO, HDSN, LEU, LMAT, LMNR, MEC, NYCB, PGY, PWP, TGLS, VECO | AI, Banking, healthcare, industrials, Microcap, SPACs, uranium, value | Manager views CRE challenges as largely manageable, confined to major cities with lower-grade office spaces or multifamily units. The NYCB situation is assessed as unique to New York's CRE market and rent-controlled multifamily units. This presents an opportunity to potentially add banks that have been unjustly discounted in the market turmoil. | CRAI ASLE PGY |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | DOUG, FTAI, ISRG, LANC, LEU, LOB, OEC, OZK, RRR, SMCI, TKO.TO, UFPT, WNS | materials, rates, Regional Banks, small caps, technology, value | Small cap stocks underperformed large caps in Q1, with the Russell 2000 up 5% versus Russell 1000's 10%. More than one-quarter of the Russell 2000's return came from a single stock, Super Micro Computer. The manager continues to find compelling opportunities in small caps despite challenging valuations. | View | |
| 2024 Q4 | Dec 31, 2024 | Riverwater Micro Opportunities Strategy | - | - | AEHR, AMRK, CCB, LEU, MEC, SSSS, TTAN, UROY | AI, Banking, industrials, Microcaps, nuclear, Onshoring, technology, uranium | The Materials sector was a standout performer driven by investments in nuclear power and uranium, which continues to present significant long-term opportunities. The strategy initiated a position in Uranium Royalty Corp. (UROY) to align with this long-standing focus on the nuclear power and uranium theme. | SSSS UROY AMRK CCB |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small Cap Fund | 1.0% | 13.2% | ALGT, ASH, ASTH, CALM, CMPR, CURB, FIP, GHM, GTES, HAYN, LEU, LOB, MLAB, RCKY, RRR, SANM, USLM, WNS | defense, industrials, infrastructure, nuclear, small caps, value | Growing momentum around building additional nuclear power sources in the United States as immense power needs from AI-related datacenter demand require constant baseload power, which nuclear provides carbon-free. Centrus Energy benefited from this trend. | CURB CMPR MLAB FTAI USLM |
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| 2024 Q3 | Oct 25, 2024 | Fawkes Capital Management | 0.0% | - | AGX, CLS, GEO, LEU | Data centers, energy, gold, Immigration, Macro, Thailand, uranium | AI's need for more data centers is increasing electricity demand. Argan benefits as one of few companies capable of building gas power plants in the US. Celestica manufactures data center components for hyperscaler customers during a time of scarcity. | LEU CLS GEO AGX |
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| 2025 Q3 | Oct 24, 2025 | NCG Micro Cap Growth Strategy | 4.6% | 5.2% | ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA | AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap | AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities. | ATRO |
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| 2025 Q3 | Oct 24, 2025 | NCG Small Cap Growth Strategy | 5.9% | 3.9% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR | AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | BE XMTR |
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| 2025 Q3 | Oct 24, 2025 | NCG SMID Cap Growth Strategy | 7.1% | 4.3% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR | AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | View | |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small Cap Fund | 7.9% | 6.7% | COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TFIN, USLM | AI, defense, nuclear, Quality, small caps, value | The artificial intelligence boom had widespread effects across sectors in Q3, with materials up 25% and technology up over 16%. Technology companies continued their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. | FTAI DCO USLM RRR LEU COOP LEU COOP |
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| 2025 Q3 | Oct 14, 2025 | Driehaus Micro Cap Growth Strategy | 24.1% | 19.6% | EOSE, LEU, PRCH, RSI, WULF | AI, Data centers, energy, growth, industrials, Micro Cap, small caps, technology | AI continues to be the dominant theme driving the market and economy. Over the intermediate and long-term profit margins should expand as companies become more productive and efficient by using AI. The biggest beneficiaries continue to be companies levered to robust hyperscaler capex and data center buildout. | View | |
| 2025 Q3 | Oct 14, 2025 | Kathmandu Capital | 14.6% | 31.4% | ACMR, KSPI, LEU, UI, VU.PA | AI, China, energy, geopolitics, gold, nuclear, semiconductors, technology | AI and Federal Reserve policy remained dominant themes over the quarter. Big Tech continues ramping investment in AI-driven capex cycle, which appears real with potential to power Industry Evolution 5.0 and usher in new era of productivity growth. The manager views this as a secular opportunity while preparing for eventual cycle slowdown. | KSPI US LEU US ACMR US UI US |
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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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| 2025 Q4 | Jan 14, 2026 | Riverwater Partners Small Cap Strategy | 0.0% | 0.0% | ADEA, AMD, ATMU, ATRC, BHST, BKH, CNX, DIS, HSTM, ITGR, KGS, LEU, LMNR, LOPE, MOD, NPKI, PLMR, STKL, VECO, WRBY | AI, financials, healthcare, infrastructure, Natural Gas, nuclear, Quality, small caps | Natural gas stocks benefited from AI theme as potential winners in powering data centers. CNX Resources was the top contributor driven by weather-related price increases and strong company execution. The manager remains encouraged by structural demand drivers for natural gas supporting higher volumes over time. Centrus Energy was positioned at the nexus of U.S. national security, nuclear energy independence, and next-generation reactor deployment. The company benefited from structural shift away from Russian nuclear fuel supply toward domestic enrichment, with rising demand from advanced reactors, SMRs, and nuclear power supporting AI-driven data center load growth. NPK International was added as a way to participate in multi-year infrastructure buildout required to support grid expansion, electrification, and energy system upgrades. The company provides composite matting solutions for utility and energy-related end markets with advantages over traditional timber mats. The manager avoided speculative AI investments but played the theme through picks-and-shovels approach via semicap equipment and utility infrastructure buildout. Natural gas stocks benefited as potential winners in powering data centers. Warby Parker has a call option on smart glasses and AI-enabled eyewear through its partnership with Google. | ITGR HSTM WRBY ADEA NPKI KGS BHST LMNR LOPE LEU CNX |
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| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALGT, CALM, CIVI, DCO, ENOV, FTAI, HAYN, LANC, LEU, LOB, MLR, PRGS, RMNI, RRR | defense, energy, financials, nuclear, small caps, technology, value | Energy was the best performing sector in Q3 on the back of rising oil prices, notching a positive quarter at 19%. Oil prices rose against a backdrop of OPEC+ production cuts, benefiting holdings like Civitas Resources which saw earnings recover and share price rebound accordingly. | LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY ADCO CALM CIVI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Diamond Hill Small Cap Fund | Centrus Energy | Energy | Oil & Gas Equipment & Services | Bull | NYSE American | AI power demand, Domestic Supply, energy, Energy independence, Nuclear Fuel, Nuclear Power, Uranium Enrichment | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | Centrus Energy Corp. | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE American | domestic production, Energy independence, government contracts, HALEU, LEU, national security, Nuclear Fuel, Nuclear Renaissance, uranium | View Pitch |
| Apr 13, 2026 | Fund Letters | Fawkes Capital Management | Centrus Energy Corp | Energy | Oil, Gas & Consumable Fuels | Neutral | NYSE | Big Tech, data centers, Enrichment, government contracts, Nuclear Power, profit-taking, SMR, uranium | View Pitch |
| Jan 16, 2026 | Fund Letters | Adam Peck | Centrus Energy Corp. | Energy | Nuclear Fuel | Bull | New York Stock Exchange | Contracts, energysecurity, Enrichment, Nuclear, Policy | View Pitch |
| Jan 8, 2026 | Fund Letters | Adam Peck | Centrus Energy Corp. | Energy | Uranium | Bull | New York Stock Exchange | HALEU, Nuclear, Reactors, uranium, utilities | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Centrus Energy Corp. | Energy | Nuclear Energy | Bear | New York Stock Exchange | Centrus Energy, Competition, Energy security, government contracts, market momentum, Nuclear Power, profitability, speculative stocks, uranium production, valuation | View Pitch |
| Dec 5, 2025 | Fund Letters | Chris Welch | Centrus Energy Corp. | Materials | Coal & Consumable Fuels | Bull | NYSE | energy, Enrichment, Nuclear, Policy, Security | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | Centrus Energy Corp. | Materials | Uranium & Nuclear Fuel | Bull | NYSE | AI, electricity demand, Energy independence, Enrichment, HALEU, Nuclear, uranium | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | Centrus Energy Corp. | Materials | Uranium & Nuclear Fuel | Bull | NYSE | AI, electricity demand, Energy independence, Enrichment, HALEU, Nuclear, uranium | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Moretus Research | Centrus Energy Corp. | Materials | Uranium | Bear | NYSE | — | 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. | ||||||||