LMNR

LMNR

LMNR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Clark Street Value	-	-3.6%	ACR, ATHA, CKX, CMCT, CRGX, DNB, EHAB, ELEV, ENZ, EPIX, GRBK, HHH, HLVX, IGT, IKNA, INBX, IOR, KRON, KROS, LMNR, ME, MREO, MURA, NSTS, PARR, RPTX, SEG, SHCO, THRD	activism, catalysts, Event-Driven, liquidation, special situations	The portfolio review centers on special situations such as liquidations, strategic alternatives, spinoffs, and activist-driven outcomes. The manager focuses on downside-protected setups where cash, assets, or catalysts limit risk. Event-driven value is positioned as attractive amid broad market overvaluation.	IGT EHAB SHCO NSTS IOR CKX THRD RPTX MURA EPIX ATHA	View
2025 Q2	Jun 30, 2025	Riverwater Sustainable Value Strategy	-	-	COOP, ECG, GFF, LMNR, MSA	Governance, Resilience, responsibility, stakeholders, sustainability	The letter positions responsible investing as a source of competitive advantage rather than constraint. Management links stakeholder-focused behavior to better long-term financial outcomes and resilience. Sustainability is framed as integral to quality and risk management.	MSA GFF LMNR ECG	View
2024 Q1	Apr 15, 2024	Riverwater Micro Opportunities Strategy	-0.4%	-2.8%	ASLE, CRAI, CRE, HBIO, HDSN, LEU, LMNR, MEC, NYCB, PGY	-			View
2024 Q4	Dec 31, 2024	Clark Street Value	-	-6.4%	ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZC, EPIX, HHH, HLVX, HMST, IKNA, INBX, LMNR, SEG MM	-			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
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	View
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	View
2024 Q2	Jun 30, 2024	Riverwater Sustainable Value Strategy	-0.6%	7.9%	AMKR, ATKR, LMNR, VECO	-			View
2024 Q2	Jun 30, 2024	Riverwater Micro Opportunities Strategy	-0.4%	-2.8%	ARIS, ATOM, BWB, III, LLAP, LMNR, PERI, QNST, VECO	-			View
2025 Q1	Mar 31, 2025	Riverwater Partners Small Cap Strategy	-	-	LMNR, PLMR, SNEX, WRBY	-			View
2025 Q1	Mar 31, 2025	Riverwater Micro Opportunities Strategy	-	-	ARIS, CLMB, LMNR, NPKI, RDVT	-			View
2025 Q1	Mar 31, 2025	Riverwater Sustainable Value Strategy	-	-	COOP, LMNR, NPS, PNFP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 16, 2026	Fund Letters	Adam Peck	Limoneira Company	Consumer Staples	Agricultural Products	Bull	NASDAQ	agriculture, Assetvalue, land, restructuring, Water	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	Limoneira Company	Consumer Staples	Agricultural Products	Bull	NASDAQ	agriculture, Assetvalue, Avocados, Longcycle, Supply	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	Limoneira Company	Consumer Staples	Agricultural Products	Bull	NASDAQ	agriculture, Assetvalue, Avocados, Longcycle, Supply	View Pitch
Jan 8, 2026	Fund Letters	Adam Peck	Limoneira Company	Consumer Staples	Food Products	Bull	NASDAQ	Agribusiness, Citrus, Farmland, realestate, Water	View Pitch

BSD Shareholders of LMNR

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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