Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Riverwater Partners Small Cap Strategy | - | - | LMNR, NVDA | AI, Geopolitical, nuclear, small caps, Trade Policy, Valuations | AI will transform lives more profoundly than the internet, with autonomous agents expected within years. The next wave of AI investment opportunity belongs to small caps as AI tools become democratized, giving smaller companies access to coding and automation capabilities previously exclusive to tech giants. | View | |
| 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 |
View |
| 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 |
View |
| 2024 Q1 | Apr 15, 2024 | Riverwater Sustainable Value Strategy | -0.6% | 7.9% | ATKR, AZZ, CROX, HDSN, ICFI, IRDM, LECO, LMNR, LPX, MOD, NYCB, PLXS, QCOM, TALO, WAL | AI, Data centers, Electrical, Energy Transition, industrials, Quality, small caps, value | Small-caps continued what appears to be a new bull market since hitting bottom last October. Small-caps still have significant ground to cover, having last peaked in 2021, while large-caps have continued to hit record highs. The manager believes they're in the 9th inning of large-cap outperformance and the next five and ten-year outlook for small versus large appears highly enticing. | ATKR |
View |
| 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 |
View |
| 2024 Q4 | Dec 31, 2024 | Riverwater Sustainable Value Strategy | - | - | ATKR, COOP, CPRI, CRL, CROX, DAR, EVR, EXEL, IDCC, LMNR, MOD, NCMI, TPR, VLO | consumer, energy, financials, healthcare, small caps, technology, value | Strong growth in data centers drove significant outperformance in Modine Manufacturing. Most forecasts predict a doubling of data center demand by 2030, with the manager noting this trend shows no signs of slowing. | EXEL NCMI DAR COOP |
View |
| 2024 Q4 | Dec 31, 2024 | Clark Street Value | - | -6.4% | ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZ, EPIX, GRBK, HHH, HLVX, HMST, IKNA, INBX, LMNR, MREO, PARR, SEG | Biotechnology, Liquidations, M&A, real estate, special situations, spinoffs, value | Multiple SPAC-related investments including reverse merger situations where biotech companies are merging with private entities. These transactions often include special dividends, CVRs, and oversubscribed PIPEs that can create value for existing shareholders. | 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, CRL, DOX, EVTC, HDSN, LMNR, LPX, MOD, NYCB, VECO | Agriculture, AI, semiconductors, small caps, sustainability, technology, value | The manager sees tremendous opportunity for companies to use AI to improve productivity and growth, though most management teams are unprepared to implement it effectively. Three of their best performers provide picks and shovels to make AI happen: Amkor Technologies, Modine Manufacturing, and Veeco Instruments. | LMNR VECO |
View |
| 2024 Q2 | Jun 30, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | AAPL, ARIS, ATOM, BWB, GOOGL, III, LLAP, LMNR, LMT, META, MSFT, NVDA, PERI, QNST, STM, VECO | Agriculture, AI, Banking, Microcap, semiconductors, small cap, value | AI has contributed to large-cap outperformance but also presents opportunities for microcaps as picks and shovels plays. Veeco Instruments exemplifies this opportunity as a key supplier to companies producing AI chips and servers. | LMNR VECO |
View |
| 2025 Q1 | Mar 31, 2025 | Riverwater Partners Small Cap Strategy | - | - | BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY | Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs | The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital. | BOW WRBY LMNR PLMR |
View |
| 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 |
View |
| 2025 Q1 | Mar 31, 2025 | Riverwater Sustainable Value Strategy | - | - | AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE | Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value | The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas. | AM RRC PNFP COOP LMNR |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Riverwater Partners Small Cap Strategy | Limoneira Company | Consumer Staples | Agricultural Products | Bull | NASDAQ | Agricultural Products, asset value, Avocado Conversion, Cash Flow Optimization, consumer staples, Land Rights, Value, Water Rights | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | Limoneira Company | Consumer Staples | Agricultural Products | Bull | NASDAQ | agriculture, asset value, Avocados, Cash Flow Optimization, Land Rights, Real Estate, Value, Water Rights | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Sustainable Value Strategy | Limoneira Company | Consumer Staples | Agricultural Products | Bull | NASDAQ | Agricultural Products, asset monetization, Avocados, Citrus, land development, Real Estate, Water Rights | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Sustainable Value Strategy | Limoneira | Consumer Staples | Agricultural Products | Bull | NASDAQ | Agricultural Products, Asset Play, Avocados, Land Rights, Lemons, real estate development, strategic review, Sustainability, Value, Water Rights | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | Limoneira | Consumer Staples | Agricultural Products | Bull | NASDAQ | Agricultural Products, Asset Play, Avocado, Land Rights, Lemon, real estate development, strategic review, Sustainability, Value, Water Rights | View Pitch |
| 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 |
| 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. | ||||||||