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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 6, 2024 | Long Cast Advisers | 6.0% | 16.0% | CCRD, ENVX, MAMA, MTRX, PESI, RELL, RSSS, SOTK | Concentration, Construction, Research, small caps, value | The fund focuses on small and under-owned companies with long and wide opportunity pathways. The manager looks for companies that enable ample room for compounding and can withstand market conditions without terminal value destruction. The concentrated portfolio is positioned with companies that meet this profile. | RSSS MTRX |
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| 2025 Q2 | Aug 27, 2025 | Long Cast Advisers | 19.0% | -4.0% | CCRD, EEFT, MAMA, MTRX, PDEX, PESI, QRHC, RELL, RSSS | Cash, Demand Destruction, Microcaps, payments, small caps, Trade Policy, Valuations | Manager focuses on small company investing with concentrated positions in microcaps and small caps. Portfolio includes companies like CCRD, QRHC, MTRX, and RSSS with emphasis on finding undiscovered stocks trading at cheap valuations relative to expected growth and cash flow. | QRHC EEFT CCRD QRHC CCRD |
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| 2025 Q2 | Aug 19, 2025 | Immersion Investment Partners | 28.1% | 17.1% | CELH, MAMA, PBPB, RDVT, UFPT | Food, fundamentals, growth, Microcap, small caps, value, volatility | Fresh and prepared foods in grocery stores has been a growing category, catalyzed by consumer demand for healthier, fast, and affordable food options. Grocery stores have been increasingly dedicating more food space to the category. Today, it is one of only a couple of categories that are seeing volume growth. | MAMA MAMA |
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| 2025 Q1 | May 19, 2025 | 180 Degree Capital Corp | 4.5% | 4.5% | ACNT, AREN, AVNW, BCOV, CVGI, IVAC, LTRX, MAMA, PBPB, RFIL, SCOR, SNCR, TURN | Asset Management, Mergers, private credit, small caps, turnaround, value | Manager emphasizes 35 years as a value investor attempting to uncover great companies trading below intrinsic value. The proposed Mount Logan combination represents what they believe is a great undiscovered and undervalued company. The letter repeatedly discusses finding substantially undervalued small, publicly traded companies with turnaround potential. | View | |
| 2026 Q1 | Apr 21, 2026 | Conestoga Micro Cap Composite | -7.1% | -7.1% | MAMA, NABL, ODD, PHR, PL, QTWO, TRNS, TWST, UTI, WLDN | AI, defense, energy, Quality, small caps, software, valuation | View | ||
| 2025 Q1 | Mar 31, 2025 | Wasatch Micro Cap Fund | -16.6% | -16.6% | ADUS, BOW, COCO, ESQR, EZPW, GCMG, GDYN, HCI, LMB, MAMA, PNTG, WEAV, XPOF | Biotechnology, Concentration, financials, healthcare, insurance, Micro Cap, value | The Fund's overweight to the financials sector was a large contributor to performance relative to the benchmark. The Fund held several insurance companies whose stocks were higher after announcing strong operating results, including HCI Group providing homeowners insurance in Florida and Bowhead Specialty Holdings focused on casualty and professional liability insurance. | ADUS XPOF WEAV EZPW BOW HCI |
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| 2025 Q3 | Nov 24, 2025 | Long Cast Advisers | 4.0% | -1.0% | MAMA, MTRX, PDEX, PESI, QRHC, RSSS | concentrated, healthcare, Manufacturing, Publishing, small caps, value | Fund focuses exclusively on small- and micro-cap companies that can grow over time, targeting 15% annualized returns. Manager emphasizes differentiated strategy versus indices which are overly represented by unprofitable, speculative companies. Portfolio concentrated in top five positions representing 60% of assets. | QRHC PESI RSSS MTRX PDEX |
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| 2023 Q3 | Oct 31, 2023 | Long Cast Advisers | 6.0% | 16.0% | AIM, CCRD, DAIO, MAMA, MTRX, PDEX, QHRC, RELL, RSSS, SANW, SNES, SOTK | Concentration, Manufacturing, Medical Devices, Quality, small caps, value | Manager focuses exclusively on small company investing with a research-intensive approach. Portfolio consists of small, customer-centric companies run by smart, humble managers who iterate towards better solutions. Small caps are currently discounted due to rising rates as they have more vulnerabilities than larger companies. | SOTK PDEX |
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| 2024 Q3 | Oct 23, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BLFS, BWMN, COCO, DGII, ERII, HLMN, IRMD, MAMA, MEG, OLO, PHR, PLMR, PRO, QTWO, ROAD, SLP, TCYSF, THBRF, TKNO, TRNS, USPH, VCEL, WLDN | growth, healthcare, industrials, Microcap, technology, volatility | The Health Care sector was the largest contributor to relative returns with positions in Alpha Teknova, BioLife Solutions, and iRadimed leading the way. TKNO surged 253% after reporting solid results and calling out an improving biotech funding environment and better customer order activity. However, concerns persist about spending patterns within the biotech and pharmaceutical industry. | View | |
| 2025 Q3 | Oct 20, 2025 | Immersion Investment Partners | 18.4% | 38.7% | CELH, MAMA, PBPB, RDVT | Acquisitions, Beverages, Distribution, Food, growth, small caps, value | The fund focuses exclusively on smaller companies by market cap that are often less followed and less liquid. These companies create opportunities for violent outperformance when fundamentals are recognized by the market, creating a coiled spring effect where good news accumulates until it erupts violently once people take notice. | MAMA CELH MAMA CELH |
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| 2025 Q3 | Oct 16, 2025 | Riverwater Micro Opportunities Strategy | - | - | ABEO, ALLT, ARIS, AVBC, AVD, BDC, CCB, DCTH, IRMD, MAMA, MEC, NPKI, TILE, UROY, UTL | AI, Banking, healthcare, Microcap, nuclear, Quality, uranium, value | Nuclear power gained momentum as a clean energy solution for AI data centers, with uranium prices strengthening into the high $70s low $80s per pound range. The manager maintains long-standing conviction that nuclear energy will play a critical role in meeting exponential growth in power demands from artificial intelligence infrastructure. | AVD ALLT AVBC DCTH UROY |
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| 2025 Q4 | Jan 30, 2026 | Immersion Investment Partners | 0.0% | 0.0% | BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING | AI, Food, growth, Restaurants, small caps, tech, Valuations | The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves. | BROS MAMA PAR |
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| 2025 Q4 | Jan 24, 2026 | Long Cast Advisers | 1.0% | 0.0% | CCRD, CCRN, EEFT, LSYN, MAMA, MTRX, NRC, PDEX, PESI, QRHC, RELL, RSSS | healthcare, Owner-Operator, small caps, Staffing, value | Significant focus on healthcare staffing through CCRN investment, with nurse staffing industry facing competitive pressures but potential for margin improvement. Also invested in NRC, a healthcare consulting and patient survey company with strong margins despite industry headwinds. Portfolio concentrated in small and micro-cap companies with intent to own for multiple years. Manager emphasizes patient capital approach targeting 15% annualized returns through well-researched small company investments. Focus on companies trading at attractive valuations with strong balance sheets and cash positions. CCRN example shows investment in company with 40% of market cap in cash and low enterprise value multiples. | RSSS MTRX NRC CCRN |
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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 18, 2026 | Conestoga Mid Cap Composite | -5.8% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology | The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly. | GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY |
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| 2025 Q4 | Jan 18, 2026 | Conestoga SMid Cap Composite | -2.7% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | Biotechnology, defense, growth, industrials, Quality, small caps, technology | Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions. | GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN |
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| 2025 Q4 | Jan 18, 2026 | Conestoga Micro Cap Composite | -1.9% | 16.2% | BLFS, BWMN, COCO, CYX, DGII, ELVA, IIIV, IRMD, MAMA, MEG, PHR, PL, PLMR, QTWO, ROAD, TKNO, TRNS, UTI, VCEL, WLDN | Biotech, consumer, defense, energy, growth, Micro Cap, Quality, small cap | Small Cap biotech and pharmaceutical stocks emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns despite comprising just 11% year-to-date through Q3. The portfolio had limited exposure to this sector rally, with mixed results from holdings like Alpha Teknova facing inventory normalization headwinds while IRadimed delivered record results. Defense-related stocks provided strong performance leadership throughout 2025, with Planet Labs benefiting significantly from expanding contracts in government and defense sectors. The company secured significant new contract wins and achieved profitability earlier than expected, delivering a 388% total return for the year. Energy efficiency and grid modernization themes drove strong performance, particularly through Willdan Group which capitalized on surging demand from AI-driven data center markets and large government contracts. Electrovaya also benefited from industrial electrification trends and differentiated battery technology for material handling applications. Consumer staples holdings delivered exceptional performance with strong brand momentum and execution. Mama's Creations achieved 69% annual returns through successful market share capture and new product placements at major retailers, while Vita Coco demonstrated category leadership with 44% annual returns and consistent cash generation. | ODD ELVA BWMN IIIV COCO MAMA IRMD PL |
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| 2025 Q4 | Jan 18, 2026 | Minot Light Capital Partners | 0.0% | 14.4% | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility | The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap. | OM ARQ RZLT XOMA |
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| 2025 Q4 | Jan 15, 2026 | GROW Funds | 0.0% | 0.0% | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation | The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection. | MDXH AXSM MAMA |
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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 Q2 | Aug 19, 2024 | 180 Degree Capital Corp | 0.0% | 0.0% | LTRX, MAMA, PBPB, SCOR, SNCR, SYNC, TST | activism, catalysts, Constructive, Microcap, small caps, value | The fund focuses exclusively on small and microcapitalization companies, highlighting the growing disconnect between large and small cap stocks and historically low valuations for small caps. The Russell 2000 and Russell Microcap indices experienced dramatic volatility during the quarter, driven primarily by ETF flows rather than fundamentals. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALGT, ALNC, ASTH, ENOV, FTAI, KEX, LOB, MAMA, MGY, RCKY, RRR, THR, TKO.TO, USLM | Copper, financials, materials, small caps, underperformance, value | Small caps continue to underperform large caps significantly, with year-to-date underperformance of more than 12 percentage points and 10-year underperformance of about 5.5 percentage points annualized. Small caps are trading near historically low valuation premium relative to large caps, creating compelling investment opportunities for resilient, undervalued small companies. | View | |
| 2023 Q4 | Feb 13, 2024 | Long Cast Advisers | 6.0% | 16.0% | CCRD, DAIO, MAMA, MTRX, PDEX, QHRC, RELL, RSSS, SOTK | Concentration, Manufacturing, Medical Devices, small caps, value | PDEX operates as a contract manufacturer in the medical device space, producing battery-powered handheld drivers for surgeons. The company has doubled its manufacturing capacity and secured a large order doubling its backlog to $41M, suggesting strong growth potential for FY24. | SOTK PDEX |
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| 2023 Q4 | Jan 2, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALNT, BBCP, CIVI, CMT, ERII, LOB, MAMA, OZK, RCKY, RHP, RRR, RYN, WNS, WWW | consumer discretionary, energy, financials, industrials, small caps, value | Red Rock Resorts successfully opened its Durango Casino and Resort in December and is already discussing the second phase development. The company controls over half the Las Vegas local market and is positioned to capitalize on Las Vegas economic growth as major sports franchises locate there. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Immersion Investment Partners | Mama's Creations | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | Branded Products, cash generation, Consolidation Platform, convenience stores, Food Manufacturing, grocery retail, Management Quality, margin expansion, microcap, organic growth, Prepared foods | View Pitch |
| Feb 4, 2026 | Fund Letters | David Polansky | Mama’s Creations Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | Distribution, Free Cash Flow, Margins, Prepared foods, retail expansion | View Pitch |
| Jan 27, 2026 | Fund Letters | Mike Collins | Mama’s Creations, Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | Branding, Distribution, Food, growth, Margins | View Pitch |
| Jan 24, 2026 | Fund Letters | Ken Korngiebel | Mama's Creations, Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | Acquisitions, Consumertrends, Conveniencefood, Distribution, Margins | View Pitch |
| Jan 21, 2026 | Fund Letters | David Neiderer | Mama’s Creations, Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | Acquisitions, brand growth, consumer staples, margin leverage, retail expansion | View Pitch |
| Jan 8, 2026 | Fund Letters | David Polansky | Mama's Creations, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | Acquisitions, Deli, EBITDA, grocery, management, Margins, Prepared, Scalability, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | David Pintado | Mama’s Creations Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | consumer, Food, growth, Packaged goods, retail | View Pitch |
| Nov 29, 2025 | Fund Letters | David Polansky | Mama’s Creations Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | acquisition, Deli, EBITDA, Food, growth, Integration, M&A, Prepared foods, scale, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | David Polansky | Mama’s Creations Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | acquisition, Deli, EBITDA, Food, growth, Integration, M&A, Prepared foods, scale, valuation | View Pitch |
| Oct 24, 2025 | Value Investors Club | Shooter McGavin | Mama’s Creations, Inc. | Consumer Staples | Prepared Foods | Bull | NASDAQ | Convenience foods, Deli, margin expansion, Roll-up | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Caffital Research | Mama’s Creations, Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Abdul-Rahman Bhery | Mama’s Creations Inc. | Consumer Staples | Packaged Foods | Neutral | NASDAQ | — | 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. | ||||||||