MEC

MEC

MEC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Riverwater Micro Opportunities Strategy	-0.4%	-2.8%	ASLE, CRAI, CRE, HBIO, HDSN, LEU, LMNR, MEC, NYCB, PGY	-			View
2025 Q3	Oct 16, 2025	Riverwater Micro Opportunities Strategy	-	-	ALLT, ARIS, AVBC, AVD, CCB, DCTH, IRMD, MEC, UROY	financials, industrials, Nuclear Energy, small caps, uranium	Riverwater highlights strength in uranium and nuclear energy investments as AI data centers increase global power demand. The funds top performer, Uranium Royalty Corp, benefited from rising uranium prices and nuclear energys clean baseload role. Managers continue focusing on small-cap quality names in financials and industrials, emphasizing balance-sheet strength amid volatility.	AVD ALLT AVBC DCTH UROY	View
2025 Q4	Jan 21, 2026	Liberty Park Capital Management	-7.4%	0.0%	ARQ, BELFB, LAKE, MEC, THRY, XMTR	AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value	The manager believes AI holds transformative potential comparable to the internet but views the current market frenzy as echoing the dot-com bubble. Despite trillions in spending commitments, few businesses report meaningful incremental revenue from AI today, and the AI trade was priced-to-perfection by October 2025. Data center investments are viewed as part of the AI infrastructure boom that will eventually cool due to construction delays, efficiency improvements, and supply chain catchup. The manager sees this as similar to past technology booms where asset prices eventually fall as hype fades. SPACs are experiencing renewed frenzy as part of the current market environment that bears striking similarities to past market excesses, with companies without revenue or profits propelling major indices higher.	THRY ARQ XMTR MEC BELFB	View
2025 Q4	Jan 18, 2026	Rewey Asset Management	3.6%	13.1%	BR, CADE, DFIN, HOLX, LAKE, MEC	AI, Gdp, inflation, rates, small caps, technology, value	Manager believes small cap value sector remains attractively valued and neglected by investors. Small cap outperformance in 4Q25 viewed as early sign of portfolio rebalancing away from large-cap indices. Expects continued momentum into 2026 driven by strong GDP environment and lower Fed rates. AI adoption creating productivity gains but also sustained negative headwind for labor market as companies choose not to backfill roles. While positive for earnings through cost savings, AI-driven job weakness could force Fed to cut rates further. Large-cap tech AI valuations questioned by investors. Fed cuts of 175 bps over last 15 months expected to re-spark growth in financing-dependent cyclical industries. Weak job growth and dual mandate may force Fed to cut rates more than preferred. Lower rates viewed as positive catalyst for small cap sector. Extreme valuation differentials between large and small caps create opportunity. S&P 500 trades at 23.56x 2026 PE while Russell 2500 Value at 15.69x and Russell 2000 Value at 14.11x. Manager focuses on financially strong companies at attractive valuations with 2-3 year value creation plans.	DFIN LAKE MEC	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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Charles P. Murphy	Mayville Engineering Company	Industrials	Metal Fabrication	Bull	New York Stock Exchange	Acquisitions, datacenters, infrastructure, Margins, Metalfabrication	View Pitch
Jan 21, 2026	Fund Letters	Chip Rewey	Mayville Engineering Company, Inc.	Industrials	Metal Fabrication	Bull	New York Stock Exchange	Acquisitions, Cyclicality, Data Center Equipment, Industrial Recovery, Metal Fabrication	View Pitch

BSD Shareholders of MEC

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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