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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Riverwater Sustainable Value Strategy | - | - | ATKR, COOP, CPRI, DAR, EVR, EXEL, IDCC, MOD, NCMI | - | 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 |
| 2024 Q4 | Jan 10, 2025 | Riverwater Partners Small Cap Strategy | - | - | NCMI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 23, 2025 | Value Investors Club | zbeex | National CineMedia Inc. | Communication Services | Advertising | Bull | NASDAQ | advertising, Cinema, Mispriced | 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. | ||||||||