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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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 |
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| 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 |
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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 Q4 | Jan 10, 2025 | Riverwater Partners Small Cap Strategy | - | - | NCMI | domestic, inflation, Media, Recovery, small caps, Trade Policy, value | Small caps logged respectable returns in 2024 but continued their 14-year relative underperformance versus large caps. The Russell 2000's 11.5% return marked the first time in 46 years it returned between 6-14%. Manager believes a small cap cycle may be on the horizon due to cyclical nature of markets, attractive valuations versus large caps, and historical outperformance in years following presidential elections. | NCMI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Riverwater Partners Small Cap Strategy | National CineMedia | Communication Services | Advertising | Bull | NASDAQ | Cash Flow Yield, Cinema Advertising, debt-free, entertainment, media, Post-Bankruptcy, Recovery Play, ROAS Technology, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Sustainable Value Strategy | National CineMedia, Inc. | Communication Services | Advertising | Bull | NASDAQ | Advertising Network, competitive moat, entertainment, Free Cash Flow, Post-Pandemic Recovery, Theater Advertising | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $651,186 | 0.00% | 167,400 | -44,104 | -20.85% | 0.2179% |
| Cliff Asness | AQR Capital Management | $190.6B | $122,952 | 0.00% | 31,607 | -4,276 | -11.92% | 0.0411% |
| Matthew Barrett | Glendon Capital Management | $1.7B | $6.5M | 0.39% | 1,678,903 | +0 | +0.00% | 2.1853% |