NPKI

NPKI

NPKI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 31, 2025	Minot Light Capital Partners	18.1%	4.5%	ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF	alpha, dislocations, growth, liquidity, Microcap, small caps, value	The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets.	CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP	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
2026 Q1	Apr 15, 2026	Riverwater Micro Opportunities Strategy	-	-	AVD, CCB, LXU, NPKI, PLOW, RDVT, RNGR, TALK	AI, energy, Fertilizers, Geopolitical, healthcare, materials, Microcap, private credit		LXU TALK RNGR CCB RDVT PLOW NPKI	View
2025 Q4	Mar 6, 2026	Bumbershoot Holdings	-	13.0%	CAMT, CF, CTRA, FSLR, Gold, GOOGL, HRI, IPI, KGF.L, LGND, MDGL, MU, NPKI, NTR, ORN, OSIS, OSK, VKTX, VMEO, VPG	Concentration, liquidity, Multi-Strat, Reflation, Selection, semiconductors, technology, value	AI remains a primary market driver but questions emerge about whether it will be hugely deflationary to the job market and SaaS technology ecosystem. The manager notes AI will transform the world and productivity but questions its investability and who wins. The manager expects the next reflation cycle will be substantial, with liquidity flooding the system and searching for places to flow. Money needs to be absorbed and finds its way into financial assets, durable businesses, and anything with credible narratives. Core gains were led by semiconductor-related adjacencies including Micron and Camtek. The fund remains particularly focused on key critical OS platform businesses and semiconductor-related adjacencies. Materials sector exposure to the agricultural-fertilizer industry via Intrepid Potash, Nutrien, and CF Industries was a positive contributor to results. The fund maintains exposure across the fertilizer value chain. Long-standing position in gold and copper miner Barrick Mining finally moved higher as a reflection of gains in the underlying yellow metal. The fund maintains exposure to precious metals mining. Playing on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance.		View
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	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 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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	NPK International Inc.	Oil & Gas Equipment & Services	Construction & Engineering	Bull	NASDAQ	AI, Composite Materials, data centers, energy, Grid expansion, infrastructure, pipeline development, Rental Fleet	View Pitch
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	NPK International, Inc.	Industrials	Trading Companies & Distributors	Bull	NASDAQ	Composite Matting, divestiture, Industrials, market leader, Rental Fleet, Sustainable, utilities	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	NPK International Inc.	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Electrification, Freecashflow, infrastructure, Margins, Mats	View Pitch
Aug 13, 2025	Seeking Alpha	Badsha Chowdhury	NPK International	Energy	Oil & Gas Equipment & Services	Bull	NYSE	—	View Pitch

BSD Shareholders of NPKI

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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