PLOW

PLOW

PLOW

Letters With This Ticker

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	View
2026 Q1	Apr 28, 2026	Plural Investing	-11.6%	-11.6%	JDG.L, JET2.L, PLOW	Acquisitions, industrials, small caps, Travel, Uk, value		JDG.L PLOW	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
2024 Q1	Apr 15, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK	growth, healthcare, industrials, mid cap, Performance, technology	The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments.		View
2024 Q1	Apr 15, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BWMN, DGII, HLMN, NVEE, PHR, PLMR, PLOW, QTWO, ROAD, SMLR, SSTI, TCYSF, TKNO, TRNS, USPH, VCEL, WLDN	growth, healthcare, industrials, infrastructure, Micro Cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2024 Q1	Apr 15, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK	growth, healthcare, industrials, infrastructure, small cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2023 Q4	Dec 31, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	DGII, HLMN, IIIV, IRMD, MLAB, NVEE, OLO, PHR, PL, PLOW, PRO, QTWO, ROAD, SLP, SMLR, SSTI, TCYSF, TRNS, USPH, VCEL	Biotech, growth, healthcare, industrials, Microcap, technology, underperformance	The biotechnology and pharmaceuticals industries significantly outperformed the broader market during Q4, creating headwinds for the portfolio due to its large underweight to these areas. The manager notes these are typically unprofitable businesses with zero or insignificant earnings and negative cash flows that benefit from lower interest rates.		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
2023 Q1	May 23, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, industrials, Quality, small cap, technology	Conestoga focuses on companies with stronger balance sheets, positive cash flows, and more sustainable growth rates, which may be preferred in the current environment of banking sector pressures and financial instability.	DGII	View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, Outperformance, Performance, small cap, stock selection, technology	Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for banks as depositors sought higher returns while limiting uninsured deposits. Many small- to medium-sized banks saw sharp stock price declines as investors reassessed viability.	DGII	View
2023 Q1	May 23, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, industrials, Performance, Quality, small cap, technology	Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for many banks, with depositors seeking higher returns while limiting uninsured deposits. Small- to medium-sized banks saw sharp stock price declines as investors reassessed viability and future earnings.	DGII	View
2023 Q1	May 23, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST	Banking, growth, healthcare, Quality, small cap, software, technology	The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	Plural Investing	Douglas Dynamics	Auto Parts	Industrial Machinery	Bull	NASDAQ	Cyclical Recovery, De-icing Equipment, Dealer Network, Industrial Equipment, market leader, North America, Pent-up Demand, Snowplow, Value, Weather Dependent	View Pitch
Apr 23, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	Douglas Dynamics, Inc.	Auto Parts	Machinery	Bull	New York Stock Exchange	Commercial Equipment, Municipal, North America, Seasonal, Snow Equipment, Weather Cyclical	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	Douglas Dynamics, Inc.	Industrials	Commercial Services & Supplies	Bull	New York Stock Exchange	Cyclicality, Industrials, Margins, Replacement, Weather	View Pitch
Aug 13, 2025	Seeking Alpha	JDN Research	Douglas Dynamics, Inc.	Consumer Discretionary	Auto Parts	Neutral	NYSE	—	View Pitch
Aug 13, 2025	Seeking Alpha	Brewvestor Insights	Douglas Dynamics	Consumer Discretionary	Auto Parts	Neutral	NYSE	—	View Pitch

BSD Shareholders of PLOW

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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