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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 15, 2026 | Riverwater Partners Small Cap Strategy | - | - | ADEA, ATRC, CCB, CWK, GOOS, MOD, PWP, TALK, TILE, TNC | AI, energy, Geopolitical, Quality, small caps, technology, value | CWK PWP TALK ATRC CCB ADEA MOD |
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| 2024 Q1 | Apr 15, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | ASLE, CRAI, HBIO, HDSN, LEU, LMAT, LMNR, MEC, NYCB, PGY, PWP, TGLS, VECO | AI, Banking, healthcare, industrials, Microcap, SPACs, uranium, value | Manager views CRE challenges as largely manageable, confined to major cities with lower-grade office spaces or multifamily units. The NYCB situation is assessed as unique to New York's CRE market and rent-controlled multifamily units. This presents an opportunity to potentially add banks that have been unjustly discounted in the market turmoil. | CRAI ASLE PGY |
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| 2025 Q4 | Feb 4, 2026 | Aristotle Small/Mid Cap Equity | 2.3% | 3.0% | AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW | Banking, healthcare, industrials, small cap, technology, Utilities, value | AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies. | View | |
| 2024 Q4 | Jan 9, 2025 | LVS Advisory – Growth | - | 37.0% | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Concentration, Event-Driven, growth, Investment Banks, M&A, Portfolio Management | M&A activity expected to surge in 2025 under Trump administration with less aggressive antitrust enforcement. Investment banks outperformed significantly in 2024 anticipating this recovery. Event-driven portfolio positioned to benefit from wider deal spreads and improved merger arbitrage environment. | View | |
| 2024 Q4 | Jan 9, 2025 | LVS Advisory – Event Driven | - | 8.0% | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Event-Driven, Investment Banks, M&A, Merger Arbitrage, portfolio construction, Trump | M&A activity expected to surge in 2025 due to Trump administration's less aggressive antitrust stance. Investment banks outperformed significantly in 2024 anticipating this recovery. The exit of several large merger arbitrage funds creates supply/demand imbalance for wider deal spreads. | 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Riverwater Partners Small Cap Strategy | Perella Weinberg Partners | Capital Markets | Capital Markets | Bull | NASDAQ | Boutique Bank, Capital markets, Deal Backlog, Fee Realization, investment banking, M&A Advisory | 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. | ||||||||