RDVT

RDVT

RDVT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 19, 2025	Immersion Investment Partners	28.1%	17.1%	CELH, MAMA, PBPB, RDVT, UFPT	Food, fundamentals, growth, Microcap, small caps, value, volatility	Fresh and prepared foods in grocery stores has been a growing category, catalyzed by consumer demand for healthier, fast, and affordable food options. Grocery stores have been increasingly dedicating more food space to the category. Today, it is one of only a couple of categories that are seeing volume growth.	MAMA MAMA	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 25, 2026	Wasatch Micro Cap Fund	-3.2%	-3.2%	CDNL, EZPW, LINC, RDVT, UTI, VITL, WLDN	AI, Education, gold, infrastructure, Micro-Cap, software		WLDN VITL RDVT CDNL EZPW UTI LINC	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	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT	aerospace, healthcare, Media, small caps, technology, value	Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market.	RDVT TBRG PKE	View
2025 Q3	Oct 20, 2025	Immersion Investment Partners	18.4%	38.7%	CELH, MAMA, PBPB, RDVT	Acquisitions, Beverages, Distribution, Food, growth, small caps, value	The fund focuses exclusively on smaller companies by market cap that are often less followed and less liquid. These companies create opportunities for violent outperformance when fundamentals are recognized by the market, creating a coiled spring effect where good news accumulates until it erupts violently once people take notice.	MAMA CELH MAMA CELH	View
2025 Q4	Jan 30, 2026	Immersion Investment Partners	0.0%	0.0%	BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING	AI, Food, growth, Restaurants, small caps, tech, Valuations	The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves.	BROS MAMA PAR	View
2025 Q4	Jan 22, 2026	Wasatch Micro Cap Fund	1.9%	4.8%	ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL	Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance	The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit.	CLMB CSTL MAMA AXGN	View
2024 Q3	Sep 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, GBLI, IAC, OUT, RDVT, RSSS, SSP, TIPT, VSAT	Advertising, Balance Sheet, Data Services, small caps, turnaround, value	The fund focuses on small-cap value stocks that are unloved by the market, holding positions they describe as stupid cheap with real asset support. The manager emphasizes that public small-cap equity remains an unloved asset class with few players, which has historically been a setup for future success.	RDVT CLMB OUT	View
2024 Q2	Jun 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT	Auto Parts, Concentration, Data Services, small cap, turnaround, value	Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value.	RDVT CLVT AAP KBR VSAT CMP SSP	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 28, 2026	Fund Letters	Wasatch Micro Cap Fund	Red Violet, Inc.	Software - Application	IT Services	Bull	NASDAQ	AI-Resistant, Cloud-native platform, Data Analytics, Fraud prevention, Identity Intelligence, Proprietary technology, risk mitigation, scalable business model	View Pitch
Apr 23, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	Red Violet, Inc.	Software - Application	Application Software	Bull	NASDAQ	AI disruption, Data Analytics, Government, Identity Intelligence, law enforcement, proprietary data, Software	View Pitch
Apr 13, 2026	Fund Letters	Riverwater Micro Opportunities Strategy	Red Violet Inc.	Information Technology	Application Software	Bull	NASDAQ	cloud-native, cybersecurity, Data Analytics, Fraud prevention, Identity Intelligence, machine learning, Real Estate, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Cove Street Capital Small Cap Value Fund	Red Violet Inc	Industrials	Research & Consulting Services	Bull	NASDAQ	AML, cloud, Data Services, enterprise, growth, Identity, KYC	View Pitch
Apr 13, 2026	Fund Letters	Cove Street Capital Small Cap Value Fund	Red Violet	Information Technology	Application Software	Bull	NASDAQ	acquisition target, Background Checks, Cloud software, high margins, Identity Verification, Proven Management, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Cove Street Capital Small Cap Value Fund	Red Violet	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	AML, Cloud-First, Collections, Data Analytics, enterprise, government contracts, Identity Data, KYC, Marketing Services	View Pitch
Jan 22, 2026	Twitter / X	@WelfareCapLLC	Red Violet, Inc.	Industrials	Research & Consulting Services	Bull	NASDAQ	Associations, CAGR, Forewarn, Idi, Pretty, Realtor, Realtors, You Got	View Pitch

BSD Shareholders of RDVT

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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