SNWV

SNWV

SNWV

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	SRK Capital	-	46.9%	ICCC, ISSC, SLSN, SNWV	Biotechnology, concentrated, growth, Manufacturing, Medical Devices, small caps, value	The fund focuses on concentrated small-cap investments with significant upside potential. The manager emphasizes doing the work, sizing opportunities appropriately, and having conviction to wait to get paid. The concentrated strategy may yield surprising results over short periods.	SNWV SLSN ICCC ISSC SNWV SLSN ICCC ISSC	View
2026 Q1	Apr 10, 2026	Cedar Grove Capital Management	-23.0%	-23.0%	ABVX, EVLV, HIMS, KITS.TO, LNSR, MTY.TO, NKTR, OSW, REAL, SNWV, TOI, WW	Biotechnology, consumer, healthcare, Long/Short, Multi-Strategy, small cap, special situations		MTY.TO NKTR ABVX TOI SNWV EVLV REAL KITS.TO	View
2025 Q1	Mar 31, 2025	Deep Sail Capital Partners	0.0%	0.0%	ANET, CLPT, NVDA, SNWV	AI, Hedging, Long/Short, Networking, Recession, technology, Trade Policy	Fund discusses AI data center networking extensively, with focus on Ethernet vs InfiniBand architectures for AI training workloads. AI data center market projected to reach $100 billion by 2030 with 30% CAGR. Arista Networks positioned to benefit from AI infrastructure buildout through networking solutions.	ANET	View
2025 Q4	Jan 23, 2026	Deep Sail Capital Partners	14.2%	34.8%	BYND, CRDO, DXCM, KRKNF, NSLO, SNWV, SYK	defense, growth, healthcare, inflation, Long/Short, Medical Devices, small cap, technology	Sanuwave Health represents a compelling opportunity in the advanced wound care ecosystem, transitioning from high-cost biological grafts toward energy-based tissue regeneration. The company utilizes a razor blade recurring revenue model with UltraMIST system achieving record quarterly revenues and 78% gross margins. CMS regulatory changes reducing Medicare spending on skin substitutes by 90% create a competitive advantage for Sanuwave's stable reimbursement profile. Kraken Robotics continues as the fund's largest position, contributing 7% gross return in Q4. The company is gaining widespread investor awareness and new orders from UAV partners, positioning perfectly within their market especially as Anduril approaches its 2026 IPO. The defense technology sector shows strong momentum with autonomous underwater vehicle applications. The manager expects a run it hot economic policy under Trump that prioritizes growth and loose fiscal policy over inflation control. This approach will provide short-term rocket fuel through easier credit and asset price inflation, but will eventually lead to higher inflation and economic distortions. The combination of structural job losses from AI automation and rising prices creates an uncomfortable endgame scenario.	SNWV	View
2025 Q4	Jan 13, 2026	Infuse Partners	-7.2%	0.0%	DUOL, MELI, NU, SNWV, TMDX	E-Commerce, Education, Fintech, growth, Latin America, long-term, Medical Devices, technology	MercadoLibre continues to demonstrate exceptional execution with its e-commerce/payments flywheel spinning fast even at $25 billion revenue. The company has successfully outcompeted strong marketplaces like Amazon, Shopee, Temu and TikTokShop using vertical integration and fast delivery times. Management thinks genuinely long-term unlike most companies that only give lip service to long-term decision making. Nu Holdings is gradually becoming a super app with strong traction in Mexico after receiving full banking license, proving the model is replicable outside Brazil. The company's lean cost structure enables better rates, leading to more customers and economies of scale. Success has come despite Brazil's terrible macro backdrop over 15 years, with battle-tested lending algorithms positioned for expansion into more stable geographies. Sanuwave operates a razor and blades business model with the UltraMist device for treating diabetic foot ulcers. Despite a Q3 growth hiccup while building sales organization, growth should resume as there aren't many profitable medtech companies growing faster than 30%. TransMedics has revolutionized organ transplant process, owning 22 private jets and performing 30 organ transplants daily, with increasing density creating competitive advantages. Duolingo should be viewed as an engagement machine that happens to educate rather than just a language learning app. With almost 40% of monthly users logging in daily (compared to Snapchat's 50%), the company has built exceptional engagement muscle. As it broadens into math, music, chess and other subjects, retention should increase further, potentially becoming a must-have app for learning all sorts of things.	DUOL MELI TMDX NU	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Cedar Grove Capital Management	Sanuwave Health	Medical Devices	Health Care Equipment & Supplies	Bull	NASDAQ	acquisition target, CMS Guidance, debt refinancing, Medical Device, Medicare, ultrasound technology, wound care	View Pitch
Apr 13, 2026	Fund Letters	SRK Capital	Sanuwave Health, Inc.	Health Care	Health Care Equipment & Supplies	Bull	NASDAQ	growth, high margins, Key Accounts, Medical Device, NASDAQ uplisting, National Sales Force, Russell 2000, Tissue Regeneration	View Pitch
Jan 27, 2026	Fund Letters	Sean Westropp	Sanuwave Health, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	growth, Margins, Medtech, Reimbursement, Ultrasound, Woundcare	View Pitch
Jan 22, 2026	Twitter / X	@TenvaCapital	Sanuwave Health, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Believe, Ebit, Ebit Which, Register, Sanuwave, Snwv, Team, wound care	View Pitch
Jan 8, 2026	Fund Letters	Sean Kirkwood	Sanuwave Health, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	growth, healthcare, Margins, Medicaldevices, Salesforce, uplisting, valuation	View Pitch
Oct 15, 2025	Value Investors Club	fiverocks19	Sanuwave Health Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	CPT 97610, distribution inflection, high-margin, medtech growth, non-contact ultrasound, razorblade model, Reimbursement, Sanuwave, takeover candidate, UltraMIST, wound care	View Pitch

BSD Shareholders of SNWV

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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