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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | Riverwater Sustainable Value Strategy | - | - | CIEN, COOP, ECG, EXEL, GFF, HAE, LMNR, LNTH, LOPE, LPX, MSA, NCMI, PNW, VECO | Construction, healthcare, infrastructure, Safety, small cap, technology, value | ECG benefits from exponential power demand from AI and data centers, exemplifying Jevons Paradox where efficiency gains are overwhelmed by usage growth. The company's backlog has grown over 40% driven primarily by data center and high-tech infrastructure projects. | MSA GFF ECG MSA GFF LMNR ECG |
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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 Q1 | Mar 31, 2025 | Aristotle Small Cap Equity Fund | -7.6% | -7.6% | ADC, AER, AGI, ASGN, B, CDMO, CHE, CHH, CMCO, DBI, FFIC, HURN, MMSI, MODV, MTSI, ONB, SUM, VECO, VVV, WWE | gold, healthcare, industrials, REITs, semiconductors, small cap, technology, value | Fund focuses on small-cap segment with compelling valuations relative to large caps, trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, and continued reshoring of U.S. manufacturing. | View | |
| 2025 Q3 | Oct 16, 2025 | Riverwater Partners Small Cap Strategy | - | - | ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR | AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value | The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending. | PLPC BDC DGII PFS WOR MOD UEC |
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| 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 |
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| 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 |
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| 2024 Q2 | Jun 30, 2024 | Riverwater Sustainable Value Strategy | -0.6% | 7.9% | AMKR, ATKR, CRL, DOX, EVTC, HDSN, LMNR, LPX, MOD, NYCB, VECO | Agriculture, AI, semiconductors, small caps, sustainability, technology, value | The manager sees tremendous opportunity for companies to use AI to improve productivity and growth, though most management teams are unprepared to implement it effectively. Three of their best performers provide picks and shovels to make AI happen: Amkor Technologies, Modine Manufacturing, and Veeco Instruments. | LMNR VECO |
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| 2024 Q2 | Jun 30, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | AAPL, ARIS, ATOM, BWB, GOOGL, III, LLAP, LMNR, LMT, META, MSFT, NVDA, PERI, QNST, STM, VECO | Agriculture, AI, Banking, Microcap, semiconductors, small cap, value | AI has contributed to large-cap outperformance but also presents opportunities for microcaps as picks and shovels plays. Veeco Instruments exemplifies this opportunity as a key supplier to companies producing AI chips and servers. | LMNR VECO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Riverwater Sustainable Value Strategy | Veeco Instruments Inc | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cyclical, Laser Annealing, Memory, Process Equipment, semiconductor equipment, Storage, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | Veeco Instruments Inc | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cyclical, Laser Annealing, Leading-edge Semiconductors, Memory, semiconductor equipment, Technology Transition | 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 |
|---|---|---|---|---|---|---|---|---|
| Ray Dalio | Bridgewater Associates | $27.4B | $1.8M | 0.01% | 62,329 | +62,329 | +100.00% | 0.1020% |
| Israel Englander | Millennium Management LLC | $233.2B | $13.6M | 0.01% | 477,386 | +439,628 | +1164.33% | 0.7811% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.4M | 0.01% | 155,362 | -11,367 | -6.82% | 0.2542% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.3M | 0.00% | 46,594 | -10,962 | -19.05% | 0.0762% |
| Rich Handler | Jefferies | $19.3B | $240,329 | 0.00% | 8,409 | -15,000 | -64.08% | 0.0138% |