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Riverwater Partners

Dec 2024 → Sep 2026 · Publishes quarterly · 3 funds

Our archive holds 21 letters from Riverwater Partners, behind 67 investment theses and positions in 75 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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21
Letters
75
Companies
69
Moves
67
Theses

3 strategies

Riverwater Partners publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 69 moves

  • ExitedDick's Sporting Goods, Inc.
    September 2026
    “We sold Dick's Sporting Goods (DKS) in early August as weakness in athletic footwear spread through the channel.”
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  • New positionPrestige Consumer Healthcare Inc.
    September 2026
    “We initiated a position in Prestige Consumer Healthcare, which owns a portfolio of niche over-the-counter health brands, including Dramamine, Clear Eyes, Breathe Right, and Chloraseptic.”
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  • TrimmedPlexus Corp.
    September 2026
    “We trimmed Plexus three times during the quarter as margins reached peak levels and as part of the reduction in semiconductor exposure noted above,”
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  • New position908 Devices
    September 2026
    “We initiated a position in 908 Devices (MASS), a maker of portable chemical detection instruments used by hazmat teams, law enforcement, firefighters, and the military.”
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  • TrimmedAtriCure, Inc.
    September 2026
    “We trimmed the position on this strength as it grew to more than 5% of the portfolio, but we continue to view the business as solid and the stock as attractively valued relative to larger peers.”
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  • New positionKBR, Inc.
    September 2026
    “We sold the remaining position in September and used the proceeds to purchase KBR (KBR).”
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  • New positionLineage, Inc.
    September 2026
    “We initiated a position in Lineage (LINE), which describes itself as the world's largest operator of temperature-controlled warehouses.”
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  • ExitedEverus Construction Group, Inc.
    September 2026
    “We sold the remaining position in September and used the proceeds to purchase KBR (KBR).”
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  • ExitedTalkspace, Inc.
    September 2026
    “We sold Talkspace at the start of the quarter as the company was bought out by another healthcare company, using the proceeds to fund our new position in IRadimed.”
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  • ExitedTecnoglass
    September 2026
    “We exited our position in Tecnoglass (TGLS) during the quarter.”
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  • New positionICON plc
    September 2026
    “In the final days of the quarter we initiated a position in ICON (ICLR), a leading global contract research organization.”
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  • TrimmedCentury Aluminum Company
    September 2026
    “After Canadian tariff headlines hit Century Aluminum (CENX) in August, we sold the majority of that position;”
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  • New positionBowhead Specialty Holdings
    September 2026
    “We initiated a position in Bowhead Specialty Holdings (BOW), a specialty insurer founded in 2020 by industry veteran Stephen Sills.”
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  • New positionMatador Resources Co.
    September 2026
    “In September we initiated a position in Matador Resources (MTDR), an oil and gas producer in the Delaware Basin with a meaningful midstream business.”
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  • TrimmedSprouts Farmers Market, Inc.
    September 2026
    “We trimmed Quest Diagnostics (DGX) after changes to Medicare laboratory pricing raised the risk of reimbursement pressure next year, and reduced Sprouts Farmers Market (SFM) to a partial position on concerns about decelerating comparable sales (driven partly by a cyclospora outbreak)8, and an increasingly competitive pricing environment.”
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  • AddedJack Henry & Associates, Inc.
    September 2026
    “We also raised the Jack Henry & Associates (JKHY) position after the shares fell on longer-term guidance that came in below Street expectations; the company continues to win market share from larger competitors, and we viewed the pullback as an opportunity.”
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  • New positionBirkenstock Holding plc
    September 2026
    “We also initiated a position in Birkenstock (BIRK).”
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  • TrimmedKodiak Gas Services, Inc.
    September 2026
    “We trimmed the position in early May based on position size, performance, and valuation.”
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  • New positionAlliance Laundry Holdings
    September 2026
    “We initiated a position in Alliance Laundry in August, funded through a one-for-one swap out of Worthington Enterprises (WOR).”
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  • New positionGold.com
    September 2026
    “We initiated a position in Gold.com (GOLD), formerly A-Mark Precious Metals and a past holding of the strategy.”
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  • TrimmedMidera Food Processing
    September 2026
    “We sold the shares of Midera Food Processing that we received in Middleby's (MIDD) July spin-off.”
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  • ExitedBJ's Wholesale Club Holdings, Inc.
    September 2026
    “We completed our exit from BJ's Wholesale Club (BJ) and used the proceeds to fund the Birkenstock position.”
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  • AddedKnight-Swift Transportation Holdings Inc.
    September 2026
    “We added to the Knight-Swift Transportation (KNX) position after a solid earnings beat paired with conservative guidance.”
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  • ExitedCoastal Financial Corporation
    September 2026
    “We exited Coastal Financial in July.”
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  • New positionAnaptysBio
    September 2026
    “We initiated a position in AnaptysBio (ANAB), which, following the April separation of its drug development pipeline into First Tracks Biotherapeutics, is now essentially a royalty company rather than a traditional biotech.”
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  • AddedLifeway Foods
    September 2026
    “We added to Lifeway Foods, which sold off on input-cost concerns that we believe are now largely reflected in its share price; milk prices have also begun to ease.”
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  • TrimmedAdeia Inc.
    September 2026
    “We had already trimmed it in July, alongside Plexus (PLXS) and Everus Construction Group (ECG), as we began reducing our AI-related exposure.”
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  • ExitedModine Manufacturing Company
    September 2026
    “We exited Modine in early July, first trimming the position and then selling the remainder.”
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  • AddedIRadimed
    September 2026
    “And IRadimed (IRMD), an existing holding, is entering a multi-year replacement cycle driven by its next-generation pump.”
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  • ExitedAmerican Vanguard
    September 2026
    “We also exited American Vanguard (AVD), a turnaround investment we initiated last year following the arrival of a new CEO.”
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Showing the 30 most recent of 69 recorded moves.

Companies held · 75

Every company Riverwater Partners has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 67

  • Veeco Instruments Inc.
    September 2026

    Veeco Instruments makes processing equipment central to adding semiconductor capacity, an opportunity the manager believes has a long runway despite sharp share-price volatility.

    Read the full thesis
  • Haemonetics Corporation
    September 2026

    Haemonetics is the leading supplier of plasma collection technology, and the manager expects CSL's return as a customer to drive revenue and earnings growth above expectations.

    Read the full thesis
  • Lineage, Inc.
    September 2026

    Lineage is the world's largest temperature-controlled warehouse operator, viewed as the higher-quality cold storage REIT with more automation and a modern facility base, trading at a discount to NAV and attractive on FFO.

    Read the full thesis
  • Birkenstock Holding plc
    September 2026

    Birkenstock is a vertically integrated, supply-constrained footwear brand with above-peer margins, mid-teens growth, ROIC above 20%, and a valuation the manager believes understates its durable earnings power.

    Read the full thesis
  • KBR, Inc.
    September 2026

    KBR's technology segment licenses proprietary process technologies at superior margins, and the manager's sum-of-the-parts work suggests the market is not giving full credit for the pieces.

    Read the full thesis
  • AtriCure, Inc.
    September 2026

    AtriCure is a profitable, growing cardiac ablation and pain management med tech company with steadily improving free cash flow, and its stock remains attractively valued relative to larger peers.

    Read the full thesis
  • Red Violet, Inc.
    September 2026

    Red Violet is an identity intelligence platform demonstrating strong operating leverage, with 23% revenue growth, record 42% EBITDA margins, broad-based vertical growth, and a growing enterprise pipeline.

    Read the full thesis
  • Kodiak Gas Services, Inc.
    September 2026

    Kodiak Gas Services is a critical gas compression infrastructure provider with contracted, fee-based long-dated earnings largely insulated from commodity prices, and its core thesis has strengthened despite data center exposure concerns.

    Read the full thesis
  • IRadimed Corporation
    September 2026

    IRadimed is the leader in MRI-compatible medical devices entering its most significant product cycle ever, with a next-generation pump replacement ramp, recurring disposables growth, and an attractive entry point ahead of a revenue and margin inflection.

    Read the full thesis
  • Prestige Consumer Healthcare Inc.
    September 2026

    Prestige Consumer Healthcare is a self-help story with niche OTC brands, high margins and strong free cash flow, a new management turnaround plan, and shares at their lowest valuation in a decade.

    Read the full thesis
  • Alliance Laundry Holdings
    September 2026

    Alliance Laundry is the leading pure-play commercial laundry equipment maker with a replacement-driven installed base, pricing power, high margins, and a valuation discount to quality peers that the manager views as unwarranted.

    Read the full thesis
  • Red Violet, Inc.
    September 2026

    Red Violet is an identity intelligence platform with strong operating leverage, broad-based growth, and a growing enterprise pipeline.

    Read the full thesis

Showing the 48 most recent of 67 theses. Browse them by company to see the rest.

Letter archive · 21

2026

2025

2024

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