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Riverwater Partners

Dec 2024 → Jun 2026 · Publishes quarterly · 3 funds

Our archive holds 18 letters from Riverwater Partners, behind 48 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.

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Riverwater Partners’s own letters page
18
Letters
45
Companies
33
Moves
48
Theses

3 strategies

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

What they bought and sold · 33 moves

  • TrimmediRadimed Corporation
    June 2026
    “We trimmed iRadimed (IRMD) in early May: the position had grown beyond 5% of the portfolio,”
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  • AddedLifeway Foods, Inc.
    June 2026
    “We added Lifeway Foods (LWAY) in April, the dominant U.S. producer of kefir.”
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  • New positionStevanato Group
    June 2026
    “In addition, we initiated positions in Stevanato Group (STVN), a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries.”
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  • ExitedCanada Goose
    June 2026
    “We also sold Warby Parker (WRBY) and Canada Goose (GOOS) during the quarter as we redeployed capital into the new positions described above.”
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  • ExitedZevia PBC
    June 2026
    “We honored that commitment and exited the position at a modest gain.”
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  • ExitedPerella Weinberg Partners
    June 2026
    “We exited Perella Weinberg (PWP) after the boutique advisory firm announced a workforce reduction of roughly 10%, a signal that the M&A drought for smaller independent advisors is likely to persist while activity remains concentrated among the largest banks.”
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  • TrimmedKodiak Gas Services
    June 2026
    “we pared StoneX, Digi International, Modine, Kodiak Gas Services, and Atmus for the sizing and funding reasons described earlier in this letter.”
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  • TrimmedAtmus Filtration Technologies
    June 2026
    “we respected the change in tone and trimmed the position back to a standard weight during the quarter.”
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  • TrimmedMama's Creations, Inc.
    June 2026
    “We trimmed Mama's Creations (MAMA) in May for similar reasons: after a strong run the stock carried a premium multiple for a food company facing tougher comparisons,”
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  • AddedKnight-Swift Transportation Holdings
    June 2026
    “We added Knight Swift last quarter on the strength of two structural catalysts converging with a cyclical trough.”
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  • TrimmedPDF Solutions
    June 2026
    “Late in the quarter we trimmed a portion of the position after the sharp run, consistent with our practice of harvesting gains in extended semiconductor names.”
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  • TrimmedStoneX Group
    June 2026
    “With shares having roughly doubled from their lows and valuation approaching the high end of historical ranges, we trimmed the position into strength while keeping it among our largest holdings.”
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  • TrimmedVeeco Instruments
    June 2026
    “We reduced Veeco in stages throughout the quarter, both to fund the PDFS addition and to systematically harvest gains into semiconductor strength; the pending Axcelis combination will also lift the combined company beyond our core market cap range.”
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  • ExitedWarby Parker
    June 2026
    “We also sold Warby Parker (WRBY) and Canada Goose (GOOS) during the quarter as we redeployed capital into the new positions described above.”
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  • TrimmedModine
    June 2026
    “we pared StoneX, Digi International, Modine, Kodiak Gas Services, and Atmus for the sizing and funding reasons described earlier in this letter.”
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  • ExitedLeggett & Platt
    June 2026
    “We exited Leggett & Platt following the announcement of its acquisition by Somnigroup International in a stock- for-stock deal.”
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  • ExitedCNX Resources
    June 2026
    “the position was funded in part by our exit of natural gas producer CNX Resources (CNX).”
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  • TrimmedAdeia
    June 2026
    “We trimmed Adeia (ADEA) repeatedly as the shares rerated, with 2026 estimates now largely reflecting the benefits of its AMD license agreement, and we pared StoneX, Digi International, Modine, Kodiak Gas Services, and Atmus for the sizing and funding reasons described earlier in this letter.”
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  • New positionStrattec Security Corp.
    June 2026
    “We also initiated Strattec Security (STRT) in April.”
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  • TrimmedMayville Engineering Company, Inc.
    June 2026
    “With the stock more than doubling, we trimmed the position in stages during the quarter, consistent with our sizing discipline in names that have run sharply.”
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  • ExitedTalkspace
    June 2026
    “We sold Talkspace (TALK) following shareholder approval of its pending cash acquisition, which effectively capped the remaining upside.”
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  • New positionWerner Enterprises
    June 2026
    “Late in the quarter we initiated Werner Enterprises (WERN), one of the largest truckload carriers.”
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  • New positionKaiser Aluminum
    June 2026
    “We also purchased Kaiser Aluminum (KALU) as roughly two and a half million tons of global aluminum capacity remains offline following the Middle East smelter disruptions, a supply shock we believe supports elevated pricing for well-positioned domestic producers through at least 2027.”
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  • New positionMiddleby
    June 2026
    “In May we established a position in Middleby (MIDD), the commercial foodservice and food processing equipment leader, funded by trims of Modine (MOD) and Kodiak Gas Services (KGS).”
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  • New positionLifeway Foods
    June 2026
    “We also added Lifeway Foods (LWAY), the dominant U.S. producer of kefir, giving the portfolio a true consumer staple.”
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  • TrimmedDigi International
    June 2026
    “Given its expansion into one of our largest holdings, we trimmed modestly during the quarter to fund new ideas and maintain sizing discipline.”
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  • AddedCRA International, Inc.
    June 2026
    “We increased CRA International (CRAI), the litigation and economic consulting firm,”
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  • New positionNetScout Systems
    June 2026
    “We initiated a position in NetScout Systems (NTCT) in April.”
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  • ExitedCharles River Laboratories
    June 2026
    “We sold Charles River Laboratories to fund our buy of Stevanato Group.”
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  • New positionMethanex Corporation
    June 2026
    “While we initiated a partial position and continue to evaluate its long-term merit, we remain attracted to its strong free cash flow margin and double-digit free cash flow yield.”
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Showing the 30 most recent of 33 recorded moves.

Companies held · 45

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

Theses · 48

Letter archive · 18

2026

2025

2024

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