Riverwater Partners
Riverwater Micro Opportunities
US Small-cap Opportunistic
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 14 investment theses and positions in 11 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Riverwater Partners for every strategy.
Its investment theses
- Lifeway FoodsJun 2026Lifeway Foods is the dominant U.S. kefir producer with strong growth, expanding margins, capacity expansion, and a higher valuation case from brand leadership and distribution gains.
- Strattec Security CorporationJun 2026Strattec Security makes vehicle access and security hardware, with a new management team driving margin expansion, customer diversification, and insider buying at an undemanding valuation.
- LSB Industries, Inc.Mar 2026LSB Industries, Inc. is a U.S. nitrogen producer with cost and regional moats benefiting from tight global supply, attractive valuation leverage to pricing, and an option on blue ammonia with 45Q credits.
- Red Violet, Inc.Mar 2026Red Violet, Inc. provides identity intelligence and data analytics with proprietary, hard-to-replicate datasets that support durable competitive positioning despite sector-driven multiple compression.
- Ranger Energy Services, Inc.Mar 2026Ranger Energy Services, Inc. provides high-spec well service rigs leveraged to sustained U.S. oil and gas activity, offering stable service exposure, pricing power, and strong free cash flow potential.
- Douglas DynamicsDec 2025Douglas Dynamics is a leading snow and work truck solutions manufacturer with asymmetric upside from normalized snowfall, expanding margins, and strategic diversification under new leadership.
- Natural Gas Services IncDec 2025Natural Gas Services Inc provides rental compression services under long-term contracts and is shifting toward large horsepower units in a tight market to improve utilization and margins.
- American Vanguard CorporationDec 2025American Vanguard Corporation is executing a CEO-led turnaround with reduced inventories, expanded margins, and improved EBITDA that point to a stronger operating profile than the market implies.
- Limoneira CompanyDec 2025Limoneira Company is expanding avocado production with long-cycle assets poised to benefit from Mexican supply fragility and approaching peak yields.
- Abeona TherapeuticsJun 2025Abeona Therapeutics is a first-mover in curative gene therapies for severe rare dermatological diseases, particularly with its FDA-approved Zevaskyn, offering high efficacy in wound healing and strong market positioning despite a niche patient population.