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 24 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.
What it bought and sold
We trimmed iRadimed (IRMD) in early May: the position had grown beyond 5% of the portfolio,
We added Lifeway Foods (LWAY) in April, the dominant U.S. producer of kefir.
We honored that commitment and exited the position at a modest gain.
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,
We also initiated Strattec Security (STRT) in April.
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.
We increased CRA International (CRAI), the litigation and economic consulting firm,
We also increased Allot (ALLT), the network intelligence and security software provider, following a substantial buyback announcement,
Also held
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.