Headwaters Capital Management

Concentrated, long-only equity strategy focused on tax-efficient compounding of investor capital.

[Headwaters Capital Management @Headwaters_Cap]

The letter below provides a brief update on the state of the markets along with an exciting business update.

https://t.co/hOjWpGWmWk

[Headwaters Capital Management @Headwaters_Cap]

November Navigating the Currents: An update on Q3 earnings themes and their impact on the market. The letter also discusses a current portfolio holding, Globus Medical. $GMED

https://t.co/5Il2VEuMHu

[Headwaters Capital Management @Headwaters_Cap]

HCM's Q3 Investor Letter includes a discussion of the only topic that matters for equity markets today, the AI investment cycle. For investors interested in something other than AI, an overview of $DRVN is also included.

https://t.co/ToocryaoCS

[Headwaters Capital Management @Headwaters_Cap]

September Navigating the Currents: Weak Hiring Data Suggest Rate Cuts are on the Horizon. This month's newsletter discusses the causes of weak employment and implications of a potential Fed easing cycle.

https://t.co/WUqtdVqbH4

[Headwaters Capital Management @Headwaters_Cap]

HEADWATERS CAPITAL WANTS TO REMIND ALL CURRENT & POTENTIAL INVESTORS THAT HCM DOES NOT UTILIZE THIRD PARTY SOLICITORS & NO THIRD PARTY IS AUTHORIZED TO SOLICIT BUSINESS ON THE FIRM'S BEHALF. HCM WILL NEVER SOLICIT INVESTOR FUNDS VIA SOCIAL MEDIA WEBSITES, INClUDING WHATSAPP.

[Headwaters Capital Management @Headwaters_Cap]

@ActAccordingly Certainly seems like activity is heating up! A few rate cuts certainly wouldn't hurt!

[Headwaters Capital Management @Headwaters_Cap]

Small Cap M&A: Activity and Take-Out Premiums Increasing. Nine deals announced in Q3 '25 with premiums > 40% compared to 15 deals in all of 2024. Willing buyers of small caps at significant premiums. Read more in this month's Navigating the Currents.

https://t.co/5n1mdg7h1t

[Headwaters Capital Management @Headwaters_Cap]

HCM Q2 '25 Investor Letter $TECH $TMDX $GMED

https://t.co/IX81hMXQxo

HCM Q2 '25 State of the Markets: Most Attractive Opportunity in Small Caps Since 1999

https://t.co/kVlOIJlcUi

[Headwaters Capital Management @Headwaters_Cap]

This month's Navigating the Currents explores the concentration of CAPEX spending in the US along with a brief discussion of V-shaped market recoveries.

https://t.co/OOwDM9WCms

[Headwaters Capital Management @Headwaters_Cap]

This month's Navigating the Currents discusses current valuations for quality small caps and provides an update on a portfolio company in the medical robotic space. $GMED

https://t.co/A2PjtFdW8H

[Headwaters Capital Management @Headwaters_Cap]

HCM Q1 '25 Investor Letter. Includes a discussion around historical precedents for recent volatility and provides a framework for how to think about the risk/reward in the market today. $BRO $CBZ

https://t.co/gbDs5WJxLY

[Headwaters Capital Management @Headwaters_Cap]

In this month's Navigating the Currents, I discuss a portfolio company that is capitalizing on AI and broader technology innovation. I also share some brief thoughts on the recent market volatility.

https://t.co/JmxwLH9f2F

[Headwaters Capital Management @Headwaters_Cap]

In this month's Navigating the Currents, I discuss a framework for considering an allocation to small cap equities along with a profile of Lamar Advertising, the largest billboard owner in the U.S. $LAMR

https://t.co/N9sOmIukJ8]

[Headwaters Capital Management @Headwaters_Cap]

The HCM Q4 '24 Investor Letter discusses recent performance and provides updated thoughts on the current market environment (2021 Déjà vu). $CLMB $TMDX

https://t.co/DtMagGHSsN

[Headwaters Capital Management @Headwaters_Cap]

In this month's Navigating the Currents, I discuss US energy independence along with an updated outlook for small cap earnings growth in 2025.

https://t.co/FudydIAWCr

[Headwaters Capital Management @Headwaters_Cap]

In this month's Navigating the Currents, I discuss a long-term theme that HCM has invested behind, a unique analysis of the buy and hold investment approach and the recent technical breakout for small cap stocks.

https://t.co/oaRl8MXFGR

[Headwaters Capital Management @Headwaters_Cap]

HCM Q3 '24 Investor Letter $ASGTF $AIF.TO $FICO $CLMB $MEDP

https://t.co/Z0KCcoGoRS

[Headwaters Capital Management @Headwaters_Cap]

"Navigating the Currents" is a new monthly newsletter that briefly discusses interesting topics impacting the HCM portfolio (link below).
https://t.co/C39nDFFAvk

Please visit the website if you are interested in subscribing.

[Headwaters Capital Management @Headwaters_Cap]

HCM Q2 '24 Investor Letter $PDFS $TMDX $INSP

https://t.co/eZO0WwZbuf

[Headwaters Capital Management @Headwaters_Cap]

Great to see the NYT profile of $TMDX, an HCM portfolio company. If you are interested in learning more about the company, I discussed it in detail as part of this interview with @SumZero last year.
https://t.co/leel2IFKcc

https://t.co/mvZvN5jUdp