Riverwater Partners’ “Micro Opportunities Strategy” struggled to match benchmark performance in Q4 and FY2025 due to underweight exposure in speculative areas. Low-quality stocks outperformed high-quality ones. Heading into 2026, the strategy will focus on micro-cap companies with broader sales and growth trajectories. National CineMedia, Inc. (NASDAQ:NCMI) saw a one-month return of -0.26% and lost 43.53% of its value over 52 weeks, closing at $3.84 per share on Jan. 16, 2026.

In the Q4 2025 investor letter, Riverwater Partners highlighted National CineMedia, Inc. (NASDAQ:NCMI) as a stock held with expectations of recovery in cinema advertising volumes and free cash flow. However, weaker box office trends limited advertiser demand, impacting earnings recovery confidence. Despite being a dominant cinema advertising platform, concerns around theatrical relevance and marketing budgets led to the position’s exit.

National CineMedia, Inc. (NASDAQ:NCMI) is not among the 30 most popular stocks among hedge funds, with 18 portfolios holding it at the end of Q3. While there is potential, AI stocks are seen to offer greater upside potential with less downside risk. For those seeking an undervalued AI stock poised to benefit from tariffs and onshoring trends, a free report on the best short-term AI stock is recommended.

Read more at Yahoo Finance: Here’s Why Riverwater Partners Micro Opportunities Strategy Exited National CineMedia (NCMI)