Riverwater Partners noted in its Q2 2026 Small Cap Strategy investor letter that StoneX Group Inc. (Nasdaq: SNEX) was the portfolio's largest contributor for the quarter, with its stock price rising approximately 47%. The firm believes that "increased market volatility" stemming from the Middle East conflict drove exceptionally active trading and clearing activity for StoneX. Given that StoneX's stock price has roughly doubled from its lows and its valuation is near the high end of its historical range, Riverwater Partners has capitalized on the momentum by reducing some of its position, though it remains one of their largest holdings. As of August 31, StoneX's stock price was $68.48, having gained 50.63% over the past 52 weeks.