Limoneira's Underperformance Masks Long-Term Growth Potential: Riverwater Partners

Riverwater Partners' Micro Opportunities Strategy highlighted Limoneira Company (LMNR) as a top underperformer in 2025, citing near-term results that failed to reflect long-cycle investments. The company is a 132-year-old California agribusiness and the largest avocado grower in the US, expanding its avocado acreage and testing investor patience despite a sound strategic foundation. The strategy focuses on micro-cap companies with broader sales and growth trajectories, believing low-quality stock market rallies will be short-lived.