It was a difficult quarter that capped off a challenging year. Markets around the world plunged, many experiencing declines not seen in a decade. Alluvial Fund was not immune, down 13.5% in the fourth quarter. While the loss hurts, Alluvial Fund did what it is meant to do. Our collection of obscure, often illiquid, under-followed holdings held up far better than small company benchmarks like the Russell 2000 Index, which produced a total return of -20.4%. For the full year, Alluvial Fund’s -9.0% return bested the Russell 2000’s total return of -11.2%. Since inception, Alluvial Fund remains well ahead of all relevant benchmarks.
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