Alluvial Fund, LP was up modestly in the first quarter, returning 2.7%. The S&P 500 was down slightly, while the Russell 2000 treaded water. The small change in each market index’s ending value belies the volatility that markets experienced this quarter. I am pleased to say that even during the worst of the correction, Alluvial Fund’s holdings held up very well. At the lowest point, Alluvial Fund had declined roughly 2.5% from its year-end value, compared to nearly 10% for large cap and small cap indexes. This may not always be the case, but recently our focus on obscure and ignored securities and special situations has served us well.
The full letter is available for subscribers below:
Please login to view the rest of this article - Not subscribed? Get our adfree exclusive content for only a few dollars a month.
It also helps us fund our operations so think of it as supporting quality journalism.