Dear Partners, The quarter just ended was a lackluster period for Alluvial Fund, LP. While market indexes turned in respectable gains, Alluvial declined 0.8%. Though certainly frustrating, this is not at all unusual for a portfolio made up of esoteric and obscure holdings. As I have often stated, partners should expect to experience periods of uninspiring returns in the pursuit of superior long-term results. Now and then our holdings will Continue Reading →
Although the first half of the year has been challenging for the fund, we are starting to see an uptick in certain stocks that were purchased earlier in the year. As of the date of this letter, the fund is up 3.43% for the year and for the month of June, the fund was up 4.79% versus 1.97% for the S&P 500 in CAD, 0.62% for the S&P in USD Continue Reading →
Fellow Partners, GrizzlyRock Institutional Value Partners, LP and GrizzlyRock Value Partners, LP (together “GrizzlyRock” or the “Fund”) increased 3.37% net of expenses during the second quarter of 2018. The long portfolio earned 10.3% gross as most investments posted solid quarterly earnings and the market viewed the reports favorably. As discussed on pages three and four, the Fund owned four individual positions which materially aided performance this quarter. While price levels Continue Reading →
Dear Investor, The first half of 2018 was marked by a sudden end to investor complacency in early February, but the following four months saw markets return to positive returns and investor optimism. As you can see in your enclosed statement, we had an outstanding second quarter and first half the year. Full letter available for subscribers below:
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