CRAWA - Alluvial Capital Management Q1 2021 Letter To Partners

• Alluvial Fund follows the same successful investment strategies used by Alluvial in managing separate accounts, focusing on value opportunities in small companies and thinly-traded issues, both domestically and internationally.
• For the quarter, Alluvial Fund rose 12.4%, in line with relevant benchmarks. We reached an important milestone at the end of March: a 100% cumulative return since inception.
• Our twin domestic rural telecoms, LICT and Nuvera Communications, are trading at all-time highs.
• Logan Clay shares may qualify for exemption, but investors should not count on it. Should any nervous investors choose to dump their shares before the new rule comes into effect, I will be waiting to buy them for us!

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