CRAWA - Alluvial Capital Management Q1 2024 Letter To Partners

2024-04-24 07:00:00 ET

Summary

• 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.
• Alluvial Fund is off to a good start this year, rising 6.3% in the first quarter.
• Since the quarter’s end, indexes have turned sour, with small-caps and micro-caps giving up all year-to-date gains and then some.
• The first of Alluvial Fund’s new holdings is McBride plc.

Dear Partners,

Alluvial Fund is off to a good start this year, rising 6.3% in the first quarter. Comparable indexes were up between 4.3% and 5.2%. The increase was broad-based, with several portfolio holdings contributing. Since quarter's end, indexes have turned sour, with small-caps and micro-caps giving up all year-to-date gains and then some. The likely delay in much-anticipated interest rate cuts has investors feeling less sunny than they did in March. In typical fashion, Alluvial Fund is bearing up well in the fitful markets. Despite benchmark indexes falling 7-8%, I am happy to report that Alluvial Fund is down only about 2% thus far in April....

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