NUVR - Alluvial Capital Management Q2 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.
• The fund continues to enjoy a good year, returning 7.0% in the second quarter. Returns for the quarter, year-to-date, and since inception periods comfortably exceed all relevant benchmarks.
• We owe a large portion of this quarter’s gains to a new investment in Garrett Motion Inc. We participated in the company’s post-bankruptcy recapitalization through our purchase of Garrett Motion preferred shares.
• We were able to acquire shares of Crossroads Systems at prices ranging from $40 to $50, prices which I believed provided an acceptable discount to fair value and a high likelihood of an attractive return once the company revealed its bumper profits to the market.

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