MMAC - Alluvial Capital Management Q3 2020 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.
• Alluvial Fund enjoyed a very strong quarter, rising 15.1% and outpacing all relevant benchmarks. The fund has recovered all of its 2020 losses and is now in solidly positive territory.
• P10 Holdings is by far the largest contributor to our portfolio’s gains this year.
• The fund’s net assets are again in excess of $25 million, a level that leaves considerable room to grow without sacrificing the ability to invest in the most profitable niches.

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