GTX - Alluvial Capital Management Q3 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.
• I am happy to report Alluvial Fund enjoyed another strong quarter, up 8.5% as small-cap and micro-cap stock indexes struggled.
• We are parting ways with our other domestic telecom, Nuvera Communications. Not for any particular failing by the company or concerns about valuation, but rather a loss of credibility.
• More than one US post-bankruptcy/post restructuring situation is wildly cheap, as well. I am adding to these holdings as the market allows. Expect more detail in the next quarterly letter.

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