WHLR - Alluvial Capital Management Q4 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.
• The fund returned 18.1% in the fourth quarter, bringing our full-year return to 28.4%. Since inception, Alluvial Fund has delivered annualized returns of 15.7%.
• As in past periods of market ebullience, the fund has not kept up. Our small, obscure, often thinly-traded securities are rarely of interest to the large funds, passive indexes, and neophyte retail traders funneling billions into liquid equities.
• European internet and broadband providers were also a bright spot for the fund, with the market rewarding the successes of Intred SpA and Bredband2 i Skandinavien AB. Software reseller Rand Worldwide also contributed.

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