The following segment was excerpted from this fund letter.
Nuvera Communications (NUVR) remains Alluvial Fund’s largest holding. The combined effects of increased FCC funding and the 2018 acquisition of Scott-Rice Telephone will result in record earnings and cash flow in the coming years. 2019 will be a watershed year for the company. We will see a full year’s contribution from Scott-Rice, including administrative cost savings. The fourth quarter was burdened with some expenses related to transitioning Scott-Rice employees and services from Zayo. These costs will abate as the year continues. Nuvera will receive an