Alluvial Capital Management Q1 Investor Letter

Alluvial Capital Management recently published its 2018 Q1 investor letter – you can download a copy below.

Alluvial Fund was up modestly in the first quarter, returning 2.7%. The S&P 500 was down slightly, while the Russell 2000 treaded water. The small change in each market index’s ending value belies the volatility that markets experienced this quarter, according to the letter.

“I am pleased to say that even during the worst of the correction, Alluvial Fund’s holdings held up very well. At the lowest point, Alluvial Fund had declined roughly 2.5% from its year-end value, compared to nearly 10% for large cap and small cap indexes. This may not always be the case, but recently our focus on obscure and ignored securities and special situations has served us well,” Dave Waters stated.

You can download the letter here.