Alluvial Capital Management’s Views on FitLife Brands (FTLF)

Alluvial Capital Management, an investment advisory firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund rose 15.5% in the quarter, bringing the year-to-date returns to 33.6%, strongly outperforming the relevant benchmark indexes. This marks the fund’s third-best quarterly result in its 9-year history. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its third-quarter 2025 investor letter, Alluvial Capital Management highlighted stocks such as FitLife Brands, Inc. (NASDAQ:FTLF). FitLife Brands, Inc. (NASDAQ:FTLF) is a nutritional supplements provider. The one-month return of FitLife Brands, Inc. (NASDAQ:FTLF) was -0.45%, and its shares gained 26.03% of their value over the last 52 weeks. On October 28, 2025, FitLife Brands, Inc. (NASDAQ:FTLF) stock closed at $19.80 per share, with a market capitalization of $185.943 million.

Alluvial Capital Management stated the following regarding FitLife Brands, Inc. (NASDAQ:FTLF) in its third quarter 2025 investor letter:

“FitLife Brands, Inc. (NASDAQ:FTLF) also had a busy August, announcing and then closing a deal to acquire Irwin Naturals. Irwin is a major vitamins and supplements producer that decided to expand into ketamine therapy clinics. The results were disastrous, and FitLife was able to acquire Irwin Naturals’ assets (not including the shuttered clinics) out of bankruptcy. The $42.5 million purchase price was funded with balance sheet cash and bank debt. At $18, FitLife shares are trading at around 11x my estimate of 2026 free cash f low.

Here is the part where I confess to not being a particular fan of FitLife’s industry. The vitamins and supplements space is competitive and the evidence for the effectiveness of most products is dubious. But this negativity is more than overcome by my glowing view of FitLife’s leadership. CEO and largest shareholder Dayton Judd has proved himself immensely capable in both operations and acquisitions strategy. Mr. Judd has a particular talent for identifying valuable brands and product lines owned by companies in financial distress or bankruptcy, acquiring those assets, and plugging them into FitLife’s existing distribution. The Irwin Naturals acquisition is impressive and the market has responded accordingly, but I am confident that FitLife is just getting started. I suspect that FitLife shares will have a home in Alluvial Fund for many years to come.”

In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.