Alluvial Capital Management, an investment management firm, published its first quarter 2021 investor letter – a copy of which can be downloaded here. A return of 12.4% was delivered by the fund for the Q1 of 2021, outperforming the MSCI World Sm+MicroCap NR benchmark that delivered a 9.8% return, but below the Russell MicroCap TR and Russell 2000 TR index that had a 23.9% and 12.7% gains respectively for the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Alluvial Capital Management, in their Q1 2021 investor letter, mentioned Crawford United Corporation (NYSE: CRAWA), and shared their insights on the company. Crawford United Corporation is a Cleveland, Ohio-based holding company that currently has a $94.5 million market capitalization. Since the beginning of the year, CRAWA delivered a 48.08% return, extending its 12-month gains to 108.65%. As of April 30, 2021, the stock closed at $27.75 per share.
Here is what Alluvial Capital Management has to say about Crawford United Corporation in their Q1 2021 investor letter:
“Crawford United is once again playing the acquirer, this time purchasing the assets of GlobalTek Manufacturing, a producer of high specification machined components. Another acquisition complete and many more to go. Crawford has no shortage of quality acquisition opportunities. Intriguingly, Crawford United also seems to have plans for an industrial company in my backyard, Ampco-Pittsburgh. In September, Crawford bought nearly $1 million in Ampco-Pittsburgh shares. Crawford United Chairman (pending resumption of the chairman role following a stint as US Ambassador to Ireland) Edward F. Crawford also invested in Ampco-Pittsburgh through a trust he controls. Mr. Crawford has had conversations with Ampco-Pittsburgh about a possible combination of the air handling units of both businesses. A transaction could be extremely beneficial for both companies.”
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