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 P10 Holdings, Inc. (NYSE: PIOE), and shared their insights on the company. P10 Holdings, Inc. is a Dallas, Texas-based multi-asset class private markets solutions provider that currently has a $624.6 million market capitalization. Since the beginning of the year, PIOE delivered a 6.06% return, extending its 12-month gains to 234.93%. As of April 30, 2021, the stock closed at $7.00 per share.
Here is what Alluvial Capital Management has to say about P10 Holdings, Inc. in their Q1 2021 investor letter:
“Our largest holdings continue to report excellent operating results, and the market has reacted accordingly. In its annual report, P10 Holdings revealed steady progress at all its alternative asset managers, including newly acquired Truebridge Capital and Enhanced Capital. All of P10’s managers are raising capital for new funds this year. The company is evaluating an uplisting to increase the liquidity of its stock and highlight its value. I invite you to peruse P10’s new presentation and shareholder letter, which have lots of great information about its value proposition and strategy. P10 remains our largest holding, but I have been selling as the shares hit record highs this month. I believe strongly in the company’s management and strategy, but I wish to free up cash for other potential opportunities and avoid over-concentration.”
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