The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 24, 2026
Alluvial Fund generated a positive return in the third quarter of 2026, delivering +12.0% net of fees year-to-date through September 30, 2026, outperforming broad market benchmarks during a turbulent quarter where equity indices fell roughly 7%. Since its inception on January 1, 2017, the partnership has achieved a net annualized compound return of 16.0% (323.6% cumulative net), meaningfully exceeding the Russell MicroCap Index's 9.6% annualized return. Portfolio allocation remains highly concentrated across special situations and value-oriented micro-cap and small-cap equities, led by the United States (59.8%) and the United Kingdom (27.2%), with Communications (26.8%) and Financials (15.3%) constituting the largest sector weightings. The investment landscape was characterized by an unwinding of market enthusiasm surrounding the AI, data center, and semiconductor complex, coupled with persistent macroeconomic strains including decade-high U.S. bond yields, historically elevated diesel fuel costs exceeding $6, and heightened geopolitical instability. Amid this uncertain environment, capital rotated toward cash-generative, defensive businesses insulated from cyclical downturns. The manager capitalizes on non-correlated corporate catalysts—including balance sheet recapitalizations, rights offerings, accretive acquisitions, and aggressive capital return programs—that create fundamental intrinsic value regardless of prevailing macroeconomic sentiment. Key portfolio actions during the quarter centered on corporate restructurings and distressed-to-value transitions. The fund participated in a $500 million rights offering for McDermott International, elevating the position to the second-largest holding at 8.8%. It established a notable new stake in Bank7 Corp. following its opportunistic acquisition of Century Financial Services through a court-sanctioned receivership auction, while ContextLogic funded an accretive acquisition via a rights offering to accelerate net operating loss tax asset utilization. These additions were funded in part by exiting NewPrinces SpA due to integration risk, alongside harvesting tax losses in Vistance Networks and Sylvamo.
Alluvial Fund seeks to own companies with healthy balance sheets, capable management, and robust, recurring cash flows, focusing on misunderstood, off-the-run, or unappreciated micro-cap and small-cap enterprises undergoing transformative corporate catalysts.
The manager anticipates that third quarter corporate earnings reports will remain positive across portfolio holdings despite potential broader market softness, and expects to see continued compelling value opportunities across unappreciated micro-cap and small-cap special situations.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Alluvial Capital Management or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.