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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Alluvium's concentrated 21-position global equity fund returned -1.4% in EUR terms during Q2 2026, a quarter dominated by speculative semiconductor excess that the managers view with caution, quoting Benjamin Graham on temporary profit and ultimate loss. The fund initiated a new position in Copart, a car auction platform operating in a duopoly, after the stock fell more than 50% from its 2025 peak. Strong performers included Alphabet (up 24.4% on 22% revenue growth), Robert Half (up 23.5% as recruitment markets show recovery signs), and H&R Block (up 21.3% as AI enhances rather than replaces products). Cable broadband holdings suffered devastation, with Liberty Capital down 40.6% and Charter Communications down 34.1% on competitive pressures, though both trade at more than 20% earnings yields and significant discounts to valuation. Healthcare holdings HCA and McKesson fell despite solid fundamentals, prompting additional purchases. The managers reduced cash to a historically low 10.0% by identifying bottom-up opportunities, maintaining disciplined value-oriented positioning across AI scalers, structural franchises, quality operators, cyclical businesses, and deep value investments while acknowledging they lack courage to deploy more aggressively into cable despite compelling valuations.
The fund invests in a concentrated portfolio of 21 high-quality businesses trading at discounts to intrinsic value, organized into five buckets: AI Scalers leveraging legacy cash flows to capitalize on artificial intelligence (9.3% of portfolio), Structural Franchises with hard-to-replicate market infrastructure (30.4%), Good/Great Operators capturing market share in fragmented industries (27.2%), Cyclical Operators positioned for recovery (12.8%), and Deep Value cable broadband investments priced for obsolescence despite structural superiority (8.2%). The managers employ rigorous bottom-up analysis, maintain 10% cash for opportunistic deployment, and demonstrate willingness to add to positions when prices fall below valuations while trimming when regulatory limits are approached.
The managers maintain a disciplined bottom-up approach focused on identifying individual businesses trading at discounts to their valuations, as evidenced by reduced cash levels driven by specific opportunities rather than broad market views. They remain cautious about speculative excess in semiconductor and technology valuations while continuing to hold concentrated positions in businesses they view as structurally advantaged, including AI scalers with strong legacy cash flows, structural franchises with hard-to-replicate operations, and deep value cable broadband investments trading at significant discounts despite competitive headwinds. The tone reflects patient conviction in their holdings despite near-term volatility, with willingness to add selectively to positions when prices fall below valuations, though they acknowledge uncertainty in areas like cable broadband where they lack courage to deploy more aggressively despite compelling valuations.
As of Jul 29, 2026
The fund is managed by Stuart Pearce, CFA (Chief Investment Officer), who brings 20 years of experience in global equities, portfolio management, and corporate finance, previously working at Perennial Investment Partners and Colonial First State Investments. Alexis Delloye, CFA (Chief Operations Officer) brings 10 years of wealth management experience with expertise in asset management from a private investor perspective and holds an MBA and CFA charter. The firm was founded in 2013 and operates under Australian Financial Services Licence Number 476067.
Alluvium Asset Management is an independent investment firm inspired by the philosophies of renowned value investors Benjamin Graham and Warren Buffett. The firm focuses on high conviction investments in under-researched and often small-cap companies without institutional constraints, enabling a concentrated portfolio strategy that diverges from typical index benchmarks. The investment process integrates behavioral finance concepts with fundamental business analysis and value investing principles to exploit market inefficiencies caused by behavioral biases and structural market incentives. The investment universe is very broad, covering global businesses listed on developed market exchanges, with the ability to take meaningful positions in small, under-researched businesses. The fund operates a long-only, concentrated portfolio of approximately 25 globally diversified companies with selection criteria including understandable business models, consistent profitability, acceptable returns on invested capital, and low financial leverage. The fund excludes financials, utilities, and REITs while emphasizing diverse industries and regions with a small-cap bias.
Lead Portfolio Manager
Stuart Pearce
Managing Partner
Moderate Conviction Bullish
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