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
Conventum - Alluvium Global Fund returned -3.2% net of fees in EUR (-3.8% in USD and -4.2% in AUD) for the third quarter of 2026, bringing year-to-date net performance to -6.1% in EUR terms. The fund trailed the S&P 500 Index, which gained 2.0% on a headline basis but saw more than 60% of constituents decline amid narrow mega-cap tech leadership. Portfolio exposure remained concentrated across 20 positions, with cash ending at a historically low 10.9% compared to 10.0% at the start of the quarter, as the team maintained an unhedged, long-only discipline. The investment team highlighted significant macroeconomic pressure from rising long-term interest rates, noting the US 10-year Treasury yield surged from 4.4% to 5.3%, depressing asset valuations across broad equities. Scepticism remains acute regarding direct AI infrastructure buildouts, citing extreme capital expenditure, unproven return profiles, and circular financing arrangements, while commodity volatility continues following Middle Eastern geopolitical disruptions and Strait of Hormuz closures. Portfolio activity was characterized by initiating a new stake in Jack Henry to expand exposure to payment processing infrastructure alongside trimmed holdings in Visa and Mastercard. The fund selectively added to Dick's Sporting Goods following an earnings-related sell-off, while increasing allocations to HCA Healthcare and Liberty Capital. Group 1 Automotive was fully divested for a 22.0% realized gain, while positions in Charter Communications, Universal Music Group, and Ryanair were held despite near-term headwinds.
Businesses are worth the present value of expected future cash flows discounted at an appropriate rate, creating superior long-term risk-adjusted returns by investing in concentrated, high-quality companies trading at substantial discounts to maintainable owner's earnings outside overcrowded benchmark mega-caps.
Record disparity of potential investment returns creates attractive opportunities in market pockets barely represented in popular indices, even as concentrated headline benchmarks appear perversely expensive.
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 Alluvium Global Fund 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.