| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.1% | -1.7% | -1.7% |
Alluvium's concentrated global fund declined 1.7% in Q1 2026 amid geopolitical turmoil from US-Israeli bombing of Iran and AI-driven market disruption. The fund's 20-position portfolio weathered the storm better than broad markets, with key contributors including LyondellBasell (+88.3%) benefiting from Strait of Hormuz supply disruptions and Lockheed Martin (+25.6%) gaining from defense spending. Major detractors included Universal Music (-25.2%) and H&R Block (-26.2%) caught in the SAASpocalypse following Anthropic's open source release. The managers initiated a new position in Amazon while reducing Alphabet exposure, seeking broader AI exposure at more attractive relative valuations. They increased positions in Universal Music, H&R Block, Visa and Mastercard during market weakness. Despite markets recovering to new highs post-quarter, the managers express concern about systemic risks including geopolitical volatility, AI adoption risks, and economic vulnerabilities from interconnectedness. The fund maintains 16.1% cash for flexibility while seeking opportunities among dislocated valuations.
Concentrated value investing in quality businesses trading below intrinsic value, with emphasis on long-term competitive advantages and capital preservation during periods of market volatility and geopolitical uncertainty.
Manager expresses confusion about market resilience and recovery to new highs despite highlighting multiple systemic risks. Concerned about complacency regarding geopolitical vulnerabilities, AI risks, and economic interconnectedness. Cautious about SaaS sector opportunities despite price declines, viewing many as still not representing value. Focused on identifying promising opportunities among the market carnage while maintaining disciplined valuation approach.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | AMZN, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MA, MCK, RYA.L, UMG.AS, V | AI, Concentration, defense, Geopolitical, healthcare, technology, value | AMZN | Concentrated value fund navigated Q1 2026 geopolitical turmoil and AI disruption with -1.7% decline. Benefited from energy supply disruptions via LyondellBasell and defense spending via Lockheed Martin. Added Amazon position while reducing Alphabet. Increased stakes in beaten-down quality names like Visa and Mastercard. Managers concerned about systemic risks despite market recovery to new highs. |
| Jan 23 2026 | 2025 Q4 | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | - | Alluvium's concentrated value fund struggled in Q4 2025 with -1.1% returns despite Alphabet's AI-driven surge. Major positions Charter Communications and Liberty Broadband declined sharply on competitive pressures while Ryanair delivered strong performance as the largest holding. The managers maintain their disciplined value approach but acknowledge timing challenges in current market conditions. |
| Aug 7 2025 | 2025 Q2 | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, FL, GOOGL, GPI, HCA, LBRDK, LNR.TO, LYB, MA, MCK, RHI, RYAAY, THO, V | Airlines, Auto Dealers, Market Exuberance, Plastics, tariffs, value |
DKS LNR CN AN GPI THO LBRDA RHI LYB BABA |
Alluvium's value-focused global fund declined 0.1% in EUR terms amid market exuberance in growth stocks. Strong performance from Ryanair, Linamar, and Liberty Broadband offset weakness in Robert Half and LyondellBasell. The managers maintain conviction in their approach, viewing their portfolio companies as increasingly attractive relative to an overvalued broader market trading at elevated multiples. |
| Mar 31 2025 | 2025 Q1 | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LMR.TO, LMT, LYB, MCK, PAG1.L, RHI, RYAAY, THO, UMG.AS, V | global, healthcare, tariffs, technology, uncertainty, value |
BABA MCK RHI THO |
Alluvium outperformed during Trump's market sell-off with strong healthcare and AI-driven gains offset by tariff-sensitive cyclical weakness. The fund holds 18.9% cash, waiting for policy clarity before deployment. Managers view unprecedented tariff uncertainty as making strategic planning impossible, preferring defensive positioning until trade policy stabilizes and creates clearer investment opportunities. |
| Jan 31 2025 | 2024 Q4 | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LMT, LNR.TO, LYB, MA, MCK, RYAAY, THO, V | Airlines, Automotive, healthcare, payments, policy, technology, Trump, value | - | Alluvium delivered 11.9% returns in 2024 despite Q4 challenges including the costly Capri Holdings exit. Trump policy uncertainty pressured healthcare and defense holdings while payment processors and airlines performed well. The fund maintains 20 concentrated positions with rising cash levels, staying disciplined on valuation despite growth stock outperformance. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, BABA, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MCK, MU, RYAAY, THO, UMG.AS, V | active management, capital preservation, Concentrated Portfolio, Global Equities, long-term, Quality, Value Investing |
V LMT |
Alluvium delivered 4.3% returns in Q3 2024, benefiting from China stimulus driving Alibaba up 56% and successful new investments in quality names Visa and Lockheed Martin. The fund continues its evolution toward higher-quality businesses while maintaining disciplined valuation approach. With 19 concentrated holdings and 15.3% cash, the manager balances selectivity with opportunity recognition in elevated markets. |
| Jul 21 2024 | 2024 Q2 | AEM, AN, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, RGS.AX, RHI, RYAAY, THO, UMG.AS | AI, Airlines, Auto Dealers, Buybacks, Concentration, global, gold, value | - | Alluvium's concentrated value fund fell 2.3% as AI euphoria drove markets higher, creating bubble-like conditions the managers compare to dot-com era. Strong performers included Alphabet and H&R Block, while Capri and Ryanair disappointed. The fund added auto dealership exposure and maintains 15.3% cash, positioning for opportunities as high-growth valuations stretch further from fundamentals. |
| May 9 2024 | 2024 Q1 | CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN | Buybacks, Europe, Hotels, Mexico, small caps, value |
MCB.L SCAB.ST HERDEZ.MX FRAGUA.MX |
Alluvial Fund's 6.3% Q1 return reflects successful portfolio repositioning from disappointing P10 Inc. into undervalued European and Mexican opportunities. New holdings McBride and Scandic Hotels trade at significant discounts despite strong fundamentals, while existing positions like Garrett Motion and Crawford United deliver strong results and shareholder returns through buybacks and operational improvements. |
| Jan 14 2024 | 2023 Q4 | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, MU, NST.AX, RMS.AX, RYAAY, THO, UMG.AS, WBA | Cash, Consolidation, Cyclical, Diversified, global, Quality, value | - | Alluvium delivered solid Q4 returns while maintaining 19.6% cash for future opportunities. Gold miners rebounded strongly on falling rates, Dick's Sporting became the top position after strong results, and the fund initiated auto dealer exposure. Despite selling profitable Micron position, the concentrated portfolio of 19 undervalued holdings trades at significant discount to expensive markets. |
| Sep 30 2023 | 2023 Q3 | 005930.KS, AEM, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, ROG.SW, RRL.AX, RYA.L, THO, UMG.AS, WBA | Concentration, global, Gold Miners, healthcare, retail, value | - | Alluvium's concentrated value strategy outperformed in Q3 2023 despite market headwinds, driven by Capri's takeover premium and strong results from H&R Block and Universal Music. The managers maintained discipline, exiting underperforming positions while adding to quality names at attractive valuations, ending with 16.5% cash for future opportunities. |
| Jun 30 2023 | 2023 Q2 | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, RRL.AX, RYA.L, THO, UMG.AS, WBA | AI, Airlines, Concentration, global, gold, healthcare, value | RYA.L | Alluvium's value-focused global fund underperformed in Q2 2023 by avoiding AI euphoria in overvalued tech giants. Strong performance from Thor, McKesson, and HCA offset weakness in Capri, Alibaba, and gold miners. Managers increased positions in beaten-down names while trimming winners, maintaining 22 concentrated holdings at attractive valuations despite recent headwinds. |
| Mar 31 2023 | 2023 Q1 | BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LEA, LNR.TO, LUV, MCK, MU, RHI, ROG.SW, RYA.L, THO, UMG.AS, WBA, WFG.TO | Airlines, Cyclical, global, healthcare, Recovery, technology, value | LBRDK | Alluvium Global Fund returned 4.0% in Q1 2023, outperforming markets amid banking turmoil. The fund owns cash-generating businesses independent of capital markets, avoiding financials entirely. Top performers included Ryanair benefiting from travel recovery and Dick's Sporting showing structural improvements. New position Liberty Broadband provides cable infrastructure exposure. Managers expect continued volatility but remain cautiously optimistic. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI euphoria drove market returns but created a SAASpocalypse with rapid devaluation of traditional SaaS stocks. Anthropic's open source release caused significant disruption. Manager expresses concern about AI's hidden risks, manipulation capabilities, and lack of adequate caution in adoption. |
SaaS Anthropic Automation Software Technology |
DefenseUS and Israeli bombing of Iran created geopolitical tensions and war conditions. Defense contractors like Lockheed Martin benefited significantly from increased conflict. Manager views this as creating economic consequences and market volatility. |
Lockheed Military Conflict Iran Geopolitical | |
OilIran's seizure of Strait of Hormuz disrupted global oil supply, causing price spikes that hurt airlines like Ryanair but benefited petrochemical companies like LyondellBasell. Manager sees this as highlighting global economy's vulnerability to critical infrastructure disruptions. |
Hormuz Petrochemicals Energy Supply Disruption | |
PaymentsVisa and Mastercard showed strong business performance with mid-teens earnings growth and 20-25% growth in Value Added Services, but share prices fell significantly. Manager increased positions as valuations became more attractive despite the disconnect between performance and price. |
Visa Mastercard Processing Growth Valuation | |
| 2025 Q4 |
AIAlphabet's Gemini AI gained massive traction with 650m monthly users in 6 months, driving $2 trillion in market value addition. Questions remain about efficiency gains and which AI products will prevail long-term. |
Artificial Intelligence Alphabet Gemini TPU |
AirlinesRyanair delivered strong performance with 19.6% quarterly return and 58.3% annual return. Earlier aircraft deliveries and upgraded traffic expectations strengthen competitive positioning under quality management. |
Ryanair Aircraft Traffic Competitive | |
BroadbandCharter Communications and Liberty Broadband suffered significant declines of 24% and 23% respectively, down almost 50% for the year. Despite tough competitive environment, managers believe Charter's offering will eventually prevail. |
Charter Liberty Internet Competition | |
GoldManagers sold gold mining positions too early, missing substantial gains as gold reached $4,900 per ounce. Regis Resources multiplied 4.5x and Northern Star doubled after being sold in 2024. |
Gold Miners Regis Northern Star Selling | |
SemiconductorsSold semiconductor positions including Micron and Samsung too early, missing significant gains. Micron now trades at 3.5x the average selling price, representing substantial foregone returns. |
Micron Samsung Memory Selling | |
| 2025 Q2 |
ValueThe fund focuses on solid businesses generating reliable cash flows trading at cheap to fair value multiples, contrasting with the broader market's focus on growth and speculative investments. Most fund holdings trade at forward P/E multiples between 10-18 times versus S&P 500 at 23 times and Nasdaq at 30.5 times. |
Valuation Cash Flow Multiples Earnings Discount |
Auto DealersBoth Autonation and Group 1 Automotive performed well, up 22.7% and 14.5% respectively. These businesses continued their progression from cheap investments to more fairly priced levels while still remaining far from expensive, together accounting for 7.6% of the fund. |
Automotive Retail Dealerships Used Cars Valuation | |
AirlinesRyanair was up 29.0% and became the fund's largest position at 7.9%. The company continues strengthening its low-cost position despite Boeing delivery delays, announced engine maintenance facilities, share buybacks, dividend increases, and MSCI inclusion. |
Budget Airlines Low Cost Europe Travel Boeing | |
PlasticsLyondellBasell continues struggling in the tough plastics market, down 15.7%. The company is divesting problematic assets to improve margins and cash flows, with management shutting down loss-making operations and contributing funds to rid itself of European assets. |
Chemicals Petrochemicals Margins Restructuring Europe | |
| 2025 Q1 |
Trade PolicyTrump's tariff policies are creating significant uncertainty across portfolio companies, with managers unable to make investment plans due to constantly changing directives. Canadian companies like Linamar are particularly exposed, while broader implications affect auto dealers, recreational vehicle producers, and other businesses with international supply chains. |
Tariffs Canada Manufacturing Supply Chain Uncertainty |
AIAlibaba is rapidly expanding its cloud and AI operations with management seeing no end to growth, as AI revenues have doubled for six consecutive quarters. The company is ramping up capital spending significantly to accommodate demand that is well above expectations. |
Cloud Infrastructure Revenue Growth Capital Spending | |
HealthcareHealthcare holdings performed well with McKesson upgrading guidance and expanding into ophthalmology alongside oncology, while HCA Healthcare recovered from previous quarter's weakness with management providing positive 2025 guidance above estimates. |
Drug Distribution Hospitals Guidance Acquisitions | |
| 2024 Q4 |
ValueThe fund maintains a value-oriented approach, seeking businesses trading below intrinsic value. The manager discusses the long-term performance divergence between growth and value stocks, noting that growth has outperformed value significantly over recent years but maintains their disciplined value philosophy regardless of market trends. |
Value Intrinsic Value Valuation Discount Premium |
PaymentsThe fund holds positions in both Visa and Mastercard, viewing them as having negligible differences in investment merits. The manager considers both deserving positions in the portfolio and manages their combined weighting to maintain maximum portfolio flexibility while accessing steady cash flow streams from payment processing. |
Payments Credit Cards Processing Cash Flow Networks | |
AirlinesRyanair represents the fund's airline exposure, with the manager increasingly positive despite growth setbacks from Boeing delivery delays. The airline's lowest cost position is strengthening, and the manager upgraded their analysis based on greater contribution from auxiliary spending and share buybacks. |
Airlines Travel Cost Position Delivery Delays Buybacks | |
HealthcareThe fund holds HCA Healthcare and McKesson, representing hospital operations and drug distribution respectively. HCA faced significant pressure from potential policy changes under the Trump administration regarding medical insurance subsidies, while McKesson recovered with management upgrading guidance. |
Healthcare Hospitals Drug Distribution Policy Risk Subsidies | |
Auto DealersThe fund holds both Group 1 Automotive and Autonation, with Group 1 continuing stellar performance through UK acquisition integration. The manager actively manages the relative weightings between these two auto dealer positions based on their trading premiums to valuation. |
Auto Dealers Automotive Acquisitions Integration Margins | |
| 2024 Q3 |
PaymentsThe fund initiated a new position in Visa, recognizing the value of high-quality payment network businesses. Visa and Mastercard operate essential open-loop payment systems with insurmountable barriers to entry, benefiting from digital payment growth trends including e-commerce, mobile payments, and emerging market adoption. |
Digital Payments Network Effects Transaction Processing Fintech Emerging Markets |
DefenseAdded Lockheed Martin as a new investment, a defense contractor that reported impressive results with strong backlog and upgraded full-year guidance. The position grew 25.8% during the quarter as the defense sector benefited from increased spending trends. |
Defense Contractors Military Spending Aerospace Government Contracts Backlog | |
ChinaChina announced a massive stimulus package worth around one trillion USD or 6% of GDP, involving rate cuts, mortgage support, and equity market support. This drove significant outperformance in Chinese holdings like Alibaba, which surged 56% during the quarter. |
Stimulus Monetary Policy Economic Support Equity Markets Government Intervention | |
QualityThe fund has evolved its investment process to focus increasingly on quality businesses, loosening traditional cheapness requirements while tightening quality criteria. This shift led to recognizing the value of high-quality businesses like Visa and Mastercard that were previously considered too expensive. |
Investment Process Business Quality Returns on Capital Valuation Approach Screening Criteria | |
| 2024 Q2 |
AIThe manager draws parallels between current AI euphoria and the dot-com bubble, noting Nvidia's eight-fold price increase over two years and its 25x forecast revenue multiple. They suggest Alphabet's 20.8% return was driven more by AI sentiment than fundamentals. The manager warns that AI-driven valuations may be unsustainable, citing historical examples of tech bubble collapses. |
Nvidia Alphabet Bubble Valuations Technology |
Gold MinersThe fund holds positions in both Agnico Eagle Mines (up 11.4%) and Regis Resources (down 12.9%) despite gold price gains of 4.2%. Regis faced weather-related disruptions but maintained guidance and announced underground projects adding 25% production from 2027. The manager revised long-term assumptions but maintains positions based on management quality and growth prospects despite valuation disparities. |
Agnico Eagle Regis Resources Production Weather Underground | |
Auto DealersThe manager increased exposure to auto dealerships by adding Autonation alongside existing Group 1 Automotive position. Both companies were impacted by a CDK Global cyberattack that shut down systems across 15,000 dealers, forcing manual operations. Despite this disruption, the manager sees attractive economics in the sector and maintains conviction in the dealership model. |
Autonation Group 1 CDK Global Cyberattack Franchises | |
AirlinesRyanair fell 22.3% despite solid results, with growth constrained by Boeing delivery delays. The manager notes strong demand, competitor capacity issues from Pratt & Whitney engine problems, and industry consolidation supporting fares. Management demonstrated confidence through EUR 700m buyback and dividend initiation, prompting the manager to increase the position. |
Ryanair Boeing Delays Buyback Dividend | |
BuybacksMultiple portfolio companies initiated or expanded share repurchase programs during the quarter. Ryanair announced a EUR 700m buyback alongside its first dividend, while Alphabet continued its existing repurchase program. The manager views these capital return programs as signs of management confidence and attractive capital allocation. |
Share Repurchase Capital Return Management Confidence Allocation | |
| 2024 Q1 |
HotelsScandic Hotels operates 280 hotels with 58,000 rooms in Scandinavia using a variable lease model that reduces operating leverage compared to traditional hotel companies. The company has recovered to record revenues and profits post-COVID while maintaining lower leverage than historically, yet trades below pre-COVID highs offering a double-digit free cash flow yield. |
Hotels Travel Scandinavia Variable Leases Recovery |
ValueMultiple holdings demonstrate deep value characteristics including McBride trading at 4.4x EBITDA, Hammond Manufacturing at 6.4x earnings, and MRC Global at 5x operating cash flow. The manager emphasizes finding solid companies trading at multi-year lows, particularly in overlooked markets like London-listed small-caps. |
Value Low Multiples Undervalued Small Caps Contrarian | |
MexicoLong-term bullish on Mexico due to positive demographics, growing middle class, and reshoring benefits as US manufacturers reduce China dependency. Investments include Grupo Herdez, a consumer goods manufacturer trading at 11x earnings, and Corporativo Fragua, a pharmacy chain growing revenues 14% annually. |
Mexico Onshoring Demographics Consumer Emerging Markets | |
BuybacksGarrett Motion announced plans to use nearly all 2024 free cash flow for share repurchases and immediately bought back 10 million shares for $90 million. The company continues harvesting cash flows from turbochargers while transitioning to electric vehicle equipment manufacturing. |
Buybacks Capital Return Cash Flow Shareholder Returns Auto Parts | |
| 2023 Q4 |
Gold MinersGold miners rebounded strongly as falling long-term interest rates reduced the opportunity cost of owning gold. Regis Resources gained 46.3% and Northern Star 32.0%, with Agnico Eagle also performing well at 18.6%. The fund completed its divestment of Northern Star after a 2.6-year holding period that returned 18.5%. |
Gold Mining Interest Rates Opportunity Cost Divestment |
Auto DealersThe fund initiated a new investment in the US auto dealership industry after extensive research. Despite cyclical margin pressures from pandemic highs, the dealer model remains entrenched by regulation and essential to the automotive ecosystem. The fragmented industry offers consolidation opportunities for well-capitalized players with manufacturer relationships. |
Auto Retail Consolidation Fragmentation Regulation Margins | |
Semiconductor CycleMicron reported smaller than expected losses as memory chip demand recovered and prices increased, with sequential margin expansion expected through 2024. However, the fund sold its position as investment criteria evolved toward higher quality, less cyclical businesses, despite the positive outlook and 24.8% quarterly return. |
Memory Cyclical Margins Demand Recovery Quality | |
| 2023 Q3 |
ValueThe fund maintains a value-oriented approach, buying companies trading below their intrinsic valuations. The managers discuss specific valuation assessments for holdings like Capri, HCA Healthcare, and Dick's Sporting, making buy/sell decisions based on price versus value considerations. |
Valuation Intrinsic Value Price Discovery Undervalued Premium |
HealthcareHealthcare represents a significant portion of the portfolio with holdings in HCA Healthcare, McKesson, and previously Walgreens and Roche. The managers discuss the sector's performance dynamics and their selective approach to healthcare investments. |
Hospitals Medical Distribution Pharmaceuticals Healthcare Services PBMs | |
Gold MinersThe fund holds Australian gold mining companies Regis Resources and Northern Star, plus Agnico Eagle. Gold mining stocks now account for 7.5% of fund assets after underperforming during the quarter with declines of 18.6% and 12.2% respectively. |
Gold Mining Precious Metals Australian Miners Commodity Exposure | |
RetailThe portfolio includes retail exposure through Dick's Sporting Goods and previously Walgreens. Dick's faced challenges with inventory write-downs and theft issues, leading to revised guidance, though management remains optimistic about growth initiatives. |
Sporting Goods Retail Operations Inventory Management Store Formats Consumer Spending | |
| 2023 Q2 |
AirlinesEuropean airline consolidation accelerating post-pandemic with weaker carriers collapsing while efficient operators like Ryanair gain market share. Ryanair ordered 300 new Boeing aircraft for delivery 2027-2033, targeting 300m passengers annually by 2034 with improved cost advantages from newer, more efficient planes. |
Consolidation Market Share Efficiency Capacity |
AIArtificial intelligence euphoria driving massive outperformance in tech behemoths, with the largest seven companies providing majority of index returns. Fund benefited modestly through Alphabet and semiconductor holdings Samsung and Micron, though managers question sustainability of current AI valuations. |
Euphoria Valuations Semiconductors Technology | |
Gold MinersGold mining companies underperformed despite macro uncertainty, with Regis Resources disappointing on production and costs while Northern Star approved major mill expansion. Managers reduced gold exposure from 11.3% to 8.6% of portfolio, selling into strength early in quarter. |
Production Costs Expansion Underperformance | |
| 2023 Q1 |
AirlinesRyanair was the Fund's best performer over the quarter, up 21.9%. Now operating above pre-Covid levels, management's bold purchase of additional Boeing Max aircraft during the pandemic is proving prescient. Given strong traffic recovery and pricing, Ryanair raised its full year profit guidance by 25%. |
Travel Recovery Pricing Aircraft |
Semiconductor CycleHardware manufacturers Micron and Samsung posted strong returns over the March quarter, up 20.7% and 16.4% respectively. The semiconductor companies experienced expected tough times given industry cyclicality, but showed signs of recovery from the tech selloff of 2022. |
Cyclical Recovery Memory Hardware | |
Sporting GoodsDick's Sporting continues delivering strong results with the business structurally reset at higher margins post-pandemic. Management demonstrated confidence by meaningfully increasing the dividend to $4.00 per year from $1.10 pre-pandemic. The company has delivered 38.8% annual EPS growth over 3 years and trades at an earnings yield of 10.6%. |
Margins Dividends Growth Retail | |
BroadbandLiberty Broadband provides exposure to Charter Communications, which owns cable infrastructure serving 55 million households. Cable networks are being repurposed for high-speed internet delivery as traditional TV declines. Charter announced a $5.5 billion network upgrade commitment over three years to provide speeds approaching fiber levels. |
Infrastructure Internet Upgrade Utility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | Fund Letters | Alluvium Global Fund | AMZN | Amazon | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, AWS, Cloud computing, e-commerce, Flywheel Effect, growth, Logistics, technology platform | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | DKS | Dick's Sporting Goods, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | acquisition, retail, Returns, synergies, valuation | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | LNR CN | Linamar Corporation | Consumer Discretionary | Auto Parts & Equipment | Bull | TSX | Auto parts, Autos, Free Cash Flow, Reshoring, tariffs | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | AN | AutoNation, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | Auto retail, cash flow, Cyclicals, Re-rating, valuation | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | GPI | Group 1 Automotive, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | Auto dealers, capital allocation, diversification, Mid-cycle, Re-rating | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | THO | Thor Industries, Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | buybacks, Cycle, Free Cash Flow, Leisure, RVs | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | LBRDA | Liberty Broadband Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | cable, consolidation, discount, synergies, Tracking stock | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | RHI | Robert Half Inc. | Industrials | Human Resource & Employment Services | Bull | NYSE | Cycle, Downturn, Employment, Staffing, valuation | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | LYB | LyondellBasell Industries N.V. | Materials | Commodity Chemicals | Bull | NYSE | asset sales, Chemicals, Free Cash Flow, Margins, restructuring | Login |
| Aug 7, 2025 | Fund Letters | Stuart Pearce | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | buybacks, China, cloud, diversification, e-commerce | Login |
| Mar 1, 2025 | Fund Letters | Alluvium Global Fund | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NYSE | Artificial Intelligence, capital expenditure, China, Cloud computing, e-commerce, Government Relations, infrastructure, Technology Platforms | Login |
| Mar 1, 2025 | Fund Letters | Alluvium Global Fund | MCK | McKesson Corporation | Health Care | Health Care Distributors | Neutral | NYSE | Acquisitions, defensive, EPS growth, Healthcare Distribution, Oncology, Ophthalmology, pharmaceuticals, Portfolio Rationalization | Login |
| Mar 1, 2025 | Fund Letters | Alluvium Global Fund | RHI | Robert Half Inc. | Industrials | Human Resource & Employment Services | Bull | NYSE | Business Confidence, Cyclical, Earnings Trough, Recruitment, Staffing Services, turnaround, Value | Login |
| Mar 1, 2025 | Fund Letters | Alluvium Global Fund | THO | Thor Industries, Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | cash generation, consumer confidence, Cyclical, Recreational Vehicles, RVs, tariffs, Through-Cycle Earnings, Value | Login |
| Sep 30, 2024 | Fund Letters | Alluvium Global Fund | V | Visa Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | asset-light, digital payments, e-commerce, Emerging markets, Fintech, Global, Mobile payments, network effects, Payments, recurring revenue | Login |
| Sep 30, 2024 | Fund Letters | Alluvium Global Fund | LMT | Lockheed Martin Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Contractor, Defense, Defense spending, geopolitical, government contracts | Login |
| Mar 31, 2024 | Fund Letters | Alluvium Global Fund | MCB.L | McBride plc | Consumer Staples | Household Products | Bull | London Stock Exchange | Cleaning Products, consumer staples, Europe, household products, Margin recovery, Private-label, turnaround, UK, Value | Login |
| Mar 31, 2024 | Fund Letters | Alluvium Global Fund | SCAB.ST | Scandic Hotels Group AB | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Nasdaq Stockholm | Business Travel, Convertible Overhang, Europe, hospitality, Hotels, Mid-market, recovery, Scandinavia, variable leases | Login |
| Mar 31, 2024 | Fund Letters | Alluvium Global Fund | HERDEZ.MX | Grupo Herdez | Consumer Staples | Food Products | Bull | Mexican Stock Exchange | Condiments, consumer staples, Emerging markets, Family-owned, Food Products, Mexico, Nearshoring, Value | Login |
| Mar 31, 2024 | Fund Letters | Alluvium Global Fund | FRAGUA.MX | Corporativo Fragua | Consumer Staples | Food & Staples Retailing | Bull | Mexican Stock Exchange | Emerging markets, growth, healthcare, illiquid, Mexico, net cash, Pharmacies, retail, store expansion | Login |
| Jul 11, 2023 | Fund Letters | Alluvium Global Fund | RYA.L | Ryanair Holdings plc | Industrials | Airlines | Bull | London Stock Exchange | Cost leadership, European Airlines, fleet-expansion, industry consolidation, market share gains, operational efficiency, Short-Haul Travel, Ultra Low-Cost Carrier | Login |
| Mar 31, 2023 | Fund Letters | Alluvium Global Fund | LBRDK | Liberty Broadband Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, Cable Infrastructure, Charter Communications, infrastructure, internet services, John Malone, Pricing power, telecommunications, Utility-like, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | We have long admired Amazon. Its Day 1 philosophy is quite remarkable, with an obsession to satisfy its customers, an eagerness to embrace external trends, and a propensity to make quick decisions. The business has expanded aggressively: CDs, electronics, toys in late 90s; market place in 2000; free 2-day shipping in 2005; AWS cloud in 2006; the Kindle in 2007; physical retail (WholeFoods) in 2017; and media with the acquisition of MGM in 2022. Relentlessly focused on the long-term, Amazon's growth has been fueled by its Flywheel effect: lower prices lead to more customers, which attracts more third-party sellers, allowing for greater economies of scale. It stands today as a serious player in AI and a leader in both logistics and cloud computing. |
| GOOGL | Our core holding in the technology platform space is Alphabet. It had a poor quarter (down 8.1%), but it has had a stellar run over the last 12 months (it returned 86.6%). A year ago its shares traded at a 12% discount to our valuation. Our valuation has increased since then, but with that share price rise, it now trades at a premium of 43%. We maintain that Alphabet is very well placed across the AI sphere. But Amazon offers a different base earnings stream and a supporting business with a more direct retail link. |
| HCA | HCA Healthcare, the hospital operator (up 1.5%), posted impressive results. For HCA, management announced an increase to its dividend and increased buybacks, and the share price spiked 7.1% on the day. We updated our valuations. In the case of HCA, it increased about 30%, with half being attributable to our revised maintainable earnings estimates and the other half being a result of revisiting our view of its business risks. |
| LYB | LyondellBasell, the plastics producer which we have been calling out as cheap for some time, posted an extraordinary 88.3% return. The catalyst was the fortuitous (to the business) and entirely unexpected Strait of Hormuz issues. In a mid March presentation management explained its effects for the polyethylene and polypropylene markets (both in terms of material trapped in the Middle East and feedstock shortages), and outlined the business's operating leverage to the consequent rising prices. |
| LMT | Lockheed Martin, the defence contractor was up 25.6%. Lockheed is understandably perceived to be a beneficiary of this war. That being said, it also released solid full year results. Management highlighted its USD 194b backlog, continued expectation of strong cash flow, and significantly upped its 2026 expectations. With revised numbers and assumptions feeding it, our valuation increased by 11.2%. It now trades at a 24% premium to that. |
| MCK | McKesson, the drug distributor (up 5.6%), posted impressive results. For McKesson, management raised and tightened its full year guidance, completed the divestment of its European business, announced plans to separate its Medical Surgical business, and reiterated its long term growth outlook in the mid teens. Its share price rose 15.7% on the day. |
| HRB | H&R Block, the tax agents, was the worst, falling 26.2%. Over the first 9 trading days of the SAASpocalypse, H&R Block's share price fell 28.2%. It seems even the release of a pretty decent set of second quarter results on February 4 could not stem the tide. Those results were perfectly in line with our expectations, and management also reaffirmed its FY2026 guidance. We are by no means under the illusion that AI is not a threat to H&R Block's tax return businesses. But we also feel there is a place for tax specific software backed up by tax professionals. |
| UMG.AS | Universal Music, the owner, publisher, and to a smaller extent, merchandiser of music, was down 25.2%. Its full year results looked pretty good to us, with revenue and earnings higher than expected and a value adding acquisition which fed a small increase in our valuation. The share price fell 8.1% on the day. Market chatter suggests that the threat of AI generated content is to blame - but is this a threat or an opportunity? There may also be uncertainty surrounding the intentions of a major shareholder. |
| RYA.L | Ryanair was down 18.7% - clearly on concerns about rising aviation fuel costs and a likely softening in demand for leisure travel. It seems these concerns took precedence to a very good set of third quarter results and management's positive full year outlook with marginally higher traffic numbers and fares than it previously guided. We are more focused on its long term prospects and its resiliency throughout a crisis - like the one we currently find ourselves in. |
| V | Visa and Mastercard were both poor performers being down 13.6% and 12.3%. This is perplexing. Those returns are polar opposites of their business performance. Both of their recent results show mid-teens earnings growth, which is driven largely by 20-25% growth in their Value Added Services. This is all expected to continue in the foreseeable future. |
| MA | Visa and Mastercard were both poor performers being down 13.6% and 12.3%. This is perplexing. Those returns are polar opposites of their business performance. Both of their recent results show mid-teens earnings growth, which is driven largely by 20-25% growth in their Value Added Services. This is all expected to continue in the foreseeable future. |
| BABA | Our total position in this bucket of businesses (which absent price movements would have been maintained at over 10%) is 8.7% of the Fund, and is now represented by Alphabet (3.5%), Alibaba (which after being down 16.7% now represents 3.3%) and our new investment in Amazon (1.9%). |
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