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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 15.7% cash, and patiently waiting for value holdings to turn around."
The Conventum - Alluvium Global Fund returned -1.1% in EUR terms for Q4 2025, wrapping up a flat year (-0.1% EUR) that underperformed the broader MSCI World Index. Detractors included Robert Half, LyondellBasell, and Charter Communications, which suffered severe price declines. Conversely, top contributors were Alphabet, Ryanair, and Linamar. The managers trimmed winning healthcare positions (HCA, McKesson) due to regulatory concentration constraints, completely exited Thor Industries, and added to Charter/Liberty on price weakness. The letter contains a candid reflection on historical behavioral biases—specifically, selling gold and semiconductor holdings too early, which heavily muted returns over 2024/2025.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Growth Outlook
Market outlook remains moderate conviction: A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Risk Appetite
Risk appetite posture is moderate conviction: A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Forward Guidance
Forward guidance signal: A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Language Signal
Tone analysis indicates above average conviction language: A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Perceived Risk
Perceived risk level is evaluated as above average conviction. A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
Time Horizon
Investment time horizon reflects a high conviction orientation. A challenging flat year for the fund leads the managers to candidly analyze past selling mistakes (such as Micron and gold miners) while remaining cautiously disciplined, holding 1...
