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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Alluvium Global Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in favor of unloved cash-generative value franchises, ending the quarter with 15.1% cash."
For the quarter ending June 2025, the Conventum - Alluvium Global Fund returned -0.1% in EUR terms (+8.5% in USD, +3.1% in AUD), holding its performance back primarily due to the weakening USD. The managers critique the excessive exuberance in US stock market indexes (e.g. S&P 500 trading at 23x forward P/E), identifying it as a highly speculative bubble environment. In response, they maintain a concentrated portfolio of 20 businesses trading at reasonable multiples (typically 10-18x P/E) with strong cash flows. Key transaction activity involved buying on the dip in Dick's Sporting (post-Foot Locker acquisition announcement) and LyondellBasell (post-plastics sell-off), alongside increasing positions in Alphabet and Mastercard. The fund closed the quarter with a defensive 15.1% cash reserve.
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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: The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Growth Outlook
Market outlook remains low conviction: The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Risk Appetite
Risk appetite posture is moderate conviction: The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Forward Guidance
Forward guidance signal: The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Language Signal
Tone analysis indicates low conviction language: The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Perceived Risk
Perceived risk level is evaluated as high conviction. The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund posted a flat quarter in EUR terms (-0.1%) as USD headwind offset strong underlying equity performance. The managers continue to shun highly priced speculative indices in ...
