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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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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