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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.
"Alluvium's concentrated value fund returned -1.4% in Q2 2026 amid speculative semiconductor excess the managers explicitly reject. The fund initiated Copart after a 50% decline and added to healthcare and cable broadband positions trading below valuations."
Alluvium's concentrated 21-position global equity fund returned -1.4% in EUR terms during Q2 2026, a quarter dominated by speculative semiconductor excess that the managers view with caution, quoting Benjamin Graham on temporary profit and ultimate loss. The fund initiated a new position in Copart, a car auction platform operating in a duopoly, after the stock fell more than 50% from its 2025 peak. Strong performers included Alphabet (up 24.4% on 22% revenue growth), Robert Half (up 23.5% as recruitment markets show recovery signs), and H&R Block (up 21.3% as AI enhances rather than replaces products). Cable broadband holdings suffered devastation, with Liberty Capital down 40.6% and Charter Communications down 34.1% on competitive pressures, though both trade at more than 20% earnings yields and significant discounts to valuation. Healthcare holdings HCA and McKesson fell despite solid fundamentals, prompting additional purchases. The managers reduced cash to a historically low 10.0% by identifying bottom-up opportunities, maintaining disciplined value-oriented positioning across AI scalers, structural franchises, quality operators, cyclical businesses, and deep value investments while acknowledging they lack courage to deploy more aggressively into cable despite compelling valuations.
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