Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
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. Strong performance from Alphabet, Robert Half, and H&R Block was offset by cable devastation despite 20%+ earnings yields. Cash reduced to 10% on bottom-up opportunities across 21 high-quality holdings.
Full Quick Take
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. Strong performance from Alphabet, Robert Half, and H&R Block was offset by cable devastation despite 20%+ earnings yields. Cash reduced to 10% on bottom-up opportunities across 21 high-quality holdings.
