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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Alluvial Capital Management | 8.5% | 15.6% | CBL, CUC, FITB, GTX, MCB.L, MCEM, NEWP.MI, NLOP, PKST, SENEA, SRC.L, TLN, WISH, ZEGN.L | energy, Europe, Food, real estate, small caps, special situations, value | Talen Energy announced a major agreement with Amazon to provide 1,920 megawatts of nuclear power to Amazon datacenters through 2042, providing highly valuable long-term earnings stream. The company is shifting from merchant power production toward providing clean energy to datacenters on long-term contracts, with investors valuing shares more like a quasi-regulated utility. | WISH CBL PKST NLOP SRC LN SENEA MCB LN ZEG LN TLNE |
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| 2024 Q1 | May 9, 2024 | Alluvium Global Fund | 0.0% | 0.0% | CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN | Buybacks, Europe, Hotels, Mexico, small caps, value | Scandic Hotels operates 280 hotels with 58,000 rooms in Scandinavia using a variable lease model that reduces operating leverage compared to traditional hotel companies. The company has recovered to record revenues and profits post-COVID while maintaining lower leverage than historically, yet trades below pre-COVID highs offering a double-digit free cash flow yield. | FRAGUA.MX HERDEZ.MX SCAB.ST MCB.L |
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| 2024 Q1 | May 14, 2024 | Alluvial Capital Management | 4.8% | 15.7% | CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN, UNI.MI | Buybacks, Europe, Hotels, Mexico, small caps, value | Manager focuses on undervalued opportunities across multiple holdings including McBride trading at 4.4x EBITDA, Scandic Hotels offering double-digit free cash flow yield, and Hammond Manufacturing at 6.4x earnings. Portfolio emphasizes companies trading below intrinsic value with clear catalysts for revaluation. | SCAB.ST MCB.L |
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| 2023 Q3 | Oct 31, 2023 | Greystone Capital | 8.0% | 16.0% | BELFB, BFIT, IDT, MFCSF, SENEA | Bear Market, Buybacks, cash flow, Microcap, small caps, value | Manager emphasizes that small-caps and micro-caps are in a bear market with the average stock in the iShares Micro-Cap ETF down 43% from 52-week highs versus 19.1% for the S&P 500. Russell 2000 valuations remain at 20-year lows relative to large caps, creating significant opportunities for patient investors. | SENEA MFCSF BELFB |
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| 2023 Q3 | Oct 24, 2023 | Alluvial Capital Management | 4.8% | 15.7% | FTLF, HMM.TO, LGT.B.TO, MCEM, PX, SENEA, TLN | Data centers, interest rates, nuclear, small caps, special situations, value | Talen Energy owns the Susquehanna Steam Electric Station, a two-unit nuclear power plant with 2.5 gigawatts of capacity. The Inflation Reduction Act provides supports and subsidies for nuclear power production, creating a de-risked business model for Talen. Nuclear plants could be desirable assets for larger regulated utilities looking to expand their renewables fleets. | SENEA HMM.TO ATLN.L MCEM |
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| 2025 Q3 | Oct 22, 2025 | Alluvial Capital Management | 15.5% | 33.6% | CRAWA, EACO, FLTB, GTX, MAA, RGTI, SENEA, TLN | Communications, contrarian, Europe, REITs, small caps, value | Manager emphasizes investing in companies with durable cash flows, valuable assets, and healthy balance sheets rather than speculative companies without revenue. Contrasts Rigetti Computing trading at 2,000x revenue with Mid-America Apartment Communities owning tangible apartments producing real cash flows. | CBL NLOP MCB LN FTLF ZEG LN CBL NLOP MCB LN FTLF ZEG LN |
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| 2023 Q3 | Oct 18, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | SENEA | Bear Market, Concentration, Index, small cap, technology, value | Large technology companies have benefited from increased investments in artificial intelligence, with investors paying higher valuation multiples for perceived quality and safety of these select companies. AI investments are driving outperformance of the Magnificent 7 tech stocks. | SENEA |
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| 2023 Q3 | Oct 14, 2023 | Pernas Research | 18.0% | 17.8% | ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC | Coal, Concentration, Outperformance, small caps, value | Q3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred due to new mining equipment and labor shortages. | View | |
| 2024 Q2 | Jul 24, 2024 | Alluvial Capital Management | 4.8% | 15.7% | CRAWA, FLFB, GTX, MCB.L, MRC, RWWI, SCCO, SENEA, SXP.TO, TLN, UBNC | Community Banks, Micro Cap, real estate, small caps, special situations, Turnarounds, value | Manager discusses the prolonged underperformance of small-cap stocks versus large-cap peers, noting small-caps have delivered total returns nearly 50% behind the S&P 500 over the last 5 years. He draws historical parallels to 1995-1999 when large-caps crushed small-caps, followed by small-cap outperformance from 2000-2004. The manager suggests questioning consensus when investors exclaim Why invest in anything else about an asset class. | SXP.TO SENEA UBNC TLN MCB.L NLOP |
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| 2025 Q1 | Apr 21, 2025 | Alluvial Capital Management | 6.5% | 6.5% | AAPL, CBL, CUWI, FTLF, GOOG, GTX, MCEM, SENEA, TLN | international, materials, real estate, small caps, Trade Policy, value | The fund continues to execute well in deeply discounted real estate across struggling sectors including office properties and malls. Net Lease Office Properties is marketing buildings for sale including the Binoculars Building leased to Google through 2030, while Peakstone Realty is diversifying into industrial properties. CBL properties is improving its mall portfolio by selling marginal assets and reinvesting in stronger properties. | NLOP MCB.L ZEG.L |
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| 2023 Q3 | Apr 10, 2023 | Kingdom Capital Advisors | 2.5% | 15.9% | ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC | Coal, Concentration, Patience, small caps, undervaluation, value | Q3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred. With new mining equipment and labor in short supply, positions are poised to earn significant returns even if prices drop back to August lows. | View | |
| 2023 Q4 | Jan 25, 2024 | Alluvial Capital Management | 4.8% | 15.7% | CRAWA, FITL, LGT.TO, MRC, NLOP, SENEA | banks, REITs, small caps, special situations, Spin-Offs, value | Manager invested heavily in Net Lease Office Properties (NLOP), a spin-off REIT designed to liquidate office assets. Despite office market pressures from work-from-home policies, NLOP trades at significant discount to conservative asset values and has built-in liquidation catalyst. | AMRC CRAWA FTLF NLOP |
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| 2024 Q4 | Jan 24, 2025 | Alluvial Capital Management | - | 16.4% | CBL, CRAWA, CSOL, FITB, GTX, MCB.L, MRC, NLOP, SENEA, TITC.AT, TLN, UBAL, ZEGN.L | Buybacks, Cement, Commercial real estate, international, small caps, value | Manager holds Net Lease Office Properties in ongoing liquidation, CBL & Associates Properties as mall operator recovery play, and views these as expressions of long-term commercial property recovery theme. Despite office market headwinds and interest rate challenges, expects value realization through asset sales and improving sentiment. | CBL TITC.AT MCB.L ZEG.L NLOP |
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| 2023 Q4 | Jan 2, 2024 | Greystone Capital | 8.0% | 16.0% | APG, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY | Concentration, Outperformance, SaaS, small caps, value | Manager emphasizes that small caps now make up less than 4% of the U.S. equity market due to large cap valuation expansion, creating a void where very few investors are choosing small caps to outperform. Markets in both the US and Canada are offering tremendous bargains consisting of well-managed, growing businesses that generate cash, trading at single digit multiples of cash flow. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Greystone Capital | Seneca Foods Corp. | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | asset value, Canned Vegetables, consumer staples, Index Removal, market consolidation, Net-Net, Pricing power, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Alluvial Capital Management | Seneca Foods | Consumer Staples | Packaged Foods | Bull | NASDAQ | Canned Vegetables, consumer staples, deep value, defensive, Food Processing, LIFO accounting, market structure, Share Buybacks | View Pitch |
| Apr 28, 2026 | Fund Letters | LVS Advisory - Defensive | Seneca Foods Corporation | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | Canned Vegetables, consumer packaged goods, Event-driven, Forced Selling, Index deletion, LIFO accounting, Technical trade, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Alluvial Capital Management | Seneca Foods | Consumer Staples | Packaged Foods | Bull | NASDAQ | Canned Vegetables, Capacity utilization, consumer staples, Free Cash Flow, industry consolidation, manufacturing, Packaged Foods | View Pitch |
| Dec 3, 2025 | Fund Letters | Dave Waters | Seneca Foods, Corp. | Consumer Staples | Packaged Foods & Meats | Bull | NASDAQ | agriculture, Canned food, consolidation, deleveraging, working capital | View Pitch |
| Sep 16, 2025 | Short Thesis | Rota Fortunae | Seneca Foods Corp | Consumer Staples | Packaged Foods & Meats (Canned & Frozen Produce) | Bear | NASDAQ | agriculture, Inventory, Margins, Private-label, Vegetables | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $526,267 | 0.00% | 4,757 | +257 | +5.71% | 0.0621% |
| Israel Englander | Millennium Management LLC | $233.2B | $5.0M | 0.00% | 45,633 | -7,975 | -14.88% | 0.5958% |
| Bob Robotti | Robotti & Co Advisors, LLC | $710.5M | $219,268 | 0.03% | 1,982 | -21,788 | -91.66% | 0.0259% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $3.4M | 0.01% | 30,520 | -20,969 | -40.73% | 0.3985% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.6M | 0.00% | 23,766 | +3,993 | +20.19% | 0.3103% |