Alluvial Capital Management commentary for the third quarter ended September 30, 2024.
Dear Partners,
Alluvial Fund had a quiet third quarter, rising 4.8%. Comparable indexes fared better with the Russell 2000 returning 9.8% and the Russell MicroCap Index returning 9.9%. Year-to-date, Alluvial Fund remains ahead of benchmarks with a net return of 15.7%. Alluvial’s portfolio is full of mostly boring companies making, doing, and owning mostly boring things. Profitable, cash-generating things, but undeniably dull. Offices, envelopes, agricultural loans, laundry detergents, cement, industrial hoses, and canned vegetables do not quicken the pulse for most. When the market has one of its periodic fits...
