Alluvial Fund's factsheet for the month ended July 31, 2024.
Dear Partners and Colleagues,
Alluvial Fund, LP returned 3.4% in July, compared to 10.2% for the Russell 2000 and 6.8% for the MSCI World Small+MicroCap. Year-to-date, Alluvial Fund, LP has returned 14.1%, compared to 12.1% for the Russell 2000 and 8.3% for the MSCI World Small+MicroCap. Since inception, Alluvial Fund, LP has returned 162.7% compared to 83.6% for the Russell 2000 and 80.6% for the MSCI World Small+MicroCap.
Manager’s Commentary
Rising hopes for rate cuts combined with cooling investor enthusiasm for large cap tech companies to help small caps rip higher in July. Alluvial Fund saw some participation in the rally, but investors largely ignored off-the-run names. Thankfully, the same factors allowed Alluvial Fund to sidestep early August’s strong reversal.
Partnership Profile
Alluvial Fund, LP is dedicated to identifying and profiting from deeply mis-priced securites in the US and abroad. Alluvial Fund focuses on small firms, thinly-traded issues and special situations, seeking to identify value that the market has yet to notice. The partnership’s goal is to compound its partners’ capital at superior rates over the long term.
