Alluvial Capital Management 2Q24 Commentary: This Solid $400M Market Cap Real Estate Stock Is Very Cheap And Has A Catalyst

Alluvial Capital Management commentary for the second quarter ended June 30, 2024.

Dear Partners,

Alluvial Fund had a good quarter, rising 3.9% and bringing our year-to-date gains to 10.4%. Meanwhile, comparable benchmarks sputtered. The Russell Micro-Cap Index declined 5.3%, falling into negative territory for 2024, while the Russell 2000 Index fell 3.3%, dragging down year-to date returns to just 1.7%

A lot of ink has been spilled discussing the lamentable performance of small-cap stocks versus their large-cap and mega-cap peers in recent years. Even after this month’s rally in small-cap stocks, small-caps as an asset class have delivered total returns nearly 50% behind those of the S&P 500 over the last 5 years. Instead of...