Dear Partners,
Alluvial Fund declined 2.2% in the third quarter, in line with comparable indexes. The fund remains well ahead of its benchmarks this year and has outpaced these benchmarks by 7% annually net of fees since inception in 2017. The economic performance of our portfolio remains robust with nearly every holding continuing to report strong profits and cash flows. However, mounting fears over recession, inflation, an energy crisis, and even the possibility of nuclear war have investors in the doldrums. The market mood is simply miserable and in a miserable market, nobody cares about any of the good news your companies may report. The best you can hope for is to tread water. (And pity any...
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