Alluvial Fund returned 3.6% during the first quarter of 2023, outperforming both of its benchmarks, the Russell 2000 Index (+2.7%) and Russell Micro-Cap Index (-2.8%).
Writing in the fund's first-quarter letter to investors, a copy of which Hedge Fund Alpha has been able to review, Alluvial's founder and manager Dave Waters notes these figures mask a volatile couple of months for equity indices. Small caps stocks ended January up 10% before giving back this performance in February and then rising modestly in March.
"In typical fashion" Alluvial "plotted a steadier course" thanks to its focus on undervalued small-cap stocks with solid balance sheets.
The $34 million fund's track record is highly impressive. Since its inception on January 1 2017, it has produced an...
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