Alluvial Fund Q1 2024 Commentary

Alluvial Fund commentary for the first quarter ended March 31, 2024.

Dear Partners,

Alluvial Fund is off to a good start this year, rising 6.3% in the first quarter. Comparable indexes were up between 4.3% and 5.2%. The increase was broad-based, with several portfolio holdings contributing. Since quarter’s end, indexes have turned sour, with small-caps and micro-caps giving up all year-to-date gains and then some. The likely delay in much-anticipated interest rate cuts has investors feeling less sunny than they did in March. In typical fashion, Alluvial Fund is bearing up well in the fitful markets. Despite benchmark indexes falling 7-8%, I am happy to report that Alluvial Fund is down only about 2% thus far in April.