When it comes to finding small-cap value, Alluvial Capital, managed by Dave Waters, stands in a league of its own. Since the fund started operations (January 2017), it has produced an annual return for investors of 13.3%, after all fees and expenses, more than doubling the return of the Russell 2000 Total Return Index (6.6% annualized). During the second quarter of 2023, Alluvial added 9% compared to 5.3% for the Russell 2000. For the year to the end of June, Alluvial is up 12.8%. In his half-year update to investors, a copy of which ValueWalk has reviewed, Waters admits he’s…
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