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 Hedge Fund Alpha has reviewed, Waters admits he's surprised about how well the fund has performed so far in 2023. "While investors seem intent on reliving the experiences...
