Alluvial Fund April 2020 Commentary: Long this Microcap Apartment StockJacob Wolinsky
Alluvial Fund commentary for the month ended April 30, 2020.
Dear Partners and Colleagues,
Alluvial Fund, LP returned 9.4% in April, compared to 12.8% for the S&P 500 and 13.7% for the Russell 2000. Year-to-date, Alluvial has returned -9.9% versus -9.3% for the S&P 500 and -21.1% for the Russell 2000. Since inception, Alluvial Fund, LP has returned 25.8% compared to 38.9% for the S&P 500 and 0.9% for the Russell 2000.
Alluvial Fund, LP is a value investing partnership with a focus on small companies and obscure securities, both domestic and international.
In addition to the monthly tearsheet, we are pleased to present a brief profile describing an interesting holding of Alluvial Fund. These write-ups allow us to provide a quick look at holdings not mentioned in our quarterly letters.
This month’s profile* is on New England Realty Associates LP, a well run, conservatively leveraged owner of apartment buildings in the greater Boston area whose value continues to be obscured by its small size, limited liquidity, and confusing structure. The full profile can be read on OTC Adventures. Enjoy!
If you are interested in learning more about Alluvial Fund, LP, please do not hesitate to contact Alluvial Capital Management, LLC at (412) 368-2321 or firstname.lastname@example.org. We welcome inquiries and would be happy to arrange a call or meeting.
Dave Waters, CFA
Alluvial Capital Management, LLC