Alluvial Capital Management 1Q20 Commentary:Bear Market Opportunities In Micro-caps

Alluvial Capital Management commentary for the first quarter ended March 31, 2020. Q1 2020 hedge fund letters, conferences and more Dear Partners, In the first quarter, Alluvial Fund declined 17.7%. This compares favorably with small-cap and micro-cap indexes, which fell more than 30%. Like I’ve said before following difficult periods, losing always hurts. But avoiding the worst of the pain during market downturns goes a long way toward achieving long-term success, and I am happy to have succeeded on that front. Since inception, Alluvial Fund has produced a total return of 15.0% net of all fees and expenses, while the…