Alluvial Capital Management 3Q19 Commentary: Long This Deeply Undervalued illiquid Non-SEC Reporting Company

Alluvial Capital Management commentary for the third quarter ended September 30, 2019. Q3 2019 hedge fund letters, conferences and more Dear Partners, For the quarter ended September 30, Alluvial Fund, LP declined 2.0%, modestly better than the Russell 2000 Index. Year-to-date, the fund remains slightly behind the index. Since inception, the fund has roundly out-paced small-cap and micro-cap indexes but remains behind large-cap stocks. Alluvial Fund remains focused on identifying opportunities in the overlooked corners of the market where larger funds cannot or will not invest. Our holdings are drawn from the ranks of the illiquid and the little-known and…