Alluvial Capital Management 4Q19 Commentary: Favorite Micro-cap stocks

Alluvial Capital Management letter to investors for the fourth quarter ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more Dear Partners, Alluvial Fund, LP climbed 5.8% in the fourth quarter, bringing our full-year return to 18.5%. For the year, the fund trailed most market indexes. Since inception, the fund remains well ahead of smallcap and micro-cap indexes, but behind the surging S&P 500 Index. Alluvial Fund has now completed three years of operations. On the whole, I am very satisfied with the fund’s results and progress. Our portfolio is truly differentiated, a collection of obscure and neglected…