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Alluvial Capital

Dec 2024 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 11 letters from Alluvial Capital, behind 30 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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11
Letters
28
Companies
10
Moves
30
Theses

Performance

as of Sep 30, 2026 · net of fees · USD

  • YTD
    +12.0%
    index +18.3%
  • Inception · total
    +324%
    index +145%

Index: Russell MicroCap TR

Calendar years

  • 2025
    +41.2%
    index +23.0%
  • 2024
    +16.4%
    index +13.7%
  • 2023
    +15.1%
    index +9.3%
  • 2022
    −14.9%
    index −22.0%
Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 10 moves

Companies held · 28

Every company Alluvial Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 30

  • Zegona Communications plc
    September 2026

    Zegona Communications trades below intrinsic value, is returning significant capital, and still has operational turnaround and free-cash-flow upside.

    Read the full thesis
  • McDermott International Inc.
    September 2026

    McDermott International is an EPC business with improving margins, new capital to support growth, and a very low valuation versus 2028 EBITDA.

    Read the full thesis
  • McBride plc
    September 2026

    McBride is a low-growth cleaning products manufacturer with repaired finances, strong contract manufacturing upside, and a very cheap valuation.

    Read the full thesis
  • ContextLogic Holdings Inc.
    September 2026

    ContextLogic is monetizing tax assets through acquisitions and has evolved into a potential long-term compounder.

    Read the full thesis
  • FitLife Brands
    September 2026

    FitLife Brands faces margin pressure and ranking headwinds, but earnings, cash generation, and valuation suggest meaningful re-rating potential.

    Read the full thesis
  • Green Dot Corporation
    September 2026

    Green Dot is pursuing a value-unlocking transaction involving its fintech and bank operations, with an attractive risk-reward despite regulatory delay.

    Read the full thesis
  • Talen Energy Corp.
    September 2026

    Talen Energy benefits from rising US power demand, is aggressively buying back shares, and has strong post-bankruptcy capital allocation.

    Read the full thesis
  • Bank7 Corp.
    September 2026

    Bank7 Corp. is buying a high-quality banking franchise at a low price, with expected EPS uplift, lower funding costs, and major cost synergies.

    Read the full thesis
  • McDermott International Ltd
    June 2026

    McDermott International is an energy EPC turnaround whose rights offering should de-risk the balance sheet and unlock bidding capacity, value, and upside.

    Read the full thesis
  • Zegona Communications plc
    June 2026

    Zegona Communications is a Vodafone Spain turnaround story with strong cash flow, debt reduction, and shareholder returns at an attractive valuation.

    Read the full thesis
  • Talen Energy Inc.
    June 2026

    Talen Energy owns dispatchable power generation with rising electricity demand, share buybacks, and a growing Amazon-related free cash flow outlook.

    Read the full thesis
  • Digital Network SA
    June 2026

    Digital Network SA operates digital billboards in Poland, combines exceptional revenue growth with strong capital allocation, and expanded via a natural-fit acquisition.

    Read the full thesis

Letter archive · 11

2026

2025

2024

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