Alluvial Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 2 funds

Our archive holds 9 letters from Alluvial Capital, behind 23 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.

Alluvial Capital’s own letters page

Letters

Companies

Moves

Theses

What they bought and sold · 4 moves

AddedZegona Communications plc
June 2026
“After selling shares just a few months ago, we have done an about face and are adding to our Zegona position on weakness.”
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ExitedPeakstone Realty Trust
March 2026
“In February, Alluvial Fund holding Peakstone Realty Trust agreed to be acquired by Brookfield Asset Management for $21 per share.”
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TrimmedZegona Communications
March 2026
“Simply for purposes of risk management, we have sold some Zegona shares this month.”
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New positionGulf Marine Services PLC
March 2026
“We recently took a position in Gulf Marine Services PLC, a London-listed owner of 15 self- elevating, self-propelled support vessels.”
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Companies held · 13

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

Theses · 23

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.
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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.
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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.
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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.
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Garrett Motion Inc.
June 2026
Garrett Motion is expanding turbocharger applications beyond autos into data centers and utilities while returning most free cash flow to shareholders.
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Green Dot Corp.
June 2026
Green Dot is undergoing a transformative sale and merger, with smart operators, buyback potential, and significant upside to tangible book value.
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Peakstone Realty Trust
March 2026
Peakstone Realty Trust was an unpopular real estate turnaround with shrinking office exposure, growing industrial assets, falling overhead, and potential revaluation, later sold via Brookfield acquisition.
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McBride plc.
March 2026
McBride plc. is a consumer-staples producer with resilient demand, pricing power, and an acquisition that should expand markets and improve margins.
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McDermott International Ltd.
March 2026
McDermott International is a turnaround energy contractor with rising EBITDA, improving backlog, and valuation upside if it refinances debt and continues de-risking.
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Gulf Marine Services PLC
March 2026
Gulf Marine Services owns support vessels for offshore energy, has reduced leverage and improved backlog, and trades at a steep discount despite geopolitical disruption.
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McBride plc.
December 2025
McBride plc is a defensive consumer staples producer with reduced leverage and active capital returns trading at a low multiple despite industry tailwinds.
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Net Lease Office Properties
December 2025
Net Lease Office Properties is liquidating assets and returning capital with shares at a large discount to remaining property value, offering attractive total return potential.
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Letter archive · 9

2026

2025

2024

Dec 2024Alluvial Capital

Funds · 2

Alluvial Capital Alluvial Fund5
Alluvial Capital4

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