Alluvial Capital
Alluvial Capital Alluvial Fund
Global Small-cap
Jun 2025 → Jun 2026
Our archive holds 5 letters from this strategy, behind 12 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years — follow all of Alluvial Capital for every strategy.
What it bought and sold
After selling shares just a few months ago, we have done an about face and are adding to our Zegona position on weakness.
In February, Alluvial Fund holding Peakstone Realty Trust agreed to be acquired by Brookfield Asset Management for $21 per share.
Simply for purposes of risk management, we have sold some Zegona shares this month.
We recently took a position in Gulf Marine Services PLC, a London-listed owner of 15 self- elevating, self-propelled support vessels.
Also held
- Vistance Networks Inc.
- Garrett Motion Inc.
- Green Dot Corp
- EACO Corp.
- Digital Network SA
- Talen Energy Inc
- Green Dot Corp.
- McBride plc
- Gulf Marine Services PLC
- Garrett Motion Inc
- EACO Corp
- McDermott International Ltd.
- Talen Energy Inc.
- Vistance Networks Inc
- Net Lease Office Properties
- McBride plc.
- FitLife Brands
- McDermott International
- CBL & Associates Properties
Its investment theses
- McDermott International LtdJun 2026McDermott International is an energy EPC turnaround whose rights offering should de-risk the balance sheet and unlock bidding capacity, value, and upside.
- Zegona Communications plcJun 2026Zegona Communications is a Vodafone Spain turnaround story with strong cash flow, debt reduction, and shareholder returns at an attractive valuation.
- Talen Energy Inc.Jun 2026Talen Energy owns dispatchable power generation with rising electricity demand, share buybacks, and a growing Amazon-related free cash flow outlook.
- Digital Network SAJun 2026Digital Network SA operates digital billboards in Poland, combines exceptional revenue growth with strong capital allocation, and expanded via a natural-fit acquisition.
- Garrett Motion Inc.Jun 2026Garrett Motion is expanding turbocharger applications beyond autos into data centers and utilities while returning most free cash flow to shareholders.
- Green Dot Corp.Jun 2026Green Dot is undergoing a transformative sale and merger, with smart operators, buyback potential, and significant upside to tangible book value.
- Peakstone Realty TrustMar 2026Peakstone 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.
- McBride plc.Mar 2026McBride plc. is a consumer-staples producer with resilient demand, pricing power, and an acquisition that should expand markets and improve margins.
- McDermott International Ltd.Mar 2026McDermott International is a turnaround energy contractor with rising EBITDA, improving backlog, and valuation upside if it refinances debt and continues de-risking.
- Gulf Marine Services PLCMar 2026Gulf Marine Services owns support vessels for offshore energy, has reduced leverage and improved backlog, and trades at a steep discount despite geopolitical disruption.