Alluvial Capital
Alluvial Capital Alluvial Fund
Global Small-cap
Jun 2025 → Sep 2026
Our archive holds 7 letters from this strategy, behind 19 investment theses and positions in 21 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 2 years · follow all of Alluvial Capital for every strategy.
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
| YTD | Since inceptiontotal | |
|---|---|---|
| Alluvial Capital Alluvial Fund | +12.0% | +324% |
| Russell MicroCap TR | +18.3% | +145% |
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.
Read full disclosures →What it bought and sold
- ExitedVistance NetworksSep 2026
We also sold our shares of Vistance Networks and Sylvamo.
We also sold our shares of Vistance Networks and Sylvamo.
We also sold our shares of Vistance Networks and Sylvamo.
We sold multiple portfolio holdings in recent months.
- AddedMcDermott International Inc.Sep 2026
During the quarter, we participated in the company’s $500 million rights offering.
The most notable of these is Bank7 Corp.
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
- Zegona Communications plc
- FitLife Brands
- Green Dot Corporation
- McBride Plc
- McBride plc
- Zegona Communications Plc
- FitLife Brands, Inc.
- ContextLogic Holdings Inc.
- Talen Energy Inc.
- Vistance Networks Inc.
- Garrett Motion Inc.
- Green Dot Corp
- EACO Corp.
- Digital Network SA
- Talen Energy Inc
- Green Dot Corp.
- Gulf Marine Services PLC
- Garrett Motion Inc
- EACO Corp
- McDermott International Ltd.
- Vistance Networks Inc
- Net Lease Office Properties
- McBride plc.
- McDermott International
- CBL & Associates Properties
Its investment theses
- Zegona Communications plcSep 2026Zegona Communications trades below intrinsic value, is returning significant capital, and still has operational turnaround and free-cash-flow upside.
- McDermott International Inc.Sep 2026McDermott International is an EPC business with improving margins, new capital to support growth, and a very low valuation versus 2028 EBITDA.
- McBride plcSep 2026McBride is a low-growth cleaning products manufacturer with repaired finances, strong contract manufacturing upside, and a very cheap valuation.
- ContextLogic Holdings Inc.Sep 2026ContextLogic is monetizing tax assets through acquisitions and has evolved into a potential long-term compounder.
- FitLife BrandsSep 2026FitLife Brands faces margin pressure and ranking headwinds, but earnings, cash generation, and valuation suggest meaningful re-rating potential.
- Green Dot CorporationSep 2026Green Dot is pursuing a value-unlocking transaction involving its fintech and bank operations, with an attractive risk-reward despite regulatory delay.
- Talen Energy Corp.Sep 2026Talen Energy benefits from rising US power demand, is aggressively buying back shares, and has strong post-bankruptcy capital allocation.
- Bank7 Corp.Sep 2026Bank7 Corp. is buying a high-quality banking franchise at a low price, with expected EPS uplift, lower funding costs, and major cost synergies.
- 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.