Alluvium

Mar 2025 → Jun 2026 · Publishes quarterly · 3 funds

Our archive holds 8 letters from Alluvium, behind 4 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.

Alluvium’s own letters page

Letters

Companies

Moves

Theses

What they bought and sold · 11 moves

AddedH&R Block
June 2026
“so we bought more”
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AddedLiberty Capital
June 2026
“With the share price falling (to levels approximating half our valuation), and encouraged by its CEO buying shares, we increased our position such that it now represents 3.4% of he Fund.”
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AddedHCA Healthcare
June 2026
“we bought a little more to bring the Fund’s position to 6.4%.”
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TrimmedRyanair
June 2026
“we were forced to sell a little.”
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TrimmedLinamar
June 2026
“we bought some shares the day after. Not long after it rebounded and accounted for more than 5% of the Fund. We are not usually traders, but a combination of price vs value analysis, and regulatory requirements led us to sell some of our holding”
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TrimmedVisa
June 2026
“Visa Decrease Position”
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AddedUniversal Music
June 2026
“we bought a meaningful amount.”
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AddedLiberty Capital
June 2026
“we increased our position”
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AddedMcKesson
June 2026
“we bought a little more such that it accounts for 6.8% of the Fund.”
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TrimmedMastercard
June 2026
“Mastercard Decrease Position”
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TrimmedGroup 1 Automotive
June 2026
“we started to implement a complete divestment. We only achieved the sale of a small portion before the share price fell to an unacceptable level.”
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Companies held · 19

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

AlibabaJun 2026
AlphabetJun 2026
AmazonJun 2026
Charter CommunicationsJun 2026
Dick's Sporting GoodsJun 2026
Group 1 AutomotiveJun 2026
H&R BlockJun 2026
HCA HealthcareJun 2026
Liberty BroadbandJun 2026
Liberty CapitalJun 2026
Liberty CapitalJun 2026
Lockheed MartinJun 2026
LyondellBasellJun 2026
MastercardJun 2026
McKessonJun 2026
Robert HalfJun 2026
RyanairJun 2026
Universal MusicJun 2026
VisaJun 2026

Theses · 4

Copart
June 2026
Copart is a duopoly car auction platform with high ROIC, negligible debt, and a valuation-driven opportunity after a sharp share price decline.
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Copart
June 2026
Copart is a duopoly car auction platform with strong historical growth, negligible debt, high ROIC, and what the managers see as an attractive entry point after a large share price decline.
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Amazon
June 2026
Amazon is a large AI scaler with strong legacy cash flows, fast-growing cloud services, and new AI-related initiatives.
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Alibaba
June 2026
Alibaba is an AI scaler using cash-generative legacy businesses to fund cloud growth and broader AI investments.
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Letter archive · 8

2026

2025

Funds · 3

Alluvium Global Fund6
Alluvium AM Conventum1
Alluvium Global Fund Conventum1

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