Alluvium
Alluvium AM Conventum
Global Large-cap
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Alluvium for every strategy.
What it bought and sold
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.
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
Similarly with Ryanair (up 14.6%) its share price was faltering and we added to our position, but it since bounced back to account for more than 10% of the Fund, so in this case we were forced to sell a little.
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.
After feeding the numbers through our model, our valuation increased by 18%, and with the share price trading below it, we bought a little more such that it accounts for 6.8% of the Fund.
Last quarter we mentioned in regard to H&R Block, the tax agents, that a “SAASpocalypse” did not necessarily apply across the board, and that there was a mispricing opportunity so we bought more.
With the shares trading at a discount to our valuation we bought a little more to bring the Fund’s position to 6.4%.
Also held
Its investment theses
- CopartJun 2026Copart 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.
- AmazonJun 2026Amazon is a large AI scaler with strong legacy cash flows, fast-growing cloud services, and new AI-related initiatives.
- AlibabaJun 2026Alibaba is an AI scaler using cash-generative legacy businesses to fund cloud growth and broader AI investments.