Alluvium
Alluvium AM Conventum
Global Large-cap
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Alluvium for every strategy.
Performance
as of Sep 30, 2026 · net of fees · EUR · EUR
- YTD−6.1%
- 1Y−7.2%
- 3Y · /yr+3.7%
- 5Y · /yr+4.1%
| YTD | 1Y | 3Yper year | 5Yper year | |
|---|---|---|---|---|
| Alluvium AM Conventum | −6.1% | −7.2% | +3.7% | +4.1% |
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
we also trimmed our positions in Mastercard, Visa and H&R Block to best manage our regulatory constraints.
Hence we bought more and ended the quarter with a 5.3% position.
we also trimmed our positions in Mastercard, Visa and H&R Block to best manage our regulatory constraints.
we also trimmed our positions in Mastercard, Visa and H&R Block to best manage our regulatory constraints.
We also completely divested our holding in Group One Automotive,
We felt as such, which is why we bought more.
- AddedLiberty CapitalJun 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.
- TrimmedLinamarJun 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
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
- Jack HenrySep 2026Jack Henry provides payment processing and software infrastructure to banks and credit unions, and the fund bought it for its quality, growing earnings base, and now-reasonable valuation.
- Dick's Sporting GoodsSep 2026Dick’s Sporting Goods is a sporting goods retailer, and the fund bought more after an extreme share price reaction widened the discount to valuation.
- Universal Music GroupSep 2026Universal Music owns and produces music, and the fund values its resilient streaming/subscription earnings and long-term growth despite weak quarterly growth numbers.
- Charter CommunicationsSep 2026Charter Communications is a cable company, and the fund sees the stock as distressed on valuation while concluding debt is manageable, though the business fundamentals remain a concern.
- AutonationSep 2026Autonation is a US car dealer, and the fund likes its operating leverage, strong cash flow, and potential benefits from industry consolidation.
- RyanairSep 2026Ryanair is a low-cost airline, and the fund sees it as well positioned competitively but still waiting for valuation and industry conditions to improve.
- 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.
- AlibabaJun 2026Alibaba is an AI scaler using cash-generative legacy businesses to fund cloud growth and broader AI investments.