Alluvial Capital Management commentary for the first quarter ended March 31, 2020.
Q1 2020 hedge fund letters, conferences and more
Dear Partners,
In the first quarter, Alluvial Fund declined 17.7%. This compares favorably with small-cap and micro-cap indexes, which fell more than 30%. Like I’ve said before following difficult periods, losing always hurts. But avoiding the worst of the pain during market downturns goes a long way toward achieving long-term success, and I am happy to have succeeded on that front. Since inception, Alluvial Fund has produced a total return of 15.0% net of all fees and expenses, while the Russell 2000 Index has fallen 11.3% and the Russell MicroCap Index is down 18.1%.
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