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Letter to Limited Partners Third Quarter 2020 - Alluvial Capital
https://alluvialcapital.com/wp-content/uploads/2020/10/Alluvial-Capital-Management-Q3-2020-Letter-to-Partners.pdf

TABLE II: Top Ten Holdings (%)
P10 Holdings Inc. 20.4
Intred S.p.A. 8.9
Bredband2 i Skandinavien AB 8.1
Rand Worldwide Inc. 7.4
LICT Corporation 6.7
Nuvera Communications 6.3
Crawford United Corp. 5.5
Polaris Infrastructure Inc. 5.4
Pharmchem Inc. 4.8
MMA Capital Holdings Inc. 4.3
Total, Top Ten 77.8%

Dear Partners,
I am pleased to report that Alluvial Fund enjoyed a very strong quarter, rising 15.1% and outpacing all relevant benchmarks. The fund has recovered all of its 2020 losses and is now in solidly positive territory. The fund remains solidly ahead of small-cap and micro-cap domestic and global benchmarks since inception. To say I did not expect this rapid recovery is putting it mildly. The outlook was downright bleak at the end of March. However, the pandemic has not slowed most of
our portfolio companies down, and the market has rewarded them accordingly.

Go PCHM