About Alexis Delloye

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So far Alexis Delloye has created 22 blog entries.

December 2016 | Half Year Report

Snapshot The Alluvium Global Fund (Fund) posted a net return of 17.6% over the six months ended December 20161  . The longer term net returns of the Strategy, in Australian dollars (AUD), as well as some alternatives are shown below:1,  2,  3,  4  Figure [...]

By | 2017-06-22T11:16:41+00:00 January 2017|Reports|0 Comments

Musings with mates: process versus outcomes, efficient markets…

Sometimes friends like to discuss the general market conditions. Recently one of my mates commented that things must be great given the prevailing booming market. I concurred, agreeing the Fund was performing well, but I also mentioned I’m not terribly excited by it all, because we tend to [...]

By | 2017-05-25T12:41:57+00:00 January 2017|Perspectives|0 Comments

Our “comfort” test: another reason why we are not “Quant”

We would like to share with you a new item on our investment checklist. We refer to it as our “comfort test” and it is a subjective overlay that provides an “escape clause” from the strict rules that otherwise would stipulate we invest in a company. It [...]

By | 2017-05-25T12:43:02+00:00 January 2017|Perspectives|0 Comments

What we do when another of our holding plummets on release of earnings

It would be nice to write about a different topic! Once again, we avoid the instinctive “Type 1 – fight or flight”1   response and we choose not to panic. American Public Education, Inc. released its results and conference call transcript prior to market open. We reviewed [...]

By | 2017-05-25T12:44:37+00:00 November 2016|Portfolio Activity|0 Comments

What we do when one of our largest holdings falls 13.5% upon releasing earnings

Don’t panic! It is understandable to be disappointed, but irrational to act without any analysis. On many occasions, like a few days ago, we fail to make sense of market behaviour. However we do not blindly suggest the market is wrong. Mostly, we accept the vagaries of [...]

By | 2017-05-25T12:46:15+00:00 November 2016|Portfolio Activity|0 Comments

September 2016 | Quarterly Report

Snapshot The Alluvium Global Fund (Fund) posted a net return of 6.1% over the September quarter1  . The return was tempered by the Australian dollar (“AUD”) rising against the currencies in which the Fund’s investments are quoted. The longer term net returns of the Strategy, in Australian dollars (AUD), [...]

By | 2017-07-17T21:47:08+00:00 October 2016|Reports|0 Comments

We are not “Quant”; we apply common sense

As part of the initial investing activities the Fund established a position in Target1   (the US listed retailer). By the end of June, Urban Outfitters, which is another US listed retail business appeared more attractive (according to our internal ranking process) and holding both would have breached [...]

By | 2017-05-25T12:48:29+00:00 August 2016|Perspectives|0 Comments

June 2016 | Half Year Report

Snapshot The Alluvium Global Strategy (Strategy) posted a net loss of 2.9% over the six months to 30 June 20161,  2  . The longer term net returns of the Strategy, in Australian dollars (AUD), as well as some alternatives are shown below:1,  2,  3,  4  [...]

By | 2017-06-22T11:09:17+00:00 July 2016|Reports|0 Comments

Why do I appear to favour small caps?

I have a basic premise: the larger the pond in which I fish, the more fish available, so the more discerning I can be. This is why I wish to access the broadest range of investment opportunities practicable - so I can build a high quality portfolio [...]

By | 2017-05-25T12:49:26+00:00 May 2016|Perspectives|0 Comments