About Alexis Delloye

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So far Alexis Delloye has created 27 blog entries.

September 2017 | Quarterly Report

Snapshot The Alluvium Global Fund (Fund) posted a net return of 4.6% over the September quarter.1  An offsetting factor to some strong share price returns was the rising Australian dollar (AUD). Had we held most of our cash in AUD rather than foreign currencies our returns would have been [...]

By | 2017-10-15T20:09:52+11:00 October 2017|Reports|0 Comments

FAANGs Too Expensive? Consider the WAMITs

Much has been written about the FAANGs - Facebook, Amazon, Apple, Netflix and Google (Alphabet)1  . With a combined weighting of almost 5% in the MSCI World Index, and an average return of 43.3% over the year they have largely driven US and global indices2,  3  [...]

By | 2017-08-14T08:20:31+10:00 August 2017|Perspectives|0 Comments

We don’t break rules, we create new ones!

Retailing is hard. The evidence is incontrovertible. In Australia alone, just look back over the last couple of months we have witnessed Herringbone, Rhodes and Beckett, Marcs and David Lawrence brands all being the subject of voluntary administration. Casting our minds back just a little further, [...]

By | 2017-06-26T18:57:50+10:00 May 2017|Perspectives|0 Comments

March 2017 | Quarterly Report

Snapshot The Alluvium Global Fund (Fund) posted a net loss of 1.1% over the March quarter1  . A significant factor was the rising Australian dollar (AUD). The longer term net returns of the Fund, as well as some alternatives are shown below:1,  2,  3,  4  [...]

By | 2017-07-24T14:13:34+10:00 April 2017|Reports|0 Comments

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+10:00 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+10:00 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+10:00 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+10:00 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+10:00 November 2016|Portfolio Activity|0 Comments