About Alexis Delloye

This author has not yet filled in any details.
So far Alexis Delloye has created 25 blog entries.

June 2017 | Annual Report

Snapshot Welcome to the inaugural annual report for the Alluvium Global Fund (Fund). The Fund posted a net return of 18.3% over the year to 30 June 20171  . This was almost solely due to the performance over the first six months of the financial year. The performance post [...]

By | 2017-08-29T15:16:05+00:00 July 2017|Reports|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+00:00 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+00:00 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+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