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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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), [...]
