Alluvial Fund Feb Letter: Long Detroit Legal News

Alluvial Fund Feb Letter: Long Detroit Legal News

Alluvial Fund commentary for the month ended February 29, 2020, providing a company profile on Detroit Legal News (OTCMKTS:DTRL)

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Dear Partners and Colleagues,

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Q4 2019 hedge fund letters, conferences and more

Fund Manager Profile: Zhang Hui Of China’s Southern Asset Management

investHistorically, the Chinese market has been relatively isolated from international investors, but much is changing there now, making China virtually impossible for the diversified investor to ignore. Earlier this year, CNBC pointed to signs that Chinese regulators may start easing up on their scrutiny of companies after months of clamping down on tech firms. That Read More

Alluvial Fund, LP returned -3.9% in February, compared to -8.2% for the S&P 500 and -8.4% for the Russell 2000. Year-to-date, Alluvial has returned 1.1% versus -8.3% for the S&P 500 and -11.4% for the Russell 2000. Since inception, Alluvial Fund, LP has returned 41.2% compared to 40.5% for the S&P 500 and 13.3% for the Russell 2000.

Alluvial Fund, LP is a value investing partnership with a focus on small companies and obscure securities, both domestic and international.

Alluvial Fund Detroit Legal News

In addition to the monthly tearsheet, we are pleased to present a brief profile describing an interesting holding of Alluvial Fund. These write-ups allow us to provide a quick look at holdings not mentioned in our quarterly letters.

Company Profile: Detroit Legal News

This month's profile is on Detroit Legal News, a dark company long-known to Walker's manual aficionados, whose operations include commercial printing and legal news publishing. The full profile can be read on OTC Adventures. Enjoy!

If you are interested in learning more about Alluvial Fund, LP, please do not hesitate to contact Alluvial Capital Management, LLC at (412) 368-2321 or We welcome inquiries and would be happy to arrange a call or meeting.

Finally, I plan to make the annual trip to Omaha for the Berkshire Hathaway shareholders meeting the first weekend of May, subject to any public health-related schedule changes, of course. If anyone else plans to be there, please let me know. I would enjoy the chance to catch up in person.

While in Omaha, I will again be participating in an event hosted by Willow Oak Asset Management, LLC, which will be held on Saturday, May 4th from 5:00 to 8:30pm. Full details will be announced soon, but please use this link to register.


Dave Waters, CFA

Alluvial Capital Management, LLC

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Jacob Wolinsky is the founder of, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at) - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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