Letters by company
BankFirst Capital Corporation
2 letters discussing BFCC. Everything written about it on this site is on its ticker page.
- Alluvial Capital Management Q1 2025 Letter to Limited Partners Alluvial Fund credited its London-listed Zegona Communications and McBride holdings for offsetting a weak small-cap backdrop, while arguing that both remain undervalued. The fund backed cement producers, discounted real estate and office assets, sold Supremex and BankFirst to fund better opportunities, and expects asset sales and portfolio upgrades at Net Lease, Peakstone and CBL to unlock value. First Quarter 2025 BFCC $349MCBL $1.6BGTX $4.2B
- Alluvial Capital Management Q4 2023 Letter to Limited Partners Alluvial Fund built a large position in Net Lease Office Properties, betting that asset sales and debt reduction will close the gap to liquidation value. The portfolio added MRC Global on expectations that pressure from Cornell Capital and activist Engine Capital will force a sale. It retained bank holdings, LICT and Seneca Foods, citing cheap valuations, buybacks and acquisition-driven earnings growth. Fourth Quarter 2023 NLOP $139MBFCC $349MFTLF $78M
