Letters by company
Hammond Manufacturing Company Limited
4 letters discussing HMFAF. Everything written about it on this site is on its ticker page.
- Alluvial Capital Management Letter to Limited Partners Third Quarter 2024 Alluvial Fund added Zegona Communications for its Vodafone Spain turnaround and Bahnhof AB for its capital-light, negative-working-capital internet model. The fund retained conviction in Net Lease Office Properties, McBride, FitLife Brands and Talen Energy, while exiting Butler National, Hammond Manufacturing and Scandic Hotels over governance, capital-allocation and valuation concerns. Third Quarter 2024 ZEG $5.3B0RD7 BAHN-B $473M
- Alluvial Capital Management First Quarter 2024 Letter to Limited Partners Alluvial Fund sold its entire P10 position after missed margin targets, limited acquisition progress and management turnover eroded its risk-adjusted case. It bought McBride and Scandic Hotels, added Mexican holdings Grupo Herdez and Corporativo Fragua, and closed to new limited partners as it prepares a tangible-assets-focused fund. First Quarter 2024 0RD7 CGSBF $42BFTLF $75M
- Alluvial Capital Management Letter to Limited Partners Third Quarter 2023 Alluvial Fund added Monarch Cement, Talen Energy, Hammond Manufacturing and Seneca Foods, arguing that durable operations, improving industry structures and modest valuations offer attractive entry points. It exited Navigo Invest preferreds and Wheeler REIT notes, while assessing FitLife’s MusclePharm acquisition, P10’s expanding fee-paying assets and Logistec’s below-expectation sale. Third Quarter 2023 FTLF $75MHMFAF $209MMCEM $998M
- 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 $133MBFCC $349MFTLF $75M
