Hammond Manufacturing Company Limited

• 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 $5.5B0RD7 BAHN-B $478M +6
• 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 $44BFTLF $90M +6

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