Top funds
No. 8 this year · Hedge fund · Sewickley, PA

Alluvial

Run by Dave Waters since 2017. Buys boring, cheap, little-known small companies in the U.S., UK and Europe.
If you’d given them $1,000 on January 1, by August 31 you’d have
$1,125
12.5% in 2026, through Aug 31
The rose 12.3% over the same months (not counting dividends, the cash some companies pay their owners).
As reported by Alluvial Fund fact sheet, for Jan 1 – Aug 31, 2026

Their record

In 2025:
$1,000
$1,412
(+41.2%)
The S&P 500 rose 16.4% in 2025 (not counting dividends, the cash some companies pay their owners).
As reported by Alluvial Q2 2026 letter, for Jan 1 – Dec 31, 2025
Over 10 years (2017–2026):
$1,000
$4,268
(+16.2% a year)
The S&P 500 grew 13.6% a year over the same years (not counting dividends, the cash some companies pay their owners).
As reported by Alluvial Fund fact sheet, for Jan 1, 2017 – Aug 31, 2026
S&P 500 data: S&P Dow Jones Indices LLC, via FRED.

What they own

From the fund’s own letters, biggest first where they say. The % is how much of the fund is in that company. Tap a stock to open its page.
Owned
New
A full bar is 15% of the fund.

Just bought

3
First reported in the fund’s own letters since April 2026. Older buys show as plain holdings.

Sold

Their latest letters don’t mention selling anything.

Year by year

Each calendar year’s result, after fees, for Alluvial Fund, LP.
From Jan 1, 2017 to Aug 31, 2026, $1,000 became $4,255: 16.2% a year on average, after fees. Up in 8 of the 10 years shown, down in 2.
2026 · Jan 1 – Aug 31
+12.5%
2025
+41.2%
2024
+16.4%
2023
+15.1%
2022
−14.9%
2021
+31.0%
2020
+28.4%
2019
+18.4%
2018
−9.0%
2017
+29.6%
Source: Alluvial Fund, LP tearsheet August 2026, Monthly Performance table

Where their money goes

Each square is $1 of every $100 in the fund, as their letter reports it.

Who invests with them

From Form ADV, the form investment firms file with the SEC about their clients, their money and their staff.
About 126 investors
In its 2 private funds.
$173 million it manages
All the money it invests for its clients, by its own count.
2 people work there
1 of them picks investments.
$100,000 minimum to join
For Alluvial Fund, LP, its biggest fund. Its managers and staff own 6% of it.

Its funds

Alluvial Fund, LP
About 97 investors
$107 million
Tactile Fund LP
About 29 investors
$30 million
  • Investor counts are approximate, and someone in two of its funds counts twice.
From the Form ADV filed by Alluvial Capital Management, LLC on Jul 23, 2026.
View it on SEC.gov

At a glance

Stocks their letters name
10
Their 5 biggest bets
36% of their money
Holdings as of
Jun 30, 2026
Run by
Dave Waters
Based in
Sewickley, PA
Investing since
2017
Their latest letter
Read it ↗︎

Good to know

  • It doesn’t file the government report, which is only required once a manager has $100 million or more in U.S.-listed stocks. Much of its money is in companies outside the U.S.
  • We show its top ten holdings from its letter.
Holdings from Alluvial’s own letters to its investors, as of Jun 30, 2026.
Read the letter
Not investment advice. For information and education only. Holdings: SEC Form 13F filings and the funds’ own letters. Returns: as reported by the funds or the press, linked at each number. Investors and money managed: the managers’ Form ADV filings with the SEC. Not affiliated with the SEC or any fund.
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