Performance Overview - Alluvial Fund achieved a return of 15.5% in Q3 2025, with a total return of 33.6% year-to-date, outperforming benchmark indexes [3][8] - This performance marks the third-best quarterly result in the fund's nine-year history [3] Portfolio Highlights - The largest position in the portfolio is Zegona Communications, which is undergoing significant asset sales that will enhance cash flow and reduce leverage [11][12] - FitLife Brands acquired Irwin Naturals out of bankruptcy for $42.5 million, funded by cash and bank debt, and is expected to perform well due to strong leadership [15][16] - PHI Group, a helicopter operator, is noted for its profitability and potential for a sale or public listing, trading at half the value of peers [29] Market Insights - Concerns are raised about the sustainability of the current market rally, particularly regarding speculative companies like Rigetti Computing, which has a market value of $18 billion despite minimal revenue [9][10] - The fund maintains a cautious approach, focusing on companies with durable cash flows and valuable assets [10] Sector and Geographic Allocation - The fund's geographic allocation is primarily in the United States (59.1%), followed by the United Kingdom (23.2%) and Eurozone (10.1%) [23] - Sector allocation includes Communications (21.0%), Consumer Staples (20.7%), and Real Estate (12.9%) [24] Notable Developments - NewPrinces Group plans to list a minority stake in UK food producer Princes, potentially realizing significant value from its investment [19] - Unidata SpA, an Italian broadband provider, has seen cash flow grow by 67% since 2022, yet its shares are down nearly 40%, indicating a potential undervaluation [25] Risk Management - The fund is trimming its position in Zegona for risk control, emphasizing the importance of managing exposure to unforeseen negative events [14] - The fund's allocation to Expert Markets securities is limited to 10% to manage liquidity risk [28]

>> All right welcome back everybody. Morning results are out this morning beating expectations on both the top and the bottom line. You can see that stock is up by about 4% right now.In fact if you look over the last year it's up by more than 30%. You got to add this morning's gain to that as well. Joining us right now is Wendell Weeks.He's Corning CEO. And Wendell welcome. It's great to see you this morning.Let's go back and set this a little bit in perspective. Because you first came on with us about a ye ...