Alluvial Capital: “MMA Capital (MMAC) was a Bad Investment I Allowed to Go on for 4+ Years” Alluvial Capital Management, an investment management firm, published its first quarter 2021 investor letter – a copy of which can be downloaded here. A return of 12.4% was delivered by the fund for the Q1 of 2021, outperforming the MSCI World Sm+MicroCap NR benchmark that delivered a 9.8% return, but below the Russell MicroCap TR and Russell 2000 TR index that had a 23.9% and 12.7% gains respectively for the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021. Alluvial Capital Management, in their Q1 2021 investor letter, mentioned MMA Capital Holdings, Inc. (NASDAQ: MMAC), and shared their insights on the company. MMA Capital Holdings, Inc. is a Baltimore, Maryland-based holding company that currently has a $98 million market capitalization. Since the beginning of the year, MMAC delivered a -30.57% return, while its 12-month gains are down by -28.17%. As of April 30, 2021, the stock closed at $17.08 per share.