Alluvium Asset Management raised its stake in McKesson Corporation to 6.8% of the Conventum – Alluvium Global Fund, according to the fund's second-quarter 2026 investor letter. The fund said McKesson, the Irving, Texas-based drug distributor, fell 12.6% in the quarter even though its full-year results came in perfectly in line with expectations, and management gave strong guidance for next year's earnings while reiterating 13%-16% long-term growth expectations. After feeding those numbers through its model, Alluvium said its valuation rose 18%, and with the share price trading below that level it bought a little more. McKesson closed at $899.56 per share on September 15, 2026, returning 5.37% over the past month and 29.95% over the past 52 weeks, with a market capitalization of $106.21 billion and a trading range of $687.68 to $999.00. The fund itself declined 1.4% in EUR terms, 2.2% in USD terms and 3.9% in AUD terms in the quarter, a period it described as a sharp shift from geopolitical uncertainty and oil market volatility to an equity rally led by semiconductor companies.
McKesson CorporationAlluvium raised its McKesson stake to 6.8% after its model showed an 18% valuation increase, buying more as shares trade below that level.
