Dear Partners and Colleagues,
Alluvial Fund, LP returned 3.3% in November, compared to 1.0% for the Russell 2000 and 1.7% for the MSCI World Small+MicroCap. Year-to-date, Alluvial Fund, LP has returned 36.2%, compared to 13.5% for the Russell 2000 and 19.4% for the MSCI World Small+MicroCap. Since inception, Alluvial Fund, LP has returned 264.9% compared to 107.3% for the Russell 2000 and 115.1% for the MSCI World Small+MicroCap.
Alluvial Fund, LP is a value investing partnership with a focus on small companies and obscure securities, both domestic and international. The full November tearsheet may be accessed using the following link:

