Third Quarter 2017 Letter to Alluvial Fund, LP Limited Partners – October 23, 2017

Dear Partners,

I am pleased to report another quarter of gains for Alluvial Fund, LP. For the quarter ended September 30, the partnership returned 7.4% versus 4.5% for the S&P 500 Index and 5.7% for the Russell 2000 Index. Year-to-date and since inception, our partnership has returned 21.0% compared to the S&P 500 Index’s 14.2% and...