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 the Russell 2000 Index’s 10.9%.
Despite our venture’s auspicious start, I would caution partners very strongly against expecting future returns to be achieved in like fashion. Recent experiences notwithstanding, markets do decline with some regularity, and our own holdings are unlikely to avoid all losses when...
