The quarter just ended was a lackluster period for Alluvial Fund, LP. While market indexes turned in respectable gains, Alluvial declined 0.8%. Though certainly frustrating, this is not at all unusual for a portfolio made up of esoteric and obscure holdings. As I have often stated, partners should expect to experience periods of uninspiring returns in the pursuit of superior long-term results. Now and then our holdings will zig as the market zags. I pay little mind to the short-term movements of the securities we own, provided the underlying companies are performing as expected. In that regard, our holdings have been wholly satisfactory. The market eventually rewards successful businesses.