Dear Partners and Colleagues,

Alluvial Fund, LP returned -3.9% in February, compared to -8.2% for the S&P 500 and -8.4% for the Russell 2000. Year-to-date, Alluvial has returned 1.1% versus -8.3% for the S&P 500 and -11.4% for the Russell 2000. Since inception, Alluvial Fund, LP has returned 41.2% compared to 40.5% for the S&P 500 and 13.3% for the Russell 2000.

Alluvial Fund, LP is a value investing partnership with a focus on small companies and obscure securities, both domestic and international . . .

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