Dear Partners and Colleagues,

Alluvial Fund, LP returned -0.9% in November, compared to 3.6% for the S&P 500 and 4.1% for the Russell 2000. Year-to-date, Alluvial has returned 14.5% versus 27.6% for the S&P 500 and 22.4% for the Russell 2000. Since inception, Alluvial Fund, LP has returned 35.1% compared to 48.7% for the S&P 500 and 24.5% for the Russell 2000.
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The cement industry has long had its admirers in the value investing community. Cement producers generally enjoy a regional moat . . .

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