Dear Partners and Colleagues,

Alluvial Fund, LP was up 0.8% for the month of September. Year-to-date, Alluvial has returned 5.2% versus 10.6% for the S&P 500 and 11.5% for the Russell 2000. Since inception, Alluvial Fund, LP has returned 36.3% compared to 34.7% for the S&P 500 and 27.9% for the Russell 2000.

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