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 . . .
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