December 2012 +0.35% YTD 20.36%

Dear Investors,

The year has ended, a difficult year, a volatile year, but in the end I managed to close with a 20,36% gain. Little by little, I am getting out of the rough times of the summer which were caused by the severe drought in the United States. The drought had not only changed the periodic fluctuations of grain futures but also the whole structure of livestock prices and the prices of derived products.

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November 2012 +2.5% YTD 19.94%

Dear Investor,

Only a few days left to the end of the year. It has been the most difficult year in my trading history.  Fortunately, we have made a profit of 19,94% during 2012, including the 2,5% we made in November. As usual, meats and energies performed very well the last month of the year and helped us to finish the month in positive. I am not expecting big changes in the last week of the year, although the US Government indecision about the “Fiscal Cliff” and the low volume of trading can make markets even more volatile.

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October 2012 +7.44% YTD 17.02%

Dear Investor,

Another month has passed and now we are close to finish this year. October was a good month, with a reasonable profit of 7.44%. This gives us a YTD return of 17.02%. All the markets followed their common seasonal patterns and all the spreads worked as expected. Most of the earnings came from the Energy and Meat spreads but Fixed Income spreads also worked.​

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