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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