March 2013 -5.25% YTD +6.9%

Dear  Investor,

March performance was -5.25 %, bringing the YTD to 6.9 %.  After eight months of positive returns, the markets turned against the GPAM strategy.  While it is expected that correlated markets would move in the same direction, it is unusual that non-correlated markets and various positions in a strategy such as ours, with no directional market bias, would all be losers in the same month.

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