GPAM SSOS JAN 2016 +1.51%

Dear Investors,

We started the year on a positive note with a gain of +1.51%.  This result occurred in spite of our Live Cattle spreads underperforming and also the Eurodollar curve flattening during the month.  We would like to remind you that the strategy is not directional, so we did not benefit for the big directional movement of January.  We are proud to say we still has a low correlation to the S&P 500, just 0.01%.

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