May 2013 -1.5% YTD +6.30%

Dear Investor,

The month of May -1.5% YTD 6.30%.

This is the third consecutive month of continuous suffering. The markets move absurdly, and all I do is suffer and lose money. The movement previously demonstrated by a spread in the period of a month happens now in one single day.  The worst of all is that it makes you think that everything would go well and when finishing the session you return to the initial point or you are in loss. One cannot trade like this.

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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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February 2013 +6.10% YTD 12.79%

Dear  Investor,

​February, 2013: +6,10% and  +12,79% YTD, therefore it is another very good month despite the fact that the seasonal fluctuations of the energy market do not work. Obama’s influence concerning the energy strategies for the coming years and the rise of the price of natural gas have caused that most of the spreads that we have do not work. What is more, now in the middle of March,  2013 I had to close the majority of these strategies for reasons of risk.

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January 2013 +6.31% YTD.31%

Dear Investors,

The new year began, and it did begin very well:  +6,31% in January, energies and Lean Hogs have failed in the last week but altogether it is a very good start. The market remains very volatile but at the same time it seems that the periodical fluctuations are taking control from which we could benefit dearly.

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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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