2007-11-02 —

This tip was sent in to us anonymously this evening and is apparently a forwarded email (this is all unconfirmed). It reports massive losses to Shooter's Multi Strategy Fund Limited in the month of October:

Shooter multi strategy fund October update

Shooter Multi Strategy Fund net October 2007 performance*

USD share class: - 28.62%       NAV: 1,022.09   YTD: - 24.48%
USD C share class: -28.62%      NAV: 782.84
Euro share class: - 28.71%      NAV: 981.61     YTD: -25.14%
Euro C share class: - 28.71%    NAV: 777.43

Given the large loss to the fund this month I have been trying to
reach all of you by phone directly.  Given the number of investors
we have this has proved difficult and so I wish to update you now
that the Shooter Multi Strategy Fund Limited has a loss for October
2007 of 28.62% in the USD share class and a loss of 28.71% in the
Euro share class.

I will be in contact with all of you by phone as soon as possible
to discuss what has occurred, where we are now and our plans for
the future.
David Beddington
Shooter Fund Management
Unit 206 Business Design Centre
52 Upper Street
N1 0QH
+44 (0)207 704 7724

Shooter's web site describes the fund thusly:

The Shooter Multi Strategy Fund Limited, launched November 1st 2004, is a relative value fund seeking to generate consistent absolute returns in a range of market conditions. Historically the firm has traded in equity (US and Europe), FX and interest rate markets (G10) with a sizeable allocation to equity volatility and quantitative strategies.

We're unsure of the size of the fund.

They also have a second fund, the "Shooter Bear Fund Limited", which we can only assume is doing fine, but who knows.

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