July 2007 Report

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Performance since start of reporting

Monthly Report

1^st July 2007 – 31st July 2007

Frustrating! July was going along really well, until the last few days when there was a mini meltdown in the sub-prime mortgage market that had repercussions all the way around. So what was a nice 2%+ gain, quickly turned into a -0.6% loss. Peanuts perhaps, but frustrating, as I have said. It was not as if I wasn't aware of what was going on; the sub-prime mortgage debacle has , after all, been playing out for the last 6 weeks or so, but that didn't stop a sudden wave of fear that caused a lot of institutions, particularly hedge funds cashing out of a variety of profitable, and quite unrelated, markets wholesale and reverting to cash.

We will just have to see what next month will bring.

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