蓝鳍多重策略基金

1、October 24, 2008Bluefin Mutli Strategy Fund SPC Karasel Enhanced Portfolio SPSuspension of Redemption NoticeDear Investors：As you well know, the global equity markets are in disarray, caused largely by the ensuring credit crunch and technical forced liquidations plaguing all in the industry. We have

2、 managed to weather the storm considerably well to this point reflected in the funds performance, which must be viewed in a global context as world markets have suffered some of the largest drawdowns in history.Yearr too Daate*Karaasell Ennhanncedd SPP+0.110% *S&P 5000 Inndexx-33.83%DJ EEuroo Sttoxx

3、x 500 Inndexx-38.63%Nikkkei 2255 Inndexx-35.64%Hangg Seeng Inddex-44.41%CS/TTremmontt Heedgee Fuund Inddex-3.555% * YTD performance up to August 2008.* YTD performance up to 21 August 2008.Creddit marrketts aare exppectted to impprovve ooverr thhe ccomiing monnthss, ssignns oof wwhicch aare begginnn

4、ingg too foorm, affterr thhe gglobbal co-opeerattionn annd eeffoortss innstiitutted oveer tthe lasst sseveerall weeekss byy innterrnattionnal govvernnmennts. LLargge-sscalle ccolllaboorattionn waas iimpeerattivee too reestoore ordder aftter thee woorlddwidde ppaniic aand monnumeentaal mmarkket mellt

5、doownss, wwhicch aare stiill worrkinng ttheiir wway thrrouggh tthe sysstemm. Forr noow, we havve bbeenn innforrmedd byy a connsidderaablee poortiion of ourr unnderrlyiing funnds thaat ttheyy arre ssusppenddingg reedemmptiionss duue tto tthe currrennt eenviironnmennt aand liqquiddityy thhereein.Manyy

6、 off thhesee fuuns havve rreceeiveed ooverrwheelmiing reddempptioons andd wiith thee shhorttagee off crrediit aand buyyerss inn maany secctorrs, havve ddeemmed it pruudennt tto NNOT liqquiddatee asssetts aat ffiree saale priicess, wwhicch wwoulld bbe tto tthe dettrimmentt off noot oonlyy reedeeeminn

7、g iinveestoors, buut oof ccourrse to thoose whoo reemaiin aas wwelll. In mosst iinsttancces, wee acctuaallyy weelcoome thiis ddeciisioon aas wwe hhavee allwayys sset outt too atttemmpt to preeserrve invvesttor cappitaal aand bellievve oour ressultts aare tesstammentt too thhat. WWithh gllobaal iindi

8、icess doown 30-60%+, we havve mmanaagedd too prroduuce possitiive retturnns iin aan eenviironnmennt nnot seeen ffor deccadees. Inn soo dooingg annd ffavoorinng ccerttainn moore staablee asssett cllasss thhouggh, we havve ffalllen vicctimm too liiquiiditty aalonng wwithh maany othherss annd ttherrefo

9、ore as a ccondduitt fuund or funnd oof ffundds, havve nno cchoiice butt too suuspeend reddempptioons ourrsellvess. AAs tthe marrkett coondiitioon aalloows, hoopeffullly, by thee ennd oof tthiss yeear, wee wiill staart acccepttingg innvesstorrs rredeempttionn reequeest. WWe ccan asssuree yoou tthiss

10、wiill be donne wwithh yoour besst iinteeressts at heaart andd ass quuickkly as posssibble WITTHOUUT fforccingg innoppporttunee liiquiidattionns aand theerebby rresuultiing in losssess foor tthe invvesttor. We hhavee taakenn thhis couursee off acctioon aas wwe nneedd too prroteect alll ouur iinveesto

11、ors andd noot mmereely payy ouut wwhatt wee caan nnow, leeaviing thoose whoo reemaiin iinveesteed iin oour funnd wwithh a lesss lliquuid porrtfoolioo annd hhencce mmoree onneroous resstriictiionss. We ttrusst yyou willl rresppectt annd aapprreciiatee thhis possitiion. WWe rreitteraate thaat tthe por

12、rtfoolioo iss peerfoormiing welll aand thee sttepss taakenn arre bbeinng ddonee foor iinveestoors pprottecttionn. In thee fuuturre, thee fuund itsselff wiill conntinnue to pubblissh tthe funnd NNAV andd moonthhly facctshheett too uppdatte yyou lattestt maarkeet aand funnd ssituuatiionss.Bestt Reegar

13、rds, The Bluuefiin IInveestmmentt Teeam藍鰭多重重策略基基金 Kaarassel Enhhancced 分離式式組合暫暫停贖回回通知正如大家家所知道，目前全全球資本本市場的的混亂，主要原原因是信信貸緊縮縮和投資資部位技技術性被被迫非理理性出清清造成的的。本基基金已盡盡所能在在此次金金融風暴暴襲擊下下，維持持穩定的的基金投投資績效效。從全全球各大大股市指指數表現現觀察，我們可可以看到到大多知知名指數數皆下跌跌30%至45%不等，相較之之下，本本基金表表現相當當不錯。年初至今今 *藍鰭多重重策略基基金 - Kaarassel Enhhancced SP+0.1

14、10% *美國標準準普爾5500指指數-33.83%道瓊歐洲洲50指數數-38.63%日本日經經2555指數-35.64%香港恆生生指數-44.41%CS/TTremmontt 避險險基金指指數-3.555% *年初至至8月份的的基金表表現* 年初至至10月月21日日的指數數表現在國際政政府單位位全力合合作和努努力之下下，信貸貸市場可可望在今今後的幾幾個月裡裡獲得改善善，這些些跡象已已開始形形成。在在全世界界的恐慌慌和巨大大的市場場崩潰，大規模模的合作作是必要要方式，此將有助於於市場恢恢復秩序序。這些些合作方方案與效效應已持續進進入整體體市場中中。 在在現階段段，我們們被多數數的子基基金告知知

15、他們將將暫停接接受贖回回，主要要原因是是目前市市場環境境與市場場流通性性不足。在市場欠欠缺足夠夠的買家家，信貸貸短缺的的環境下下，許多多基金已已決定不不接受贖贖回要求求，主要要是避免免將資產產用不合合理的價價格被迫迫賤賣出出場，導導致對整整體基金金投資人人或是不不願出場場的基金金投資者者不公平平。 我我們對這這些子基基金的決決定表示示歡迎，因為我我們認為為保護投投資人的的資本是是首要任任務。 當全球球股票指指數下跌跌30至至60%，我們們仍然可可以在這這百年一一次世紀紀金融風風暴下創創造正報報酬率! 我我們誠希望各各位投資資人可以以注意到到我們年年初至今今的績效效，並且且體會我我們過去去的努力力維持資資本與創創造正報報酬率。本基金金是組合合式基金金，旗下下部分的的基金停停止接受受贖回，我們也也別無選選擇需要要停止接接受投資資人的贖贖回要求求。 當當市場情情況允許許之下，希望落落在今年年年底，我們將將重新接接受投資資人贖回回要求。 我們們可以確確定這決決定是對對你的投投資利益益最佳化化，在基基金不被被強迫賤賤賣資產產，導致致其他投投資人的的投資利利益