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Sabre launches long/short style hedge fund

Sabre Fund Management is launching the Sabre Long/Short Style
Fund Limited (the "Fund"), which will be managed by Dan Jelicic and
Patrick Dugue.

Melissa Hill, Sabre's Chief Operating Officer, said: "The launch of a
directional equity strategy reflects a new departure for Sabre which is
now increasing its commitment to the research and development of
new fund management ideas".

She added: "The new Sabre Long/Short Style Fund is a natural spin-
off from the successful Sabre Style Arbitrage Fund developed by Dan
Jelicic.  There is a price for maintaining market neutrality and by
allowing the long/short fund to pursue sector rotation opportunities we
are able to generate additional alpha whilst employing our proprietary
risk management systems to control the downside".

Mr Jelicic said: "In the Arbitrage Fund style exposures are managed
whilst sector exposures are hedged. In the long/short case, style
exposures as well as market exposures are explicitly managed."

He said: "The resulting risk/return profile in simulation looks very
attractive, with expected annual volatility being in the 10-12% range
while targeting a 25% p.a. performance level"

The Sabre partners have been trialing the long short strategy with
their own money and have seen positive returns in four of the five
months traded (from September 2003). The new Long/Short Fund is
expected to have less than 65% correlation with the existing arbitrage

The open-ended Sabre Long/Short Style Fund is domiciled in the
Cayman Islands and is listed on the Irish Stock Exchange.

The Fund is denominated in USD. Shares in the Fund may be
purchased and redeemed on a monthly basis.

Investment is limited to Professional Investors and the minimum
subscription amount is USD 250,000.


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