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Opalesque Exclusive: Harbert distressed fund up 100% YTD after record 21.21% (est.) October return Harbinger Capital Partners Fund I and the Harbinger Capital Partners Offshore Fund I reported an estimated return of 21.21% (99.4% YTD) and 21.40% (100.6% YTD) for October, net of fees and expenses, according to an investor communication obtained by Opalesque. While profits for the month were generated by both the long and short sides of the portfolio, with the most profitable position being the subprime mortgage short, which is predominately protection owned on individual mortgage pools. The fund did not have a down month this year.

Harbinger Capital Partners Fund I was set up in June 2001 and so far has yielded between 10.6% (2004) and 27.5% (2003) in previous years.

Harbert Management (the investment company that owns Harbinger), added the October performance information has not been audited or prepared to meet the reporting standards of the CFA Institute (GIPS), or any other regulatory agency or trade organization. Estimated month-to-date returns are calculated using the Fund’s internally calculated month-to-date net profit or loss after fees and expenses divided by the Fund's beginning capital (including any beginning of the month contributions). These returns are calculated based upon internal and external valuations of portfolio holdings. Independent pricing sources are sought in order to provide market-based month-end prices, but not every posi......................

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