News Relating to Southbrook Capital Management LLC

• (5/10/2004) - The market has now priced in 100 basis points of Fed tightening, and the Fed hasn't even made a move yet. Now would be a good time to extend portfolio durations by purchasing Treasury bonds.


• (4/30/2004) - There is still plenty of spread risk out there. Contrary to Street opinion, holding credit-sensitive fixed income at this point is a bad idea. Take risk in duration, keep credit risk to AA at the worst.


• (4/8/2004) - 10 year AAA CMBS spreads have recently moved below 1997 record lows. Clearly the market is being driven by the low rate environment, but since the commercial real estate market hasn't truly been tested with losses in over a decade, this may come back to haunt buyers.


• (3/29/2004) - ABS spreads finally go to zero. Great news in the short term for credit investors. Bad news in the long term, because 2004 is off to a great start. Just like 1998.


• (12/10/2003) - TheStreet.com article about "Scandal-Proofing With Separate Accounts".


• (12/10/2003) - WSJ article on how more investors are moving to separate account managers. Better transparency, no late trading, no market timing and no sales charges.