Turtle Super Trader Program Results YTD

Big News! The Turtle Fund L.L.C. Is Now Officially Open To Investors!!

The Offering Memorandums are being printed, the Track Record has been compiled and audited, and the Fund is ready to go. Turtle Fund L.L.C. has been operating for a little over one year now, since the Fall of 2006. But for all this time, the only three "investors" in the Fund have been Russell Sands (me), Turtle Talk Incorporated, and Turtle Futures Incorporated. In other words, before asking any outside investors to trust me, even close friends or family, I had already decided in advance just to trade my own money (in the name of the Fund) for a year, in order to build up a track record. And now that more than a year is finished, and all of that live performance is on the books, it is time to open up the Fund for real.

I have to tell you, it's been a pretty good run so far. The gross return for the Fund was just over 70% in 2007, and now we can add to that another 30% so far to start off in 2008. That 100% gross return works out to 80% net return to investors, after subtracting all the fees and expenses, in just the past fifteen months. And.... that even includes missing a couple of good weeks in February when I just stopped trading so as to focus on finishing all the administrative work to get this Fund up and running. Of course, I'm not personally going to sit here and take all the credit for this achievement, as it is really the "Turtle system" that did all the hard work. Although "I" have been the one faithfully following the system, even occasionally tweaking it with my own personal judgment, including trading more conservatively than the fully leveraged computer model, to try and make (or save) a few extra percent, and also try and smooth out the equity swings along the way as much as possible.

My intention going forward is that this Turtle Fund is really going to operate as a true "hedge fund", and not just another commodity pool. That means we are not only going to trade traditional commodities and financial futures, but also Stocks (although mostly Indexes), as well as foreign exchange (Forex). As I'm sure most of you know, I have been working the past few years on systems for these different asset classes, and now things have finally all come together. Although the 'official' track record in this Offering Memorandum so far is just for my results in the futures markets, I have several different ideas and tricks up my sleeve, and I intend to try and take advantage of all of them. I think we will initially allocate 50% of the Fund money to the original Turtle program in Commodities, with 25% going to the Forex and 25% going to the Equities, but I will determine the exact final mix (which is always subject to change) once the Fund has raised some additional money and is ready to go.

For many of you reading this who already have been involved with any of my programs, and have an 'auto-traded' account with one of the brokers we use, you might be asking yourself what would be the advantages of investing in this Fund ? In my opinion, there are several reasons, the first and foremost being increased diversification. Also, owning a fractional piece of a large fund, your position sizes are going to be much more accurate for all the different markets involved, and you will never be either over or under trading due to having to 'round off' the number of contracts for your individual account size. Not to mention that the idea of 'piecemeal' scaling in and out of your positions when I have suggested lightening up becomes a lot easier too.

Another good reason (in my opinion) to participate would be in order to take advantage of those (infrequent) times where I just might see something that is 'outside' of the mechanical system parameters, and choose to act on it.

Those of you who are already familiar with "Turtle trading" know that it is 'mostly' mechanical, but there is also some human judgment involved. And sometimes I am able to get a "special message' out to the hotline groups and the brokers, but not always. But this way, you all get to immediately follow along with me, and without trying to sound arrogant, I know that my discretionary judgment calls over the past few years have been right more than they've been wrong.

For those of you who are not already Turtle 'clients' in some way (this letter is also being sent to several personal friends and other business acquaintances), I would hope the advantages of investing in my new Hedge Fund are obvious. Some of you know me from playing Blackjack, and some of you just know me as a friend or a neighbour without really understanding my business. I will tell you right here and now that 2007 was an 'above' average year, and I certainly don't want you to think that 70% annual returns are to be considered normal. Quite honestly, I would be very happy to earn half that much !! And despite what you may think, or have heard, about 'futures trading' or 'hedge funds', I promise you that I am really very 'conservative' when it comes down to my own trading (and remember, since I am the largest investor in this Fund, my money is on the line more than anyone else's).

But even if it was just 30% per year, you guys know that you can't make that kind of return in the stock market or in real estate or anywhere else. I am not here to give you a 'sales pitch', but I have been doing this a long time, and I do think I've gotten pretty good at it. And now I feel comfortable that it's finally time for me to branch out and go public with my trading for others as well.

Unfortunately, the structure of this Fund is such that it is not for everybody. The minimum investment required is $50,000, and it will go in increments of $25,000 after that. I really wish it could be less, but this has more to do with our government securities laws than anything else. I am limited by the rules to taking a certain number of investors (35 non-accredited and 99 total), and so in order to reach a high enough critical mass account size that we can gain some leverage over the markets (and the brokers), I need to set the minimum investment at this level. I will tell you that if I can get a few large investors to come along with me, this will give me a little bit of leeway to make some room to allow a few people in at lower levels, but I can't make any promises.

I also want to say that I am putting my money where my mouth is, and so this Fund is starting with approximately $450,000 of my own money. Remember I said that I actually started this a year ago (with a little over $200,000) so this is what the Fund has grown to right now. I intend to remain the largest investor in the Fund, and will try to own at least 5% of it at all times, not only because I believe in this, but because I think it is the right thing to do for credibility.

So there you have it. In a nutshell, Commodities are back ! And this Hedge Fund is not just about commodity trading, but all trading in general. I don't know if we are going to hit the old times and consistent triple digit returns of the 1980's, but if the start of 2008, on top of the heels of a great 2007, is any indication of things to come, then we are in for a high expectation ride over the next couple of years. And of course, with all this newly re-discovered volatility, our trend following systems should do pretty well in all the markets we trade, including both the equity and foreign exchange markets as well.

Of course, it's not really quite that simple, but I think this just about sums up most of the 'important' information. There is a ninety page formal Offering Memorandum with lots of legal mumbo jumbo that you have to read, and also a detailed Subscription Agreement with some pages that need to be filled out and signed by every investor.

Attached to this letter as a link to a .PDF file with the complete Prospectus for your review, including the Subscription Agreements and the payment instructions. Or if you prefer, just call or write back to me and I will mail you an old fashioned printed copy. In my personal opinion, the most important thing you need to read is the performance capsule on page 7 in the main body of the Document, as well as the itemized and more detailed fourteen column performance table that is on page SA5 in the second section of Supplemental Information. And by the way, the phrase "investor" here refers to individuals, corporate entities, and even most retirement plans.

Remember, the Fund is already up and running with my own money, but new investors will be added at the beginning of each month once their Subscription Agreements have been approved. I am hoping that the rest of 2008 will be as good a year in the markets as was 2007, and I also hope that as many of you as possible will choose to come along and participate in this venture.

As always, if any of you have additional questions, you can call 1.800.783.1680 and arrange an appointment during normal market hours, and I will be happy to talk to you.

Thanks in advance for your consideration.
Sincerely, Russell Sands.

Here is the link for the FUND DISCLOSURE DOCUMENTS

http://turtletrading.com/downloads/final-turtle-fund%20prospectus.pdf