Michelle Malone had her prized ponies attacked and she believes it could be the work of jealous show competitors.

Three-year-old black shetland, Kizmet, had her tail and forelock cut-off last month, meaning she will miss shows.

"I was disgusted with the attack and will be even more disgusted if it turns it out to be a competitor," Mrs Malone said.

The incidents happened over a three week period.

Firstly the offenders entered the Malone family's Ascot Rd paddock and cut off most of Kizmet's prize-winning tail.

That was followed by someone firing rocks from a spud-gun at the ponies.

Kizmet's forelock was again targeted in another attack.

As a showpony she was worth about $2500, but Mrs Malone said her only value now was in breeding because it would take up to five years for Kizmet's hair to grow back.

Separate attacks were inflicted on two ponies at another Creswick property around the same time.

Mrs Malone said while it could be someone trying to eliminate competition, it was possible the hair was sold for use as extensions on other showponies.

She said as the only pony she entered in shows, the loss would hurt financially.

"I'm now out of competitions for the next five years," she said.

Mrs Malone said the attack had upset her young children.

"My kids are very upset because we have had to hide Kizmet to protect her and they don't get to see her much anymore," she said.

Creswick Police are investigating the incidents.

*Anyone with information can contact Creswick Police on 5345 2220 or Crime Stoppers on 1800 333 000.