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Pharos Financial Group is one of the most experienced fund managers specializing in the
securities markets of Russia and the former Soviet Union. With a thirteen year history
through up and down markets, Pharos has a proven track record of superior absolute returns.
UNIQUE EXPERIENCE
Innovators. Market leaders. Management has been in top leadership positions in Russian
capital markets since their inception. Strong western market experience.
VALUE APPROACH
Identifying opportunity amidst rapid change.
ABSOLUTE RETURN
Active management with financial flexibility.
CREDIBILITY
Broad experience. Local expertise. Reputation for integrity.
LOCAL PRESENCE
Moscow-based investment team.
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Pharos Financial Group was established in 1997 to provide institutions and private
investors an opportunity to gain exposure to the emerging markets of the former Soviet Union.
UNCOMMON INSIGHT AND EXPERIENCE
Pharos' strength lies in managements unparalleled experience in the growth and
development of Russian capital markets and the resulting insight into market events,
opportunities and trends. Pharos principals have in-depth, personal knowledge of
Russian companies, their history, and management. Management has extensive Western
capital markets experience and the technical expertise to handle complex opportunities
involving derivatives and structured product.
Pharos has a well established reputation for corporate ethics and integrity. Management
has been centrally involved in key corporate governance events during Russia's progress
towards rules-based, investment grade markets and has represented minority
shareholder interests on the boards of 26 of Russia's leading companies.
INVESTMENT PHILOSOPHY
We seek to achieve the significant gains which occur when Russian companies engage
financial markets and benefit from strong local economic growth. Our funds pursue
absolute returns using a value strategy based upon fundamental analysis, historical
perspective, and in-depth knowledge of sectors and companies. Turnover is low.
Absolute return is the primary consideration.
PRODUCTS
Pharos offers three funds, the Pharos Russia Fund (launched October 1997), the Pharos
Gas Investment Fund (launched April 2004) and the Pharos Small Cap Fund (launched
November 2005). Products are sufficiently diverse for mobility and flexibility in the
Russian markets.
PORTFOLIO CONSTRUCTION
While pursuing consistent investment themes with long-term strategies, the funds also
benefit from high-quality local market information, allowing them to take advantage of
catalyst and event-driven price movements. We meld our bottom up conclusions
together with macro overviews drawn from broad access to more global information and
flows.
FINANCIAL FLEXIBILITY
The Pharos funds have available all the tools for active management, including shorting
and the use of derivatives. The funds are actively managed to capitalize upon Russia's
quickly growing, inefficient yet increasingly investment grade capital markets.
STRESS TESTED
The Pharos Russia Fund is stress-tested, one of the few to survive the Russian financial
crisis of 1998. Multi-year experience gives Pharos superior insights into the Russian
equity markets and strong infrastructure, execution, and administration of settlements.
Central involvement in some of the most important shareholder rights events of the past
ten years gives Pharos critical insight into this important aspect of Russian equity
investing.
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