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Pharos Financial Group Company Description
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.




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.