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| March 11, 2010 |
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The overall market remains rangebound as the global dynamic we have been writing about is unchanged. Yesterday's meeting to decide on export tax breaks for East Siberian oil was postponed, as Mr. Sechin could not make the meeting, an obvious sign that agreement has still not been reached in the government. We expect that all extractive industries will trade hesitantly until this matter is settled, as there is clearly risk of taxes being extended/increased on other commodity exports to pay for oil tax cuts. The trading behavior of Norilsk Nickel supports this thesis, as very strong nickel, copper, platinum and palladium prices have not translated into a major move in Norilsk's share price, which is certainly warranted if these price increases stick, and which have been seen in similar equities such as Ferrexpo, ENRC and Mechel.
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Performance
|
| |
Pharos Russia Fund |
Pharos Small Cap
Fund |
Pharos Gas
Investment Fund |
| Date |
March 10 |
March 10 |
March 10 |
| Indicative NAVs |
252.9 |
153.7 |
3761.5 |
| DTD |
2.2% |
0.4% |
-0.2% |
| MTD |
5.9% |
0.8% |
2.7% |
| YTD |
9.7% |
4.8% |
2.9% |
| 12 months |
57.3% |
113.8% |
36.0% |
| 2009 |
50.1% |
96.6% |
28.9% |
| 2008 |
-37.7% |
-52.1% |
-37.9% |
| 2007 |
9.6% |
8.1% |
10.1% |
| 5 Year Annualized |
19.3% |
n/a |
24.3% |
| 10 Year Annualized |
26.1% |
n/a |
n/a |
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