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| Fund Description |
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The Fund's principal investment objective is to achieve consistent and superior returns on capital. The Fund seeks to achieve this
objective by investing primarily in a portfolio of securities where exposure to the natural gas industry is a component of either their asset
base or revenue stream or both. Such exposure to the industry may be found in the exploration, production, transportation, distribution,
storage or processing of natural gas. The Fund is up 342% since inception.
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| Monthly performance since inception |
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| |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
YTD |
| 2008 |
-12.9% |
7.8% |
-0.2% |
4.0%e |
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-2.6%e |
| 2007 |
-7.3% |
-3.3% |
1.4% |
-4.2% |
-7.3% |
6.6% |
2.9% |
-3.6% |
2.0% |
8.7% |
8.9% |
6.4% |
10.1% |
| 2006 |
13.9% |
0.0% |
6.2% |
36.6% |
-7.8% |
-10.0% |
0.2% |
9.4% |
-6.1% |
1.2% |
8.8% |
-1.4% |
53.3% |
| 2005 |
1.4% |
4.8% |
-2.5% |
-1.3% |
0.3% |
1.2% |
8.8% |
14.9% |
30.8% |
-4.4% |
16.2% |
11.6% |
110.1% |
| 2004 |
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-4.2% |
-8.1% |
14.4% |
-2.5% |
-2.5% |
24.4% |
8.4% |
5.0% |
-5.1% |
28.8% |
| Structure | Open Ended Investment Fund |
| Domicile | Cayman Islands |
| Inception Date | 22 April 2004 |
| Currency | US Dollar |
| Valuation | Daily NAV Calculation by the Fund Administrator |
| Minimum investment | USD 250,000 |
| Prime Broker | Citigroup Global Prime Brokerage |
| Investment Advisor | Pharos Financial Advisors Ltd. |
| Fund administration | Custom House (Dublin) |
| Auditor | Deloitte & Touche |
| Legal | Dechert LLP (New York). Walkers (Cayman Islands). Akin Gump (Moscow) |
| Management fee | 2% per annum |
| Perfomance fee | 20% |
| Subscription | Monthly |
| Redemptions | Monthly upon 30 days notice |
| Investor reports | Daily online account information |
| Bloomberg | PHAROSRG |
| ISIN | KYG705201047 |
| PETER HALLORAN |
| Portfolio Manager |
Twenty years financial markets experience, Russia resident since 1995. Pioneered Russian capital markets since their inception, including acquisition
on 7.5% voucher market, first placement of local debt (GKOs) to westerners, 3bn privatization bids, 1st IPO in Russia and overall bringing $7.5bn of
capital to the market. Founder of Pharos 1997. Ran CSFB brokerage with #1 market share in Moscow 1995-1997 including trading, research, sales and
$300mm prop book. Adviser to Soros Fund Mgmt 1999-2000. Ran top-rated local investment bank Aton Capital 2000-2002. Earlier in New York
with Morgan Grenfell and Salomon Brothers. B.A. 84 Yale University.
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| NAT MOSER |
| Senior Oil and Gas Analyst |
Eleven years experience as an industry consultant and economist on the Russian & CIS oil and gas sector for the
EU, OECD, Wood Mackenzie, Dart Management and several Russian companies. Fluent Russian. MPhil 96 Oxford University.
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| Subscription Information |
| Custom House Administration and Corporate Services |
25 Eden Quay Dublin 1, Ireland
Tel. +(353) 1 878 0807 Fax +(353) 1 878 0827
Attn: Michael Mockler michael.mockler@customhousegroup.com
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For additional marketing information please contact us at (7 495) 221-4991 or e-mail info@pharosfund.com
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Disclamer: This document is for information purposes only and not constitute an offer or solicitation
to buy or sell any investments or to make any investment decition. Please refer to the confidential
privare placement memorandum for more information.
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