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| Fund Description |
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The Fund's objective is to achieve consistent and superior returns on capital. The Fund seeks to achieve this by investing 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 can be found in companies involved in exploration, production, transportation, processing and distribution activities, as well as in those providing field-services and equipment to the industry. The focus of the Fund is Russia and the CIS where a one-off transformation in the economics of the gas industry is taking place. This is the result of a progressive price liberalization which is seeing gas prices increase from low state-controlled levels to market prices which are several-fold higher.
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| Statistical Data |
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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 |
| 2011 |
-0.2% |
3.9% |
1.0% |
-4.9% |
-5.8% |
0.2% |
-6.0% |
-11.6% |
-5.0% |
-3.3% |
-2.1% |
-6.1% |
-34.0% |
| 2010 |
6.0% |
-5.7% |
6.5% |
-0.4% |
-6.5% |
-3.1% |
4.2% |
-1.7% |
2.4% |
3.0% |
0.6% |
8.5% |
13.4% |
| 2009 |
-2.8% |
-2.1% |
1.2% |
2.3% |
6.7% |
-4.6% |
3.3% |
2.8% |
14.2% |
4.2% |
-1.2% |
3.1% |
28.9% |
| 2008 |
-12.9% |
7.8% |
-0.2% |
3.7% |
11.3% |
-4.5% |
-11.4% |
-2.3% |
-12.8% |
-12.8% |
-4.5% |
-4.3% |
-37.9% |
| 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 | April 2004 |
| Currency | US Dollar |
| Valuation | Daily NAV Calculation by the Fund Administrator |
| Minimum investment | USD 500,000 |
| Prime Broker | N/A |
| Custodian | UBS |
| 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% |
| Perfomance fee | 20% |
| Subscriptions | Monthly |
| Redemptions | Monthly |
| Investor reports | Daily online account information |
| Bloomberg | PHAROSRG |
| ISIN | KYG705201047 |
| CUSIP Number | G70058 28 7 |
| VALOR | 1845168 |
| | PETER HALLORAN |
| Portfolio Manager |
Twenty-three years financial markets experience, Russia resident since 1995. Pioneered Russian capital markets since their
inception, including acquisition of 7.5% of voucher market, first placement of local debt (GKOs) to westerners, 2bn
privatization bids, 1st IPO in Russia and overall bringing $8bn 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 CSFB, Salomon Brothers and Morgan Grenfell. B.A. 84 Yale University.
| | Dr NAT MOSER |
| Senior Analyst |
Fourteen years experience in valuation, financial analysis and due diligence of Russian and CIS oil & gas sector for EU, OECD, Wood Mackenzie, and Dart Management. Moscow-based since 1996. Fluent Russian. BA, MA and PhD from Manchester University, and an MPhil from 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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