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| Fund Description |
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Pharos Russia Fund is an absolute return hedge fund focused on securities in Russia and the former Soviet Union. The Fund is one of
the most experienced Russian investment funds, with a 11 year track record through up and down markets, offering daily liquidity and
daily NAV calculations by an independent administrator available on the website. The Fund has the possibility of using derivatives or
going short, and is positioned with a long bias due to the manager's positive outlook for the Russian market.
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| Statistical Data |
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| Performance % |
YTD |
1 Month |
3 Month |
2007 |
2006 |
2005 |
2 Year |
5 Year Annualized |
| Pharos Russia |
-5.8%e |
3.3%e |
4.3% |
9.6% |
36.9% |
66.4% |
18.9% |
28.7% |
| Recent return statistics |
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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 |
-9.6% |
3.9% |
-2.9% |
3.3%e |
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-5.8%e |
| 2007 |
-1.2% |
0.5% |
3.3% |
-1.7% |
-6.6% |
5.6% |
2.9% |
-3.9% |
4.8% |
4.6% |
-2.7% |
4.5% |
9.6% |
| 2006 |
14.1% |
4.7% |
0.2% |
10.8% |
-13.2% |
-5.5% |
2.8% |
4.7% |
-4.3% |
3.9% |
9.8% |
7.1% |
36.9% |
| 2005 |
1.1% |
10.2% |
-8.6% |
-3.4% |
2.8% |
1.6% |
10.5% |
13.5% |
17.2% |
-8.4% |
8.8% |
10.8% |
66.4% |
| 2004 |
10.2% |
11.6% |
10.0% |
-12.5% |
-3.0% |
3.4% |
-7.8% |
3.0% |
11.4% |
6.3% |
-3.2% |
-2.8% |
26.0% |
| 2003 |
-2.2% |
11.5% |
-1.6% |
11.3% |
5.0% |
7.1% |
-5.0% |
4.2% |
4.5% |
-10.4% |
-0.8% |
5.3% |
32.1% |
| 2002 |
14.1% |
0.5% |
11.0% |
6.1% |
11.5% |
-14.2% |
-9.7% |
0.1% |
-2.4% |
9.1% |
2.3% |
0.0% |
24.5% |
| 2001 |
16.6% |
1.3% |
-0.9% |
2.1% |
10.0% |
9.4% |
-8.6% |
1.6% |
-16.4% |
13.9% |
15.6% |
13.6% |
66.7% |
| 2000 |
12.6% |
5.7% |
38.2% |
-6.6% |
-18.0% |
-11.0% |
9.0% |
19.0% |
-17.7% |
-2.8% |
-21.1% |
-1.5% |
-9.7% |
| 1999 |
-1.3% |
3.3% |
7.4% |
0.9% |
4.7% |
27.3% |
-12.0% |
-11.0% |
-31.3% |
11.1% |
37.0% |
39.3% |
68.1% |
| 1998 |
-30.9% |
13.4% |
6.9% |
-2.2% |
-38.1% |
-18.1% |
-5.1% |
-36.4% |
-8.1% |
-4.3% |
12.8% |
-0.8% |
-75.3% |
| 1997 |
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-19.2% |
-15.8% |
12.7% |
-23.2% |
| Fund Name | Pharos Russia Fund |
| Structure | Open Ended Investment Fund |
| Domicile | Cayman Islands |
| Inception Date | October 14, 1997 |
| Currency | US Dollar |
| Return measure | Absolute |
| Valuation | Daily NAV by fund administrator |
| Subscription | Daily |
| Redemptions | Daily |
| NAV updates | Daily online information |
| Investor reports | Daily online market updates. Monthly letter to investors |
| Minimum investment | USD 500,000 |
| Management fee | 2% |
| Perfomance fee | 20% |
| High water mark | Yes |
| Bloomberg | PHAROSR KY |
| ISIN Number | KYG7052G1091 |
| CUSIP Number | G7052 10 9 |
| Prime Broker | Merrill Lynch Prime Brokerage |
| Fund administration | Custom House (Dublin) |
| Auditor | Deloitte & Touche |
| Legal | Dechert LLP (New York). Walkers (Cayman Islands). Akin Gump (Moscow) |
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| PETER HALLORAN |
| Fund 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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| 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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