| 08 March 2010 |
| Pharos Miro Agriculture Fund in Business New Europe
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| 04 March 2010 |
| Pharos Named Best Hedge Fund Manager
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| Download article in PDF > |
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| 04 March 2010 |
| Pharos featured in Opalesque
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| Download article in PDF > |
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| 26 February 2010 |
| Pharos Miro Agriculture Fund in Opalesque
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| Download article in PDF > |
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| 21 January 2010 |
| Pharos Miro Agriculture Fund in Reuters
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| Download article in PDF > |
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| 29 December 2009 |
| Pharos Miro Agriculture Fund in Investment News
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| Download article in PDF > |
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| 25 November 2009 |
| Pharos Miro Agriculture Fund in Eurohedge
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| Download article in PDF > |
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| 23 November 2009 |
| Pharos Launches Private Equity Agriculture Fund
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| Download article in PDF > |
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| 11 November 2009 |
| Pharos Miro Agriculture Fund in Reuters
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| Download article in PDF > |
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| 15 October 2009 |
| Pharos featured in Opalesque
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| Download article in PDF > |
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| 30 September 2009 |
| Pharos Russia Fund ranked #1 in Barclay Hedge
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| Download article in PDF > |
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| 12 September 2009 |
| New Pharos Agriculture Fund in The National
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| 20 August 2009 |
| Pharos featured in Emirates Business 24/7
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| 20 August 2009 |
Peter Halloran on CNBC Europe Squawk Box: Russian Economy is Past the Worst
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| "The worst is behind the Russian economy, but there's a lot still to be done," Peter Halloran, CEO of Pharos, told CNBC Thursday. Now it's a matter of sorting out a lot of the debt issues that are still out there," he added.
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| Watch the video> |
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| 20 August 2009 |
| Pharos featured in Emirates Business 24/7
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| 10 August 2009 |
| Kevin Dougherty on Reuters about investing in Russia
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| Watch the video > |
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| 19 July 2009 |
| Pharos featured in Emirates Business 24/7
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| 07 July 2009 |
| Peter Halloran featured on Reuters
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| Download article in PDF > |
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| 03 July 2009 |
Kevin Dougherty on Russia Today: Russian stocks enter doldrums as investors wait for triggers
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Watch the video> |
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| 22 May 2009 |
| Peter Halloran featured in Opalesque
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| Download article in PDF > |
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| 05 May 2009 |
| Kevin Dougherty featured in Euromoney
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| Download article in PDF > |
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| 27 April 2009 |
| Peter Halloran in Business New Europe
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| 26 April 2009 |
| Peter Halloran in Arabian Business
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| 16 April 2009 |
| John Papesh featured in Emirates Business 24/7
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| Download article in PDF > |
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| 07 April 2009 |
| Pharos featured in Opalesque
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| Download article in PDF > |
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| 02 April 2009 |
Interview of Kevin Dougherty on Russia Today about the G20 and the global financial system.
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With world leaders meeting at the G20 summit in London, RT spoke with Kevin Dougherty of the Pharos Financial Group about funding of the IMF and global financial regulation.
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Watch the video> |
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| 09 March 2009 |
| Peter Halloran featured in Business Intelligence Middle East
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| Download article in PDF > |
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| 07 March 2009 |
| Kevin Dougherty in TIME magazine
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| Download article in PDF > |
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| 10 February 2009 |
| Peter Halloran featured on Reuters
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| Download article in PDF > |
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| February 2009 |
| Peter Halloran profiled in Forbes
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| 19 January 2009 |
| Kevin Dougherty on Reuters
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| Download article in PDF > |
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| 12 December 2008 |
| Kevin Dougherty on Bloomberg
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| Download article in PDF > |
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| 30 November 2008 |
| Peter Halloran in The National
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| Download article in PDF > |
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| 27 November 2008 |
| Kevin Dougherty on Reuters
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| Download article in PDF > |
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| 20 November 2008 |
| Peter Halloran in Arabia Business
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| Download article in PDF > |
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| 20 November 2008 |
| Kevin Dougherty on Bloomberg
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| Download article in PDF > |
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| 20 November 2008 |
| Kevin Dougherty in Associated Press
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| 19 November 2008 |
| Pharos featured in Eurohedge
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| Download article in PDF > |
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| 18 November 2008 |
| Pharos featured on CNN
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| Download article in PDF > |
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| 17 November 2008 |
| Pharos featured in DIFC
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| Download article in PDF > |
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| 17 November 2008 |
| Pharos opens new office in Dubai
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| Download article in PDF > |
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| 01 November 2008 |
| Pharos featured in Reuters
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| Download article in PDF > |
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| 31 October 2008 |
| Peter Halloran in Associated Press
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| Download article in PDF > |
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| 22 October 2008 |
| Peter Halloran in The New York Times
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| Download article in PDF > |
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| 11 October 2008 |
| Peter Halloran in The Wall Street Journal
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| Download article in PDF > |
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| 07 October 2008 |
| Pharos in Institutional Investor
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| Download article in PDF > |
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| 02 October 2008 |
| Peter Halloran in Hedge Funds Review
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| Download article in PDF > |
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| 01 October 2008 |
| Pharos in HedgeCo.net
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| Download article in PDF > |
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| 15 September 2008 |
| Peter Halloran in The Moscow Times
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| Download article in PDF > |
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| September 2008 |
| Kevin Dougherty in Institutional Investor
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| Download article in PDF > |
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| 5 September 2008 |
| Kevin Dougherty on Reuters
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| Watch the video > |
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| 29 August 2008 |
| Peter Halloran in Associated Press
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| Download article in PDF > |
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| 20 August 2008 |
| Peter Halloran in The Moscow Times
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| Download article in PDF > |
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| 15 August 2008 |
| Kevin Dougherty in Thomson Investment Management News
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| Download article in PDF > |
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| 01 August 2008 |
| Pharos Gas Fund featured in Hedge Funds Review
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| Download article in PDF > |
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| 24 July 2008 |
Pharos' strong returns highlighted in HedgeCo.net
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Pharos Russia Hedge Fund Holds Up In June
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| Download article in PDF > |
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| 22 July 2008 |
| Kevin Dougherty on Russia Today
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| Download article in PDF > |
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| Watch the video > |
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| 23 June 2008 |
| Peter Halloran quoted in Dow Jones Financial News
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| Download article in PDF > |
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| 22 June 2008 |
| Pharos' strong returns highlighted in EuroHedge
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| Download article in PDF > |
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| 22 June 2008 |
Pharos Gas Fund featured in Financial Times
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Russian gas industry to grow on higher prices
With energy prices riding high you might expect investors would be lining up to invest in a fund that bets on Russia's secondary energy play: natural gas. While the world is focused on the staggering rise in crude oil prices, Russian gas, too, has seen a surge in demand and prices, both at home and overseas. Russia was a key gas producer and exporter even before this rise, and has since become more influential. Most notably, Gazprom, the former state-controlled gas behemoth with a current market value of $350bn (Sterling 180bn, Euros 225bn), expects to surpass Exxon Mobil as the world's biggest public energy company before 2014.
This backdrop creates the perfect milieu for Pharos Financial Group's Pharos Gas Investment Fund, which touts itself as the only equity vehicle focused on Russia and its neighbours. Fuelled by rising prices and subsequent mounting corporate profits, this long-biased fund gained 38 per cent in 12 months to May 31, 2008. Its impressive performance stands out, especially when indices tracking hedge funds are mostly flat to slightly higher for the year.
Yet the Pharos gas fund is not the hottest ticket in town. Getting prospective investors on board had so far been a tough sell for Peter Halloran, the chief executive of Moscow-based Pharos, which has total assets of $150m. There are several likely reasons why: besides a handful of large producers and distributors, Russia's gas sector remains nebulous with scant research coverage. Furthermore, the Kremlin's grip on the country's energy players remains strong. The defunct energy firm Yukos and more recently BP's beleaguered Russian venture, TNK-BP, are examples of the Kremlin's influence over the country's dominant energy sector.
The Pharos fund, meanwhile, remains relatively small, at $45m, despite delivering impressive annualised gains of 55 per cent. Established in April 2004, the fund is run by portfolio manager Kevin Dougherty and senior analyst Nat Moser. Mr Halloran and his lieutenants have kicked their marketing efforts into high gear with hopes of scaling the fund up to $200m in short order.
That is partly because they view Russian president Dmitry Medvedev's new gas liberalisation plan as a positive catalyst. Under the new president, who previously worked as the head of Gazprom, the government plans to increase domestic gas prices by 25-40 per cent over the next three years. Record-setting oil prices are partially responsible for these price rises. Russia, like much of continental Europe, prices gas in line with crude oil, which has more than doubled in 12 months amid festering geo-political issues, supply-demand imbalance and the weakening US dollar.
Eventually, Russia wants to bring its domestic gas prices into line with international ones. Russian consumers currently pay around $72 per 1,000 cubic meters. Outside, prices hover between $400 and $430.
Higher local prices will augment industry-wide growth, says Oleg Maximov, an oil and gas analyst at Troika Dialog in Moscow. Legacy fields are in decline, requiring companies to make significant capital expenditure to secure new production that can meet emerging demand.
The expectation is that the price increases will fill up corporate coffers and finance the increased infrastructure-spend required to safeguard future supplies. Prices could get some additional fillip if Russia pushes forward with plans to create the so-called "gas Opec" with Algeria, Qatar and other large gas producers as members.
"People are now waking up to Russia's natural gas story," says Mr Halloran, who established Pharos in 1997 after working at Credit Suisse in Moscow. "The assumption's been there's only one play and that's Gazprom, but the reality is far from that," he adds. As a result of the price liberalisation, the gas sector is at an "inflection point," he says.
New producers are setting up while existing smaller ones, which had little market coverage, are now emerging from the shadows of the monopoly Gazprom. A case in point is Russia's second largest gas company, Novatek, which is preparing to double its production by 2015. Meanwhile, it has seen its market capitalisation rise from $2bn to $26bn in the past three-and-a-half years.
The number of gas services companies - pipeline builders, equipment makers, distributors and the like - will also increase in the next year or so, says Mr Halloran. And as the sector expands, both buy-side and sell-side coverage is likely to improve. This would draw in investors who have been sceptical so far.
By Suchita Nayar, Published: June 22 2008 21:26
Copyright The Financial Times Limited 2008
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| 17 June 2008 |
Pharos' strong returns highlighted in Opalesque
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Performance: Pharos' funds posted strong returns in May, Russia Fund up 11%, Gas Investment Fund up 11.3%.
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| Download article in PDF > |
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| May 2008 |
| Kevin Dougherty in Euromoney
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| Download article 1 in PDF > |
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| Download article 2 in PDF > |
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| 24 April 2008 |
Pharos Financial Group featured in Opalesque
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Opalesque Exclusive: Oldest Russian hedge funds now focuses on fundamentals unlikely to be affected by crisis, Russia exposed to financial markets-contagion but economy is taking off.
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| Download article in PDF > |
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| 07 April 2008 |
| Peter Halloran in Business New Europe
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| Download article in PDF > |
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| March 2008 |
| Peter Halloran in Institutional Investor
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| Download article in PDF > |
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| 19 March 2008 |
| Pharos Gas Fund featured in Hedge Fund Alert
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| Download article in PDF > |
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| 18 March 2008 |
| Peter Halloran in The Moscow Times
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| Download article in PDF > |
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| 17 March 2008 |
Interview of Kevin Dougherty on Russia Today about the consequences of the action took by the U.S. Federal Reserve on the value of the U.S. dollar.
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"The central banks are really worried about any impact on their own economies, so they are unlikely to add fuel to the fire by dumping the dollar at these levels. Certainly going forward
what we are likely to see from most central banks is that they will continue to diversify from the dollar in their reserves," added Kevin Dougherty, Portfolio manager of Pharos.
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| Watch the video> |
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| 12 March 2008 |
| Peter Halloran in Seeking Alpha
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| Download article in PDF > |
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| 03 March 2008 |
| Interview of Peter Halloran on Bloomberg: Analyze This: Russian Politics; Fund Strategy; Outlook For Russia's Growth
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| Peter Halloran, president of Pharos Financial Group, talks with Bloomberg's John Dawson from Moscow about his investment strategy and the impact of Dmitry Medvedev's victory in Russia's presidential election on the country's economy. Medvedev won by a landslide, giving him a
mandate to succeed Vladimir Putin. European monitors cast doubt on the fairness of the vote. (Source: Bloomberg)
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| Watch the video > |
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| 03 March 2008 |
| Peter Halloran quoted in The International Herald Tribune
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| Download article in PDF > |
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| February 2008 |
| Peter Halloran in Hedge Fund Intelligence
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| Download article in PDF > |
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| 19 February 2008 |
Interview of Peter Halloran on CNBC Europe Squawk Box: Good Time to Invest in Russia?
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| With Vladmir Putin set to step down next month, what is the change of political climate likely to mean for investing in the country? Peter Halloran, CEO of Pharos Financial Group discusses the attraction of investing in Russia.
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| Watch the video> |
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| 19 February 2008 |
Interview of Peter Halloran - Video available on Bloomberg
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| Peter Halloran, president of Pharos Financial Group, talks with Bloomberg's Nigel Stevenson in London about his investment strategy for Russian stocks, Russia's economy and the outlook for the country's presidential election on March 2. Pharos has more than $300 million under management.(Source: Bloomberg)
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| 08 February 2008 |
| Peter Halloran in HedgeWeek
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| Download article in PDF > |
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| 07 February 2008 |
| Peter Halloran in Lipper Hedge World
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| Download article in PDF > |
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| 24 January 2008 |
| Peter Halloran in HedgeCo.Net
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| Download article in PDF > |
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| 24 January 2008 |
| Peter Halloran in FIN Alternatives
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| Download article in PDF > |
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| January 2008 |
| Peter Halloran in the Moscow Times
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| Download article in PDF > |
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| January 2008 |
| Pharos sheds light on Russia's recovery - Euromoney
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| Download article in PDF > |
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| 24 December 2007 |
| No More Russian Roulette - The Wall Street Journal
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| Download article in PDF > |
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| 18 December 2007 |
| Peter Halloran in Eurekahedge
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| Download article in PDF > |
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| 11 December 2007 |
| Pharos quoted in the Financial Times
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| Download article in PDF > |
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| 03 December 2007 |
| Peter Halloran in The Moscow Times
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| Download article in PDF > |
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| 15 November 2007 |
| Peter Halloran in Reuters
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| Download article in PDF > |
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| 13 November 2007 |
| Peter Halloran in The Moscow Times
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| Download article in PDF > |
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| 15 October 2007 |
| Peter Halloran in Forbes.com
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| Download article in PDF > |
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| 21 September 2007 |
| Kevin Dougherty in Russian Today
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| Download article in PDF > |
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| 12 September 2007 |
New Russian Prime Minister signals continuity
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| The transition of presidential power has officially begun today as Prime Minister Fradkov has resigned after several years of unremarkable performance. His replacement is a relatively unknown but loyal 65 year old Putin protege named Viktor Zubkov. His post-Soviet experience has been largely with tax ministries, first under Putin in St. Petersburg and later in Moscow. Zubkov's most recent role has been to head Russia's anti-money laundering efforts where he successfully removed Russia from the FATF "black list". The Duma will approve him on Friday. It is likely that he will become the presidential nominee with the PM role serving as his launchpad as was the case with Putin. As the administration famously controls the media in Russia, there will be no need for Karl Rove's assistance in building Zubkov's image. Given Zubkov's age and loyalty to existing leadership, it seems clear that there will be no changes to policies or threat to the existing status quo. Indeed, Putin will be well placed to work in the shadows with this choice, and potentially to take the role of PM himself where he would continue as the de facto leader of Russia.
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| 6 August 2007 |
| The Almighty Rouble - The New York Times
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| Download article in PDF > |
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| July/August 2007 |
| Peter Halloran in Institutional Investor
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| Download article in PDF > |
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| 20 June 2007 |
Potanin Takes a Swipe at Government
The Moscow Times |
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| Download article in PDF > |
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| 11 May 2007 |
VTB Bank Raises $8 Billion in Biggest IPO This Year (Update1)
Bloomberg |
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| Download article in PDF > |
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| Press Release - Pharos hires Deutsche Bank's director Kevin Dougherty |
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| Download article in PDF > |
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| Peter Halloran and Nat Moser interview in EnergyHedge November 2006 |
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| Download article in PDF > |
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| 23 October 2006 |
Russia Billionaire Mordashov to Sell 15% of Severstal
Bloomberg |
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Russian billionaire Alexei Mordashov plans to sell 15 percent of OAO Severstal, the steelmaker that
lost a bid to combine with Arcelor SA this year, in a public offering designed to raise cash for acquisitions.
The stake is worth $1.91 billion, based on the share price in Moscow today. The sale will increase the proportion of shares
in the company that are traded publicly to 25 percent from 10 percent and cut Mordashov's holding from 90 percent, according
to a statement today from Cherepovets, Russia-based Severstal. Arcelor's August purchase by Mittal Steel Co. has
intensified attempts by steelmakers worldwide to seek combinations that will reduce costs and guarantee raw material
supplies. Severstal said today its shares will trade in Moscow and London, providing financing while raising the company's
profile with foreign investors. ``Mordashov doesn't want to get shut out again of a major acquisition because people are asking:
Severstal Who?'' said Peter Halloran. ``This placement puts him in a position to solve this problem.'' Mordashov must improve
corporate governance at the company, Halloran said. Severstal said today it will appoint a new board with independent
directors comprising half the 10-strong board. Severstal also plans to appoint a non-executive chairman.
``If he wants to become a major player outside of Russia, he will have to have good corporate governance in place,''
Halloran said. ``You can't make acquisitions if your stock is funny money.''
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| 20 July 2006 |
Yukos Chief Quits as Oil Company Faces Liquidation
Bloomberg |
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OAO Yukos Oil Co. Chief Executive Officer Steven Theede resigned, ending a two-year battle with the Russian government to save the oil
company built up by Mikhail Khodorkovsky, the former billionaire now imprisoned in a Siberian labor camp. Commenting on the recent
developments and the bleak future of Yukos Peter Halloran said: `There is going to be a flood of criticism and then the issue will be gone.
'' ``There is still some hope for Yukos minority shareholders - it depends on how the deal is cut and who the shareholders are.''
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| 20 July 2006 |
| Russia Today TV |
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On 20 July 2006, Nat Moser was interviewed by the Russian television channel Russia Today regarding Gazprom's future
acquisitions and its ability to meet its current production targets.
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| Peter Halloran in WSJ article on Gazprom May 5, 2006 |
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| Download article in PDF > |
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