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| January 05 |
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The first ten days of January have been closed for National holidays in Russia for a number of years, so this is not a reflection of any current difficulties in the market. Trading will of course continue in the London and New York ADR markets while the Russian local exchanges are closed in early January, but trading will likely be light and just reflect moves in global equity markets and commodity prices. The Central Bank of Russia has accelerated its devaluation of the ruble in the past week, and has now widened the ruble trading band 13 times since beginning the devaluation in early November. We are pleased to see that this process has sped up recently, as the market cannot begin a sustained recovery as long as investors think further devaluation steps are necessary and imminent. Depending on the behavior of the oil price, the necessity of expanding the ruble trading range may be over as soon as mid-January. The daily comment will return on Monday the 12th of January 09. Happy Holidays to all, and we look forward to the New Year!
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Performance
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Pharos Russia Fund |
Pharos Small Cap
Fund |
Pharos Gas
Investment Fund |
| Date |
January 02 |
January 02 |
January 02 |
| Indicative NAVs |
153.7 |
73.0 |
2862.2 |
| DTD |
-0.3% |
-0.2% |
0.1% |
| MTD |
-0.3% |
-0.2% |
0.1% |
| YTD |
-0.3% |
-0.2% |
0.1% |
| 3 months |
-13.8% |
-36.5% |
-19.0% |
| 12 months |
-38.7% |
-53.4% |
-38.6% |
| 2008 |
-37.6% |
-53.0% |
-37.4% |
| 2007 |
9.6% |
8.1% |
10.1% |
| 2006 |
36.9% |
39.4% |
53.3% |
| 2005 |
66.4% |
3.7%* |
110.1% |
| 5 Year Annualized |
15.6% |
n/a |
n/a |
| 10 Year Annualized |
23.3% |
n/a |
n/a |
* Since inception - 01 Dec 2005
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