Pharos’ Russia Funds Struggle In Tough Economic Markets

Dec 29 2008 | 12:01am ET

Hedge fund firm Pharos Financial Group has had a rough go at it this year. The firm’s Russia Fund, Gas Investment Fund and Small Cap Fund are down 36.2%, 35.1% and 51.8%, respectively, through November.

The good new is that compared to one index, the funds aren’t doing too badly. The MSCI Russia Index is down 72.4% over the same period. 

The firm said corporate reports and economic statistics in Russia continue to be awful, as they do for the rest of the world.

“The latest grim statistics show that industrial production in Russia fell 8.7% year over year in November. Railway freight transportation fell by 20% in the month as the coal and steel industry cut back production and deliveries of product as demand fell dramatically,” said the firm.

However, the firm added that stock markets stabilized globally in November and “we have seen an impressive bear market rally as some investors bet that the downturn is already priced in.” That said, the firm said remains skeptical that this is the case.


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