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Opalesque Exclusive: All Pharos` funds down for July and YTD, along with MSCI Russia Index During the month of July, the Pharos Russia Fund was down 12.4%, the Pharos Small Cap Fund was down 15.3% and the Pharos Gas Investment Fund was down 11.4% while the MSCI Russia Index was down 16.0%. Twelve month annualized volatility for the three funds ending in July were 22.5%, 21.4% and 29.5%, respectively, as compared to 32.4% for the MSCI Russia Index over the same period.

The market environment in Russia during July marked the beginning of what has become an ongoing test of bad news. The result has been a reversal of fortune from the market's earlier outperformance during the year as it is now performing more broadly in line with its emerging markets peers for the year... Corporate webpage: Source

Opalesque Exclusive: Atyant Capital India Fund-I recovering with +8.53% in July, down 40.31% YTD During July 2008, the marked to market value of the Fund was up +8.53%. The value of the Indian Rupee increased 1.1% versus the US Dollar. The BSE Sensex index was up +6.6% during the month.

In a performance report obtained by Opalesque, Atyant Capital wrote: “The market has made a smart recovery from its worst levels. Whether the markets are out of the woods and whether the pessimism is behind us is an extremely difficult question to answer. We lean toward the view that the larger problem is......................

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