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From the Opalesque team:

The Pharos Russia Fund ended March up 11% and 14.3% YTD with 24% volatility, compared to the MSCI Russia index which was up 10% in March, and 6.7% YTD with 47% volatility.

In a letter to investors, Pharos Financial Group said the Pharos Russia Fund had regained its high water mark at the end of Q1-10. The fund was down 37% in 2008 and up 50% in 2009.

The Pharos Small Cap Investment Fund also outperformed by rising 10.5% YTD with 31% volatility, while the Pharos Gas Investment Fund returned 6.5% YTD with 26% volatility.

Pharos Russia Fund is a Cayman-domiciled, open-ended absolute return hedge fund focused on securities in Russia and the former Soviet Union. The Fund has been the top performing Russia Fund over the past 13 years. It can use derivatives or go short, and is positioned with a long bias due to the manager's positive outlook for the Russian market. The fund managers are Peter Halloran and Kevin Dougherty. Pharos Financial Group, headquartered in Moscow, Russia, specializes in the securities markets of Russia and the former Soviet Union.

“We are pleased that we have passed an important milestone for our investors by regaining the High Water Mark in the Pharos Russia Fund, while the MSCI Russia Index is still down 48% from its peak. We are grateful that our investors stuck with us through the challenging market environment of the last 2 years, and look forward to delivering strong returns in the years to come,”......................

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