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From Precy Dumlao, Opalesque Asia:

The Pharos Russia Fund declined 9.0% in May (6.1% YTD) as risk appetite disappeared as well as the lingering concerns on sovereign debt on the Eurozone. In its May Market Commentary, Pharos Financial Group the Moscow-domiciled fund manager which manages the fund, said that since the start of the global crisis in August 2008, Pharos Russia was up 23.1%, compared with a decline of 29.5% in the MSCI Russia Index during the same period.

Two other funds managed by Pharos Financial were also in the negative in May. The Pharos Gas Investment Fund fell 6.5% (-0.8% YTD) and the Pharos Small Cap Fund declined 12.8% (-0.5% YTD). The MSCI Russia Index declined -12.3% in May (-7.2% YTD).

Pharos Fund’s dismal performance in May was a complete contrast from its extraordinary return in 2009 when it ended last year up 50.1% and its annualized volatility at 24.4%. The fund also returned -37.7% in 2008, at the height of the global financial crisis.

May hit global markets with uncertainties and fears on Eurozone The global financial markets were hit by increased uncertainties due to investors’ loss of appetite on risk aversion and the financial woes that faced the Eurozone particularly on the sovereign debt issue. Pharos said there......................

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