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From Precy Dumlao, Opalesque Asia:

The strong U.S. macroeconomic data and the continued upward trend of oil prices helped push all three fund managed by Moscow-domiciled Pharos Financial Group to gain in December and end 2010 on a positive note. The firm's main fund, the Pharos Russia Fund was up 11.48% in December (+22.23% YTD). The Pharos Gas Investment Fund also gained 8.46% (+13.36% YTD) and the Pharos Small Cap Fund was up 7.84% (+15.27% YTD) during the month compared with MSCI Russia Index which was up 11.1% (+17.18% YTD) during the same period.

In its monthly commentary sent to investors, Pharos said, "December was a strong month for the funds. The Russian markets were driven in the month by a combination of external factors as US macroeconomic data showed signs of strength and the oil price continued a strong upward trend. Russian macroeconomic data was encouraging as well. Investment growth in December was up 8.4% YoY while corporate lending data released for November showed accelerating trends with a 9.6% YoY gain,"

Russia also experienced a low last month in the eyes of the Western world as the second trial and conviction of former Yukos oil giant managers Mikhail Khodorkovsky and Platon Lebedev hugged the headlines and drew fierce criticisms from the U.S. and the European Union. Western countries censured Moscow's judicial shortcomings in the case as well as the overall lack of an e......................

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