Pilgrim Russia Investment Fund

Overview

(previously Pilgrim Overseas Investment Fund)

Objective: The Pilgrim Russia Investment Fund (PRIF) is a long-short investment vehicle, which seeks to achieve real sustainable asset growth from exposure to the economic development of the former Soviet Union.

Strategy – Liquidity & Deep Value: Pursuing maximum risk-adjusted performance, PRIF combines both highly liquid blue-chip and less liquid second- and third-tier equity investments, predominantly in the Russian Federation. Liquid blue-chips provide exposure to broader market movements and macroeconomic progress, while smaller company investments capture fundamental business value.

The growth dynamics of the former Soviet Union make the fund long-focussed, although short positions may be utilised when appropriate. Derivatives and fixed-income investments may be used for hedging, value creation and cash management purposes.

The strategy we used in the period 2006-2008 was reviewed at the end of 2008. As a result, PRIF is now focused on the short term arbitrage and speculative operations with the most liquid stocks, bonds and derivatives.

For more information, please contact:

Administrator
Mutual Trust Cyprus Ltd.
Tel +357 22 772240
Fax +357 22 778862
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or

Investment Manager
Pilgrim Asset Management Ltd.
Tel +357 22 446494
Fax +357 22 451021
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