Capital Growth Investment Management

CAPITAL GROWTHCapital Growth Russia Fund Audited financial statements:Investment Management Audit 2008.pdf Audit 2009.pdf Audit 2010.pdf Complete version of audited financial statement reports you can find at our website. * You'll need password.Investment PhilosophyHome PageAbout UsFundsContact Us Home

CAPITAL GROWTH INVESTMENT MANAGEMENT

is one of the most experienced Russian hedge fund managers specializing in the securities markets of Russia and CIS. CAPITAL GROWTH IM provides institutions investors an opportunity to gain exposure to the emerging markets of the CIS. CAPITAL GROWTH IM offers a range of strategies and employ fundamental research combined with active portfolio management.

November, 2011

MTD

YTD

Capital Growth Russia Fund

1,07%

RTS Index

-12,97%

1540,81

-1,44%

NAV Performance

27,9%

8,48 mln

6,66%

Jan, 2010

2 mln

Nov, 2011

June, 2009

Nov, 2011

Reference point - 31 December, 2009

-9,48%

About

CAPITAL GROWTH IM was founded in 2006.

CAPITAL GROWTH IM is investment manager of CAPITAL GROWTH RUSSIA FUND . Investment objective of the fund is to achive capital appreciation by investment in a diversified portfolio of equity or equity related securities or corporate bonds and other instruments of companies incorporated within Russia, or companies outside Russia but deriving a considirable percentage of their business from within Russia.

The CAPITAL GROWTH IM investment team is fully dedicated, highly experienced and qualified and is best positioned for advising on investment opportunities offered by the emerging Russian stock market.

Please contact us:

1st Floor, Windward 1,

Regatta Office Park,

Grand Cayman KY1 - 1003,

Cayman Islands

tel: + 44 (0) 203 239 0233

e-mail: info_capgrowth.com

Funds

CAPITAL GROWTH RUSSIA FUND

Investment Philosofy

Investment Philosofy

As value investors, our goal is to make intelligent investments, and to grow assets carefully over time. We understand that outperforming the stock market requires a unique portfolio, not one that simply looks like another index. When determining where to invest, we tend to focus on intrinsic value, and utilize our own thorough analysis and research. We want to understand the micro-factors, and invest only when there is a substantial margin of safety. We believe successful investing depends on the fusion of industry experts with financial experts. Furthermore, we believe that patient investing is a virtue, as long term gains are well worth the wait. Above all, we strive to manage and reduce risk, as protecting the principal is our highest priority.

Disclaimer
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The information herein is, to the best of the knowledge of the directors of Capital Growth Investment Management (who have taken all reasonable care to ensure that this is the case), in accordance with the facts. However, none of Capital Growth Investment Management, their affiliates or any of their respective directors or officers accept any liability in respect of the accuracy or completeness of any information herein, or omitted to be included herein, and in particular, but without limiting the generality of the foregoing, any information provided, or omitted to be provided, by any third party. Capital Growth Investment Management reserve the right at any time without notice to (i) change or withdraw the content or format of any part of the Site and/or (ii) restrict your access to all or parts of the Site. Opinions expressed on this website represent the views of Capital Growth Investment Management at the time of preparation, and are subject to change. Information and data are complimentary to and not a substitute for independent professional advice from a person qualified to provide it in your home country. This material does not constitute investment or any other kind of advice. It is your responsibility to satisfy yourself that any investment made on the basis of the information contained on this website is suitable for you given your specific circumstances. We recommend that if you are at all unsure whether an investment is suitable for you that you seek investment, tax or any other advice from a professional adviser prior to investing in any product. [Applications for subscription or redemption can be made only on the basis of and by using the appropriate application forms.] Investments in any fund mentioned herein should not be made without careful reference to the relevant Prospectus. Subscriptions will only be received and units or shares issued on the basis of the current Prospectus. The information provided does not constitute a research report and/or an offer to sell any securities in any jurisdiction in which such distribution or offer is not authorized. The information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America or for the benefit of United States persons. If you are a US citizen or resident, or represent a trust which is subject to taxation under US Internal Revenue Service requirements, or represent a partnership or corporation organized under the laws of the United States of America or any state, territory or possession thereof, you are prohibited by law from buying investments other than those authorized for sale by the SEC. The prices of shares and any income from them can go down as well as up and you may not get back the full amount invested. Past performance is not a guarantee to future returns. Tax assumptions are subject to statutory change and the value of tax reliefs will depend on your individual circumstances. When an investment involves a foreign exchange transaction, it may be subject to fluctuations in currency value. Investments in the Russian Federation, other countries in the Commonwealth of Independent States, and Capital Growth Investment Management managed funds involve risks not normally associated with funds investing in more developed and economically stable jurisdictions with more sophisticated capital markets and regulatory regimes. Such risks include political, economic and currency risks and the risk associated with investing in underdeveloped legal, regulatory and accounting environments. In addition, the markets for the investments of the funds are volatile, have limited liquidity, transparency and depth. This could result in the funds not achieving the desired purchase or sale price for investments. Privacy policy. Capital Growth Investment Management, will process personal data relating to customers as described below. We will not use your personal data in any other way without informing you. We will collect information which you provide to us when you enquire about or apply for information about the Capital Growth Russia Fund. We will use your personal data for the purpose of considering and administering an application for investment in Capital Growth Investment Management. It is important that you provide us with accurate information. We may check your details with fraud prevention agencies and if you provide false or inaccurate information or we suspect fraud this information may be recorded and shared with other organizations. Your data may be shared and used by the group of companies to which we belong. We may disclose your data to other legal authorities if required by law. We never disclose information about a customer to any other person or organisation without your consent unless there is an emergency situation that requires it or we are legally required to do so. By entering your details you agree that we may pass information about you to our company. In order to comply with our obligations under the Data Protection Act we also follow strict security procedures in the storage and disclosure of information which you have given to us, to prevent unauthorised access to that information. Your details will be held on computer. Your consent. In using this web site, you consent to the collection and use of this information by Capital Growth Investment Management in the ways described above. If we decide to change our privacy policy, we will post those changes on this page so that you are always aware of what information we collect, how we use it and in what circumstances we disclose it. Should you require any other information pertaining to the information set out on this website, please contact us at:1st Floor, Windward 1, Regatta Office Park, Grand Cayman KY1 - 1003, Cayman Islandstel: + 44 (0) 203 239 0233e-mail: info_capgrowth.comI agree
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