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Phoenix Global Fund Limited Discloses Losses
Phoenix Global Fund Limited has sustained significant trading losses in the period from the end of March 2003 to the end of May 2003.
The Fund's net asset value per Class A share fell from US$204.58 as at the end of March 2003 to US$158.97 as at the end of April 2003, representing a monthly decline during April 2003 of approximately 22%. By the end of May 2003 the Fund's net asset value per Class A share had fallen to US$108.76, representing a monthly decline during May 2003 of approximately 32%. The Fund's aggregate loss for the period from the end of March 2003 to the end of May 2003 represents approximately 47% of its net asset value.
The Fund's investment objective involves investing in a portfolio of worldwide securities denominated in both local and foreign currencies, and financial instruments linked to those securities. The Fund investment strategy permits engaging in leveraged transactions and taking short positions in securities and instruments. Most of the trading losses in the period from the end of March 2003 to the end of May 2003, are attributable to short positions taken in various asset classes.
The trading losses have been spread across three assets classes, with approximately 50% of the losses attributable to bond transactions, 25% of the losses attributable to transactions relating to European equities and 25% of the losses attributable to transactions relating to US equities.
This disclosure is made in compliance with the BSX Listing Regulations covering disclosable events.