Republics Fund is an open end investment company registered in the Cayman Islands on January 22, 1997. The investment objective of Republics Fund is long term capital appreciation.
Republics Fund invests primarily in publicly traded securities of companies operating in the former Soviet republics and certain early-stage Eastern European emerging markets. Republics Fund may also invest in debt securities, use derivatives or sell short.
Firebird Management LLC, a New York limited liability company, acts as an investment advisor to Republics Fund and manages its investments. The principals of Firebird Management have been participating in the Russian market since 1994, managing one of the first offshore funds (Firebird Fund, L.P.) organized to invest in the Russian stock market.
The listing of Republics Fund is sponsored by Harbour Financial Services Ltd., which is a wholly-owned subsidiary of M.L.H Quin & Co., of Hamilton, Bermuda. The issue is being introduced for listing under the restricted marketing provisions of the BSX, meaning that shares may only be distributed to Qualified Investors and may not be traded in lots with an initial value of less than U.S. $100,000.
"We are happy to be listed on the BSX," said Mr. Harvey Sawikin, principal of Firebird Management. "We believe there will be significant portfolio investment opportunities in the former Soviet Union, and that is why we created the first fund dedicated to seeking them out. So far the idea seems to be working, as Republics Fund has a 68% net gain since its inception in April 1997. Over the longer term we hope to replicate the success of our first vehicle, Firebird Fund, which was, according to Micropal, the best-performing emerging markets fund in the world for the three-year period ended January 31, 1998."
"We are delighted to list the Firebird Republics Fund and look forward to listing more specialist emerging markets funds in the future," said BSX Listing Manager Mr. James S. McKirdy.
For further information on Republics Fund, please contact Andrew Tyson at Trident Trust Company, Tel: 345-949-0880. For additional information on the BSX please contact Robin H. McPhee, Tel: 441-292-7212 or e-mail info@bsx.com, or visit the BSX Website at http//www.bsx.com.