tailieunhanh - Pabrai Investment Funds

Like many businesses, hedge funds have to make difficult decisions about which tasks they should perform in-house and which they should outsource. Third-party service providers are available to do nearly all of a fund’s activities outside of making investment decisions. Our observation is that funds typically prefer to do as much of their work in-house as is possible. As a result, they tend to build up significant fixed costs. Some hedge funds are concerned that reliance on a third-party will increase risk or lead to an opera- tional or compliance failure. Many emerging managers come from larger funds and have therefore. | Pabrai investment funds 17 Spectrum Pointe Drive Suite 503 Lake Forest CA92630-2277 USA Tel. mpábrai@ To All Limited Partners and Investors of the Pabrai Investment Funds From Mohnish Pabrai Managing Partner Date January 13 2006 Re Calendar Year End Updated Performance et. al. Dear Partners December 31 is the annual redemption date for all the funds. To that end the redemptions in aggregate by fund are PIF2 Million PIF3 Million PIF4 Million In addition on January 1 2006 PIF3 all three funds were open to add investors and a total of about Million was added to the various funds. Additions by fund are PIF2 Million PIF3 Million PIF4 Million Between the redemptions and fiscal year end performance numbers for all the funds are required to be reported as of December 31 2004. Here are the updated performance numbers on all the funds Page 1 PABRAI INVESTMENT FUND 2 US Accredited Investors Performance Summary DJIA NASDAQ S P 500 10 1 00 - 6 30 01 7 1 01 - 6 30 02 7 1 02 - 6 30 03 7 1 03 - 6 30 04 7 1 04 - 6 30 05 7 1 05 - 12 31 05 1 1 05 - 12 31 05 Annualized Cumulative PIF2 net to investors Comparison of changes in value of 100 000 invested in PIF2 vs. the Indices. PIF2 372 700 Best Index Dow 112 300 400 000 300 000 200 000 100 000 0 PIF2 S P 500 A DJIA -X- NASDAQ Q_ o Q_ o Q_ o Q_ o Q_ o O O O O O PIF2 Investors A 100 000 investment in PIFI at inception on July 1 1999 and rolled over into PIF2 on 12 31 02 197 900 was worth 522 200 as of December 31 2005 net to investors . This equates to an annualized return of since inception - after all management fees and expenses. The best index over the same period was the Dow and an investment of 100 000 in the DJIA on July 1 1999 was worth 111 100 on December 31 2005 -an annualized

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