Eastern European Markets
August 5, 2005

Trigon Funds: Inflows to New Europe Continue to Boom

In July the Central and Eastern European markets followed global equities higher, reaching record levels for the year. The Central and Eastern Europe's rally, which was mainly driven by institutional investors from Western Europe and US, was heavily concentrated in a small number of energy companies and the most liquid and popular banking shares.

The NAV of the unit of Trigon Central and Eastern European Fund increased by 3.7%, Trigon Second Wave Fund by 1.7% and Trigon New Europe Small Cap Fund by 0.8% in June. Year-to-date the funds have returned 18.5%, 16.5% and 1.9% respectively.

After the sharp rally that took off in May we continue to believe that two markets in the New Europe region - Croatia and Poland - are attractively valued and we are therefore overweight in these countries. The best risk/return relationship can today be found among Polish small and mid cap companies.

We recommend investors with medium risk targets to invest 65% of the assets to Trigon CEE Fund, 15% to Trigon Second Wave Fund and 20% to Trigon New Europe Small Cap Fund. Investors with high risk appetite could hold 50:20:30 proportions in their portfolios. Further information on our funds is available at

For further information:
Kristel Kivinurm-Priisalm
Director, Head of Asset Management
Trigon Capital
Pärnu Road 15
10141, Tallinn
Tel. +372 6679208
Fax. +372 6679201
Mob. +372 5112242

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