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NEWPORT BEACH, California (January 2, 2005) - 2004 was a year of many milestones for Prospero Capital! Most importantly, each of the Funds continued to produce positive net returns, consistent with their respective levels of underlying market exposure and risk. Each of the Funds finished the year strongly, with monthly net returns of 3.0%, 2.7%, and 0.9% in Antenor, Beaumont, and Curan, respectively. Furthermore, Prospero's long-term record continues to shine, as our 5-year net results for Antenor are now 11.4% per annum ahead of the S&P 500 Index for the period ending 12/31/04.
Annualized net returns (-12/31/04):
| Antenor | S&P 500 | Beaumont | Curan | |
| Dec '04 | 3.0% | 3.4% | 2.7% | 0.9% |
| 1-year | 7.9% | 10.8% | 3.9% | 2.1% |
| 3-year | 6.2% | 3.6% | ||
| 5-year | 9.1% | (2.3)% | ||
| Inception (1997) | 13.8% | 8.0% |
Given Prospero's consistently strong track record, please consider the following facts when evaluating your year-end portfolio adjustments:
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Prospero has produced positive double-digit net annual returns of more
than 13% for its investors since inception in 1997.
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Prospero has produced a positive 9.1% net return per annum for its investors
during the last five years (55% cumulative return), during which time
the S&P 500 has declined by a cumulative (11)%
and the NASDAQ has lost (45)% of its value.
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The S&P 500 has declined by (14)% since its monthly
closing peak in August, 2000; during the same time period, Prospero's core
equity strategy (Antenor) has appreciated by 36%.
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The media has highlighted the S&P 500's recent surge that bring the Index
to 3.5 year highs; Prospero is at an all-time high as of December, 2004.
Happy New Year and Best Wishes for continued success in 2005 from the entire team at Prospero Capital!
Prospero Capital Management is an investment advisory company delivering superior financial results and service to clients through detailed fundamental research and investment insight. Contact Prospero at 866.377.7677 or invest@prosperofunds.com for more information.