Last checked at 
19 Nov 2008 16:12
NEW STAR INVESTMENT TRUST PLC INTERIM MANAGEMENT STATEMENT
Unaudited Interim Management Statement
for the quarter ended 30th September 2008
This is the Company's interim management statement for the quarter ended 30th September 2008. The statement is being made solely to comply with the requirements of the UKLA's Disclosure and Transparency Rules and should not be relied upon by third parties for any other purpose.
Investment Objective
The Company's objective is to achieve long-term capital growth.
Benchmarks
The Board has agreed that to measure the extent to which the Company is achieving its investment objective, reference should be made to the returns of the FTSE World Index and the FTSE All-Share Index.
Financial Summary
30th September 2008 30th June 2008 Net asset value per share (mid) 113.9p 136.1p Net assets (mid) ‚£80,408,468 ‚£95,978,973 Share price 95.5p 105.5p
Ten largest holdings at 30th September 2008
Value at % of Net Assets 30th September 2008 (‚£'000) New Star UK Alpha Fund 6,726 8.9 Global Property Fund 4,095 5.4 Investec Africa Fund 4,083 5.4 New Star Global Financials Fund 3,800 5.0 New Star European Hedge Fund 3,790 5.0 New Star Euro High Yield Fund 3,360 4.5 New Star Financials Hedge Fund 3,351 4.5 New Star European Growth Fund 3,201 4.2 New Star Hidden Value Fund 2,981 4.0 New Star International Property 2,956 3.9Fund TOTAL 38,343 50.8Financial performance Quarter ended Financial 30th September 2008 Year to date Ordinary Share NAV (16.3)% (16.3)% Share price (9.5)% (9.5)% FTSE World Index (7.0)% (7.0)% FTSE All-Share Index (13.0)% (13.0)%Capital Structure
The Company has a simple capital structure consisting of Ordinary shares. There have been no changes to the Company's issued or authorised share capital which remains: 305,000,000 Ordinary shares of ‚£0.01 authorised and 71,023,695 Ordinary shares of ‚£0.01 issued.
Material Events
With effect from July 2008, the Company's assets have been managed by Mark Harris, head of investment for the Manager's fund of funds range.
The Company pays the Manager an investment management fee of 0.1875% per quarter, i.e. 0.75% per annum, of total assets of the Company and its subsidiaries, payable quarterly in arrears. To the extent that any fees are payable to the Manager or its associates from pooled vehicles in the Company's portfolio, the fees payable to the Manager by the Company are waived on that proportion of the assets. On 1st September 2008, the Company entered into a new investment management agreement with the Manager under the terms of which the Manager is entitled to a performance fee of 15% of the growth in net assets over a hurdle of three-month sterling LIBOR plus 1% per annum. The performance fee is payable six monthly in arrears and is subject to a high watermark. The aggregate of the management fee and performance fee are subject to a cap of 4.99% of net assets in any financial year.
On 1st October shareholders approved a new investment policy. Under the new investment policy the Company will allocate its assets actively to global investment opportunities while spreading investment risk through investment in equity, bond, commodity, real estate, currency and other asset classes. Aggregate asset class exposure to any one of the United States, the United Kingdom, Europe ex UK, Asia ex Japan, Japan or Emerging Markets and to any individual industry sector will be limited to 50% of the Company's net assets. It is anticipated that under the new investment policy a lower proportion of the Company's assets will be invested in funds managed by New Star. Full details of the new investment policy may be found in the annual accounts for the year ended 30th June 2008 and the Notice of Annual General Meeting dated 5th September 2008.
There have been no other any material events or related party transactions between 1st July 2008 and the date of this statement's publication.
Further Information on the Company, including fact sheets and annual and interim reports of the Company can be obtained from the Manager's website at www.newstaram.com
By order of the Board
New Star Asset Management Limited
Company Secretary
19th November 2008
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