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New Star International has recently announced the launch of the New Star Euro High Yield Fund, a sub-fund of New Star Global Investment Funds PLC, a Dublin-based OEIC, in Malta through their local representative, Jesmond Mizzi Financial Services Limited.
The fund will be managed by James Gledhill, Head of Fixed Income (Credit) at New Star and currently rated “AAA” by Citywire.
The New Star corporate bond team, headed up by Theo Zemek and James Gledhill, has one of the longest and most successful track records within the high yield sector in the UK and Europe.
The New Star Euro High Yield Fund aims to achieve a high level of income with the potential for modest long-term capital appreciation. It is aimed at cautious investors wishing to protect capital and benefit from a high level of income. The portfolio gross redemption yield per annum is estimated at about 5.71% and the portfolio gross income yield per annum is estimated at about 6.57 % (as at 30th November 2005). The New Star Euro High Yield Fund is a natural addition to the Dublin OEIC’s range of funds, which are aimed at investors seeking greater portfolio diversification.
James Gledhill will take a top-down, thematic approach, with an initial emphasis on sector analysis followed by stock selection. The fund will predominantly invest in fixed and variable rate euro-denominated bonds issued by companies, governments and supranational institutions worldwide.
The fund is denominated in Euros and will invest approximately 45% in investment grade bonds and 55% in high yield bonds and income will be paid quarterly.
New Star, one of the UK’s fastest growing fund management companies, was founded in June 2000 by John Duffield, previously the founder of Jupiter Asset Management, which he built into one of the most successful retail investment businesses in the UK. New Star currently employs more than 260 members of staff. At 30 September 2005 the group’s total funds under management (including committed funds) were approximately US$26.9 billion.
Potential investors should note that the fund yield and the amount of income distributions are not guaranteed and may fluctuate as may the capital value of the investment. The estimated yields are calculated by New Star Asset Managers Ltd. Charges and taxes are not taken into account. The New Star High Yield Fund is incorporated in Ireland and regulated by the Irish Financial Regulator. Investments should be based upon the details contained in the Prospectus, together with other information which may be obtained from the local Representative. Past performance is no guarantee to future performance and the value of the investment and the currency in which it is denominated can go down as well as up. The fund may invest in investments that entail higher risk than other types of investments. This Fund is marketed in Malta in terms of the UCITS Directive. This press release is issued by Jesmond Mizzi Financial Services Limited which is licensed to conduct Investment Services business by the Malta Financial Services Authority, who may be contacted on 21224410 or by email at [email protected] or at their offices at 67/3 South Street, Valletta. |
