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Transcript
New Star Asia raises 325m - Investment International Written by This brings the total amount raised for New Star International guaranteed hedge funds since September 2001 to more than $343 million, a record amount for guaranteed single manager hedge funds. New Star Capital Guaranteed Asian Hedge Fund has raised $32.5 million. This brings the total amount raised for New Star International guaranteed hedge funds since September 2001 to more than $343 million, a record amount for guaranteed single manager hedge funds. This Fund is designed to provide investors with absolute performance over a six-year investment period and will seek positive returns through active investment by New Star Asset Management in an Asian long/short portfolio exposed primarily to securities selected from large and medium-sized companies in Hong Kong, Japan, Korea, Singapore, Taiwan and other Asian countries. Asian markets specialists Ian Beattie and Michelle Sanders will be the fund Advisers. The investment strategy of The Fund is similar to that of the non-guaranteed New Star Asia Renaissance Hedge Fund (managed by Ian Beattie and Michelle Sanders), which has produced a return of 29.6 per cent between 1 December 1999 and 31 July 2002, compared to a fall of -41.16 per cent in the MSCI Pacific Index.(2). For the year to date (31 July 2002) this fund has risen by 4.3% compared to a fall of 0.5 per cent in the MSCI Pacific Basin Index. New Stars outlook for Asia Stock picking within a long/short fund is particularly suited to the current outlook for Asia. Fundamental changes within Asian economies are producing clear winners and losers as a result of increased competition and re-pricing of capital. This is forcing companies to improve their performance in order to survive. In Japan, we continue to find exciting corporate restructuring opportunities The rest of Asia has the potential to begin a new credit cycle, while we believe the opposite is true in the US. This is because investors and lenders are seeking safer opportunities at home rather than in the West Cyclically we remain cautious as we believe the strength seen in the first quarter may evaporate in the second half as the US consumer finally throws in the towel 1/2 New Star Asia raises 325m - Investment International Written by The Capital Guarantee Under the Capital Guarantee, HSBC Bank plc will ensure that investors will receive at least the initial net subscription price of US $100 per share at the maturity date on 12 August 2008. In addition, it is possible for the guarantee to increase. For example, if the NAV per share at 31 August 2003 is US $120, the guaranteed amount would be locked in at US $107 per share. The guarantee level will be reviewed at the end of each August during the investment period. Please see Notes to Editors for fuller details. Philip Goldsmith, Managing Director of New Star International, said: In these uncertain market conditions, we are delighted on the success of this fund and the support received from institutions and financial advisers throughout the world for what is often regarded as a niche asset class. This Fund offers investors diversification into Asian equity markets, which currently offers a fantastic opportunity for a long/short strategy. The region is going through huge changes and we have a team with 24 years combined experience of spotting winners and losers in Asia through bottom-up stock selection. The Fund also offers the opportunity to participate in a top performing hedge fund strategy with the capital guarantee providing downside protection that many investors look for during market volatility. 2/2