HXU Newstar Rbc 1X$

    RNS Number : 7435U
  New Star RBC Hedge250 IDX (1X GBP)
  19 May 2008
   

    HEDGE ETS
    New Star RBC Hedge 250 Index Exchange Traded Securities
    PCC Limited

    (A closed-ended investment company incorporated in Guernsey with registered number 45501 under the provisions of The Companies
(Guernsey) Laws 1994 to 1996 and The Protected Cell Companies Ordinance 1997 to 1998, as amended)

    Interim Management Statement for the quarter ended 31 March 2008

    Investment Objective

    The objective of New Star RBC Hedge 250 Index Exchange Traded Securities PCC Limited ("Hedge ETS" or the "Company") is to provide access
to performance representative of the hedge fund asset class. The investment policy of the company is to provide access to such performance
through investment exposure to the RBC Hedge 250 Index (the "Index").

    The 1X Cell seeks to achieve its investment objective by entering into a swap agreement with Royal Bank of Canada designed to provide
unleveraged exposure to the performance of the Index.

    The 3X Cell seeks to achieve its investment objective by entering into a swap agreement with Royal Bank of Canada designed to provide
approximately three times' exposure to the performance of the Index.

    Fund size

    At 31 March 2008 the Company had total assets of US$274.7m (31 December 2007:  US$307.1m).

    Performance

                                           1X                       3X
                                   $      EUR      £        $       EUR      EUR
 Net Asset Value per share at    1.0528  1.0392  1.0543   1.0928   1.0722   1.0915
 31 December 2007
 Net Asset Value per share at    1.0133  1.0001  1.0178   0.9358   0.9206   0.9385
 31 March 2008 *
 % decrease                      - 3.8%  - 3.8%  - 3.5%  - 14.4%  - 14.1%  - 14.0%
 Share price at 31 December       1.045   1.035   1.055    1.085    1.065    1.085
 2007
 Share price at 31 March 2008     0.985   0.970   1.000    0.905    0.905    0.905
 % decrease                      - 5.7%  - 6.3%  - 5.2%  - 16.6%  - 15.0%   -16.6%

    * Based on the unaudited net assets of the Company at 31 March 2008. 
      

    Composition of RBC Hedge 250 Index

 Strategy                     Strategy weight  No of funds  Quarterly return

 Equity long / short                   37.34%           93            -3.58%

 Multi-strategy                        16.17%           42            -7.32%

 Credit                                13.19%           32            -2.41%

 Merger & special situations           10.70%           27            -7.17%

 Macro                                  7.90%           21             0.95%

 Managed futures                        6.67%           15             8.78%

 Fixed income arbitrage                 3.55%           12            -2.39%

 Equity market neutral                  2.39%            7            -3.06%

 Convertible arbitrage                  2.09%            9            -3.33%

 Total                                100.00%          258            -3.45%


    Source: RBC Capital markets, data at 31 March 2008, sourced on 21 April 2008 2007.


    Share Capital

    There have been the following changes to the issued share capital during the quarter ended 31 March 2008.

                                                    No of shares  No of shares
 Total number of shares in issue at 31 December                    242,291,834
 2007
 Net reduction in shares as a result of                - 154,343
 conversions between share classes
 Number of shares redeemed                           - 1,038,077
 Number of shares repurchased                       - 18,866,125
 Total number of shares in issue at 31 March 2008                  222,233,289

    The net cash outflow from changes to the issued share capital in the quarter to 31 March 2008 was US$15.4m (excluding costs).
      
    Company Information

    Further Information on the Company, including fact sheets and the annual report of the Company can be obtained from the Manager's
website at www.newstaram.com




    For further information please contact:

    Ravi Anand, New Star Asset Management Limited,    020 7225 9292

    Alison Bilham, HSBC Securities Services (Guernsey) Limited
    Tel: + 44 (0)1481 707213




This information is provided by RNS
The company news service from the London Stock Exchange
 
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