Interim Management Statement
May 19 2008 - 10:18AM
UK Regulatory
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
END
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