TIDMNST 
 
RNS Number : 0693P 
New Star Financial Opp Fd Ltd 
18 March 2009 
 

 
 
New Star Financial Opportunities Fund Limited 
 
 
Interim Management Statement 
 
 
For the quarter ended 28th February 2009 
 
 
This Interim Management Statement has been prepared solely to provide additional 
information to Shareholders as a body to meet the relevant requirements of the 
UK Listing Authority's Disclosure and Transparency Rules, and should not be 
relied upon by any other party or for any other purpose. 
 
 
This Interim Management Statement may contain forward-looking statements that: 
 
 
 
  *  Have been made by the Directors in good faith based on the information available 
  to them up to the time of their approval of this report; and 
  *  Should be treated with caution due to the inherent uncertainties, including both 
  economic and business risk factors, underlying such forward-looking statements. 
 
 
 
This Interim Management Statement relates to the quarter from 1 December 2008 to 
28 February 2009 and contains information that covers that period, unless 
otherwise stated. 
 
 
Investment Objective 
 
 
The investment objective of the Company is to provide shareholders with a high 
level of income and the potential for capital growth. 
 
 
Investment policy 
 
 
The Company seeks to achieve its investment objective by investing predominantly 
in the equity, debt or other securities of listed European and UK financial 
companies. The Company may invest up to 25% of its total assets in financial 
companies listed outside Europe and the UK. The Company also may invest 10% of 
total assets in unquoted financial securities or limited partnerships, which 
themselves invest in financial companies. 
 
 
Key Facts as at 28th February 2009 
 
 
Net Asset value (NAV) per Ordinary share * 26.24p 
 
 
Ordinary Share price24.50p 
 
 
Discount(6.6) % 
 
 
The Company had fixed assets of GBP15.2 million and net current liabilities of 
GBP5.0 million. 
 
 
* NAV including current period revenue 
 
 
Performance 
 
 
Total return for the 3 month period ended 28th February 2009 
 
 
NAV total return     (20.3) %** 
 
 
Share price total return  (17.4) % 
 
 
Dow Jones STOXX 600 Financials Index total return    (25.5) % 
 
 
 
 
** NAV including current period revenue, adding back dividends paid in the 
period. 
 
 
A monthly newsletter and report & accounts of the Company can be accessed on the 
manager's website www.newstaram.com 
 
 
Commentary 
 
 
During the last three months, the share prices of European financial companies 
fell sharply on the back of expectations that losses for 2008 would be higher 
than previously forecast and that many would be forced to raise capital to 
strengthen their balance sheets. 
 
 
Ten Largest Holdings 
 
 
Personal Group Holdings 
Munich Re 
Santander International 3.375% Bond 
HSBC Holdings 
Investec Finance 7.75% Bond 
RSA Insurance 
Randall & Quilter 
DnB NOR 
Aviva 
SVG Capital 8.25% CULS 
 
 
Material events and transactions 
 
 
The Annual Report & Accounts for the twelve months ended 30 November 2008 was 
published on 18 February 2009. 
 
 
Today the Directors declared a dividend of 0.75p per share which will be paid on 
30 April 2009 
 
 
The Annual General Meeting was held on 16 March 2009 and all resolutions were 
approved. 
 
 
There were no other material events to report during the period, or up to 
18 March 2009, being the date of publication of this interim management 
statement, other than those material transactions described above. 
 
 
The directors, however, understand that the acquisition of New Star Asset 
Management Group PLC by Henderson Group plc is proceeding satisfactorily and 
understand the acquisition is expected to close in April 2009. 
 
 
 
 
Julian Tregoning 
Chairman 
18 March 2009 
 
 
Enquiries to: 
 
 
Elysium Fund Management Limited 
2nd Floor 
No. 1 Le Truchot 
St Peter Port 
Guernsey 
GY1 3JX 
 
 
elysium@elysiumfundman.com 
Tel: +44 (0)1481 810100 
Fax: +44 (0)1481 810120 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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