New Star International has established global investment funds, a Dublin-based Oeic, which consists of six actively managed funds.
The Oeic aims for capital growth and spans the globe by offering New Star Asian opportunities, New Star European growth, New Star global emerging markets, New Star Japan recovery, New Star UK dynamic and New Star US opportunities funds.
New Star Asian opportunities invests in between 50 and 60 large and mid-cap Asian companies, excluding Japan. It will focus mainly in regions where political, economic and currency risks are relatively low, looking for companies that will benefit from structural changes.
The New Star European Growth and New Star UK dynamic funds are similar to the onshore funds of the same name. New Star global emerging markets invests in between 80 and 100 companies in emerging markets, with the emphasis on geographical diversification. The fund manager, Brian Coffey, will use a top-down approach to stockpicking, identifying areas that could benefit from foreign investment and economic reform.
New Star Japan recovery has a concentrated portfolio of between 25 and 35 Japanese stocks. It will be run on a bottom-up basis without being constrained by a benchmark. New Star US opportunities invests in 40 to 50 US large and mid-caps, with a slight bias towards a growth investment style.
This Oeic has a good spreads of funds in geographical terms, but is limited in that there are no income funds in it. However, this will be addressed in the autumn, when the company will introduce a corporate bond fund for James Gledhill to manage. He joined New Star from Morley Fund Managers earlier this year.