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New Star launches Euro high yield fund

New Star International is launching the New Star Euro high yield fund, a sub-fund of New Star global investment funds, its Dublin-based Oeic.

It will be managed by head of fixed income, credit, James Gledhill, who is currently rated AAA by Citywire.

The asset split is approximately 45 per cent investment grade bonds and 55 per cent high yield.

The portfolio gross redemption yield is estimated at around 5.5 per cent a year and the portfolio gross income yield is estimated at about 6.4 per cent a year.

The fund will invest in predominantly fixed and variable rate euro-denominated bonds issued by companies, governments and supranational institutions, with a portfolio of more than 80 holdings.

It will have an AMC of 1.25 per cent.

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