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Three-pronged approach for New Star cautious fund

New Star Asset Management is offering what it believes to be the first cautious managed fund offering exposure to three asset classes within a non-fund of fund structure.

The Tri-Star unit trust will invest in UK property, equities and bonds in roughly equal amounts and will be managed by joint deputy chief investment officer Gregor Logan.

Logan is responsible for asset allocation, determining the appropriate weightings in UK equities, bonds and commercial propertyStephen Whittaker will then pick the UK equity holdings, Roger Dossett will select commercial property investments and James Gledhill will decide on bond holdings.

The property assets will be 75 to 90 per cent in direct property investments.

The fund, which launches on June 12, will look for a net income yield of 4 per cent. It has a 5 per cent initial charge and a 1 per cent discount will be available for lump-sum investors during the offer per-iod, which expires on June 30.

Logan says the weighting of each asset class can be increased up to 50 per cent or decreased down to 20 per cent of the total fund if it is over or underperforming.

He says: “All three are experienced managers with different approaches. Whittaker has a top-down approach and buys shares at low yields, looking for opportunities to add value.

“Gledhill specialises in high-yield corporate bonds, which will be about 40 per cent investment grade.”


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