Fund Objective

To achieve capital growth.

View on Past Performance

The New Star Active Portfolio fell 19.9%* during the third quarter of 2008 while the IMA Active Managed sector lost 11.2%*. In a difficult period, a new holding Financial Select Sector SPDR, bought in early July contributed positively but BlackRock UK Dynamic, MFM WH Ireland UK Growth, CF Australian Natural Resources and Earth Energy all underperformed.The portfolio sold Atlantis Indian Opportunities, BGF World Mining, LeggMason Value, Liontrust First Growth and exchange-traded funds in wheat, cotton and soybeans. Weightings were reduced in Algebra-Alpha MENA, CF Australian Natural Resources and iShares MSCI Brazil. Cash was invested into Marlborough UK Large Cap Growth and new positions were initiated in Matrix Ascension Closed End, Oil Services HOLDRs Trust and S&P Homebuilders SPDR.

Fund Details