Fund Objective

To achieve capital growth.

View on Past Performance

The New Star Tactical portfolio fell 20.6%* over the third quarter of 2008 while the IMA Global Growth sector lost 11.3%*. In what was a difficult period, poor absolute and relative returns came from CF Australian Natural Resources, Algebra-Alpha MENA, Epicure Qatar Equity Opportunities, iShares MSCI Brazil, Geiger Counter and BlackRock Gold & General. Bright spots, however, included Financial Select Sector SPDR added in July and Imara African OpportunitiesThe portfolio sold Atlantis Indian Opportunities, BGF World Mining, Ton Poh Emerging Thailand and all the commodity-related exchange-traded funds. Weightings were significantly reduced in CF Australian Natural Resources and iShares MSCI Brazil. New positions were initiated in iShares FTSE Xinhua/China 25, LeggMason Value, Oil Services HOLDRs Trust and S&P Homebuilders SPDR.

Fund Details