The New Star Select Opportunities Fund fell 14.2%* in September while the FTSE AIM All-Share Total Return Index lost 22.4%* and the FTSE All-Share Total Return Index shed 13.2%*. Trevor Green took over as manager of the fund at the end of the month and he is assisted by his UK equity colleagues, Edward Collins and Henry Evans.The fund purchased a holding in Begbies Traynor, the personal insolvency and corporate restructuring company, which will benefit from extra activity as the UK enters a downturn. The fund sold its holding in the media company, Huveaux, while part of the holding in ASOS, the online retailer, was realised at an average price of 376p. The fund first purchased this stock at 25p.Healthcare Locums, the medical staffing agency, reported interim profits up 263%. Hargreaves Services, the minerals company, also reported good numbers, with earnings per share 75% ahead and the dividend increased by more than 10%. Supporta, the domiciliary care company, rose 13.5% after announcing that it had received a preliminary takeover approach.The month was marked by exceptional volatility as banks and other financial groups continued to suffer from declining confidence and dislocation in the interbank lending markets. The fund ended September underweight in financial stocks and is likely to remain so for the foreseeable future.While it may be too early to call the bottom, governments have finally begun to make concerted efforts to support the markets though it may take time for these measures to be fully felt.