Tim Steer's New Star UK Aggressive fund is to be renamed in December, possibly to New Star Special S...
Tim Steer's New Star UK Aggressive fund is to be renamed in December, possibly to New Star Special Situations.
Steer said the name change, which is subject to regulatory approval, aims to better reflect the investment mandate of the fund and so appeal to a wider range of investors. Another name under consideration is New Star Mid Cap.
'The name Aggressive does not accurately reflect what this fund is about and we feel that this description may deter some potential investors. This is frustrating as I feel the fund deserves to be bigger than £90m. Aggressive suggests this would be a high risk, concentrated portfolio. This is not the case at all. There is a low level of volatility and there are some 50 holdings in this fund. Feedback from intermediaries is that clients shy away from the name.' he said.
'Special Situations reflects the types of companies I look for ' very individual companies with good growth prospects.'
The name change to Special Situations will coincide with the merger of Exeter funds into the New Star fund range. Exeter Hidden Value, worth less than £2m, will be merged into Steer's fund. New Star currently offers the UK Select Opportunities fund, managed by Patrick Evershed. Steer said the two funds vary considerably. While Steer holds around 50 predominantly mid cap stocks, Evershed holds around 150 very small companies, including a sizeable portion of the fund, around 20%, in Chinese holdings.
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