Trevor Green, incoming manager of New Star Select Opportunities, plans to slash the portfolio from 88 to 70 holdings, purging the fund of early stage companies that have rendered it fourth quartile over one, three and five years.
The fund has had a torrid time under the steer of Patrick Evershed, who left the company this week after six years. The fund has languished at the bottom of the UK All Companies sector, and was down 26pc over the past year (bid-to-bid, according to Lipper, 29.08.08). The portfolio is sized at around £53m under management; around half of what it was one year ago. Green outlined plans to meet the management of all the fund's top 10 holdings in October, while he has already set his sights on reducing exposure to what he perceives as riskier pharmaceutical & healthcare and early stage mining ...
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