New Star International recently announced the launch of the New Star Euro High Yield Fund, a sub-fund of New Star Global Investment Funds PLC, a Dublin-based OEIC, in Malta through their local representative, Jesmond Mizzi Financial Services Limited.

The fund will be managed by James Gledhill, Head of Fixed Income (Credit) at New Star and currently rated “AAA” by Citywire (at 30.09.05).

The New Star corporate bond team, headed up by Theo Zemek and James Gledhill, has one of the longest and most successful track records within the high yield sector in the UK and Europe.

The New Star Euro High Yield Fund aims to achieve a high level of income with the potential for modest long-term capital appreciation. It is aimed at cautious investors wishing to protect capital and benefit from a high level of income.

The portfolio gross redemption yield per annum is estimated at about 5.71 per cent and the portfolio gross income yield per annum is estimated at about 6.57 per cent (as at 30th November 2005).

The New Star Euro High Yield Fund is a natural addition to the Dublin OEIC’s range of funds, which are aimed at investors seeking greater portfolio diversification. James Gledhill will

take a top-down, thematic approach, with an initial emphasis on sector analysis followed by stock selection.

The fund will predominantly invest in fixed and variable rate euro-denominated bonds issued by companies, governments and supranational institutions worldwide.

The fund is denominated in euros and will invest approximately 45 per cent in investment grade bonds and 55 per cent in high yield bonds and income will be paid quarterly.