Interim Management Statement
19 Mai 2009 - 7:02PM
UK Regulatory
TIDMNSPE
New Star Private Equity Investment Trust PLC
Unaudited Interim Management Statement
For the quarter ended 31 March 2009
Financial summary
31 March 2009 31 December 2008 % change
Net assets * GBP60.4m GBP61.0m -1.0%
Net asset value per 320.6p 323.7p -1.0%
share *
Share price 61.0p 84.0p -27.4%
Source: New Star Asset Management Limited
* The net asset value is based on the latest valuations of unquoted investment
as provided by underlying managers, adjusted for subsequent cash receipts and
draw-downs, and listed securities valued on bid basis.
Performance summary
3 months 6 months 12 months
Net asset value per -1.0% -15.4% -11.1%
share
Share price -27.4% -74.9% -77.1%
Source: New Star Asset Management Limited
Investment Objective
The Company's investment objective is to produce capital gains through exposure
to a diversified portfolio of private equity investments.
Ten largest investments at 31 March 2009
The Company's 10 largest direct investments at 31 March 2009 were:
% of net asset value
August Equity Partners I 19%
Rutland Fund I 18%
Parallel Ventures 2006 16%
August Equity Partners II 16%
Astorg IV 5%
The Logic Group 4%
Fondinvest Capital 3%
Pragma II 3%
Century Capital Partners Fund IV 3%
Rutland Fund II 2%
Source: New Star Asset Management Limited
Portfolio composition at 31 March 2009
% of net asset value
Limited Partnerships 86%
Listed private equity vehicles 9%
Direct unquoted investments 4%
Cash / treasury / cash funds 1%
Source: New Star Asset Management Limited
Portfolio composition by country / region at 31 March 2009
% of investments
(excluding cash)
UK 70%
Europe 24%
North America 4%
China 1%
India 1%
Source: New Star Asset Management Limited
Sector exposure of limited partnerships at 31 March 2009
% of limited
partnership investments
Healthcare 27%
Technology 21%
Financial 14%
Consumer Services 12%
Industrial 11%
Consumer Goods 10%
Other 5%
Source: New Star Asset Management Limited
Limited partnership by vintage at 31 March 2009
% of limited
partnership investments
Less than 1 year 20%
1 - 2 years 20%
2 - 3 years 43%
3 - 4 years 4%
More than 4 years 13%
Source: New Star Asset Management Limited
Valuation basis of limited partnerships at 31 March 2009
% of limited
partnership investments
Cost 30%
Earnings 70%
Source: New Star Asset Management Limited
Gearing
At 31 March 2009 the net gearing position (borrowing minus cash as a percentage
of net assets) was 0% (31 December 2009: 0%).
Material Events and Transactions
There were no material transactions during the period 1 January 2009 to
31 March 2009.
Manager
New Star Asset Management Group PLC, the parent company of the Manager, was
acquired by Henderson Group PLC ("Henderson Global Investors") with effect from
9 April 2009.
Following this acquisition Nick Brind and Paul Craig have stepped down as
portfolio managers to the Company and the Company's assets are now managed by
Ian Barrass, who is head of Private Equity Fund of Funds at Henderson Global
Investors.
Board of Directors
John Duffield resigned as a Director with effect from 30 April 2009.
Issued Share Capital
Excluding treasury shares, the Company had 18,850,212 ordinary shares in issue
at 31 March 2009 (31 December 2008: 18,850,212)
Company Information
Further Information on the Company, including fact sheets and the annual report
of the Company can be obtained at:
www.itshenderson.co.uk/privateequitytrust
For further information please contact:
Ian Barrass, Portfolio Manager, Henderson Private Equity, 020 7818 2964
END
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