New Star's Pease reassures after fresh fund hit

New Star Europe manager Richard Pease has again spoken out to investors following further tribulation...

New Star Europe manager Richard Pease has again spoken out to investors following further tribulations on his £1.02bn fund. As at 1 September the vehicle has delivered a -8% return over one year, ranking 50th out of 97 peers reporting one-year results, according to Morningstar. But the three-month return of -14.6% ranks 90th out of 104 peers, suggesting the fund has suffered another bad episode. This three-month result includes July, which the manager said was another tough month. “Investors have been unnerved by economic difficulties,” he said. Pease’s admission follows several mo...