Zemek rebalances fund

New star fixed interest portfolio exposure to equities, convertibles and debentures reduced

Theo Zemek has been rebalancing the rebranded New Star Fixed Interest fund, cutting back its exposure to Argentina and introducing a number of additional risk controls. Zemek has also trimmed the the fund's long tail and reduced its exposure to equities, convertibles and debentures. The £983m fund, formerly the Aberdeen Fixed Interest portfolio, was launched in 1979 and managed by Paul Reed from 1991 until Zemek took over on 21 February 2003 following the purchase of the fund by New Star. Fixed Interest had £25m invested in Argentina when Zemek took the reins but she has since reduced...