New Star Parmalat exposure

theo zemek's £62m managed distribution fund writes value of holding as nil in the portfolio

Theo Zemek's New Star Managed Distribution fund has written off the value of its 1.45% exposure to Parmalat bonds. Parmalat Capital Finance 9.375% was the fourth largest holding in the portfolio as of December 2003. "This is a holding we have had for a while. We reduced our exposure to Parmalat last year before the debacle happened, but obviously we could have reduced it more. "We took the coupon on 2 December and have written it to effectively nil in the portfolio," Zemek said. Despite the fortunes of this individual holding, the £62m New Star fund has performed well since launch, ra...