New Star Financial Opportunities Fund Limited (NST.LN), an investment company, said Tuesday that despite the net asset value of its ordinary shares falling to 32.25 pence during the six months ended May 31 it said that its portfolio remains well positioned for the future.

MAIN FACTS:

-Net Asset Value 32.25 pence (Nov. 30, 2008: 34.28 pence)

-EPS 1.7 pence (At May 31, 2008: 2.35 pence)

-Dividend per share 1.85 pence (At May 31, 2008: 2.35 pence)

-Net asset value total return of the company fell 0.5%, driven largely by the large weighting to corporate bonds which were bought as a defensive measure in 2008 and fell in value dramatically and unexpectedly as the financial crisis developed.

-Board proposes to pay total dividends of 3.0 pence for the current year.

-The company's portfolio remains generally well-positioned to take advantage of the growth opportunities that will emerge in the months ahead.

-Going forward global diversification will be a key theme, and, within the limit of 25% that may be invested outside the U.K. and continental Europe, it has made initial investments in Asia and the U.S.A with that in mind.

-Company's equity portion has rallied strongly since the lows seen in March.

-In contrast, the performance of the company's fixed-income portfolio has been more subdued, although there have been a few holdings that have performed very well.

-The company's fixed-income portfolio was negatively affected by The Royal Bank of Scotland's (RBS.LN) announcement that it had reached an agreement with the U.K. government to replace the GBP5 billion of preference shares it held with new ordinary shares.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com

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