New Star Investment Trust PLC (NSI)
29-Oct-2026 / 07:00 GMT/BST
NEW STAR INVESTMENT TRUST PLC This announcement constitutes regulated information. UNAUDITED RESULTS FOR THE YEAR ENDED 30TH JUNE 2026 New Star Investment Trust plc (the ‘Company’), whose current objective is to achieve total return through capital growth and income, announces its results for the year ended 30th June 2026. FINANCIAL HIGHLIGHTS | | 30th June 2026 | 30th June 2025 | % Change | | PERFORMANCE | | | | | Net assets (£ ‘000) | 143,967 | 121,140* | 18.84 | | Net asset value per Ordinary share | 202.70p | 170.56p* | 18.84 | | Mid-market price per Ordinary share | 136.00p | 110.00p* | 23.63 | | Discount of price to net asset value | 32.91% | 35.5% | n/a | | Total Return** | 20.92% | 2.08% | n/a | | IA Mixed Investment 40% - 85% Shares (total return) | 17.12% | 5.57% | n/a | | MSCI AC World Index (total return, sterling adjusted) | 28.19% | 7.64% | n/a | | MSCI UK Index (total return) | 21.86% | 11.03% | n/a |
| | 1st July 2025 to 30th June 2026 | 1st July 2024 to 30th June 2025 | | Revenue return per Ordinary share | 4.03p | 4.25p | | Capital return per Ordinary share | 31.66p | (0.21)p | | Return per Ordinary share | 35.69p | 4.04p | | TOTAL RETURN** | 20.92% | 2.08% | | | | | | DIVIDEND PER ORDINARY SHARE | | | | Interim paid April | 1.70p | 1.70p | | Proposed final dividend | 1.85p | 1.85p | | | 3.55p | 3.55p | | B Share Redemption | - | 24.00p | | RECEIVABLE BY SHAREHOLDERS | 3.55p | 27.55p |
*After return of capital (B Shares) in 2025. ** The total return figure for the Company represents the revenue and capital return shown in the Statement of Comprehensive Income before dividends paid, the B Share redemption payment in 2024 and after deducting B Share issue costs, as a percentage of opening net assets. The total return performance basis is the industry standard and is considered a more appropriate measure than just the revenue return. This is an alternative performance measure. CHAIRMAN’S STATEMENT PERFORMANCE Your Company generated a total return of 20.92% over the year to 30th June 2026, leaving the net asset value (NAV) per ordinary share at 202.70p. By comparison, the Investment Association’s Mixed Investment 40-85% Shares Index gained 17.12%. The MSCI AC World Total Return Index gained 28.19% in sterling while the MSCI UK All Cap Total Return Index rose 21.86%. Over the year, UK government bonds returned 2.44%. Further information is provided in the investment manager’s report. Your Company made a revenue profit for the year of £2.86 million (2025: £3.02 million). The reduction was principally due to lower interest income. GEARINGS AND DIVIDEND Your Company has no borrowings. It ended the year under review with cash representing 12.23% of its NAV and is likely to maintain a significant cash position. In respect of the financial year to 30th June 2026, your Directors recommend the payment of a final dividend of 1.85p per share, making a total for the year of 3.55p (2025: 3.55p). DISCOUNT During the year under review, your Company’s shares continued to trade at a significant discount to their NAV. The Board keeps this issue under regular review. INVESTMENT TRUST STATUS Share purchases by two outside shareholders caused your Company to be in breach of the investment trust tax regulations. Accordingly, your Company lost its investment trust status for the 2024-2025 and 2025-2026 financial years. As a result, your Company has had to make a provision of £340,000 for tax on capital gains for the 2024-2025 year. From 1 July 2026, the start of the current financial year, your Company has regained its investment trust status. OUTLOOK In the early autumn of 2026, global financial market prospects appeared positive, with the most attractive stock market opportunities likely to be in Asia excluding Japan, emerging markets and Europe excluding the UK. Large UK companies with international operations also looked attractively valued although smaller UK companies with a domestic focus and UK government bonds may be vulnerable should the new UK chancellor fail to address the country’s fiscal deficit and high public sector debt levels. Your Company’s cash, bond and lower-risk multi-asset investments provide diversification should equity markets falter. These should provide income to pay dividends. NET ASSET VALUE Your Company’s unaudited NAV at 30th September 2026 was 202.39p. INVESTMENT MANAGER’S REPORT MARKET REVIEW Inflation was significantly above some leading central bank targets over the year to 30th June 2026, with the result that interest rates remained higher than previously forecast. US inflation, as measured by the core personal consumption expenditures index, the Federal Reserve’s favoured measure, was at 3.3% in June 2026, up from 2.8% in June 2025, while eurozone inflation rose from 2% to 2.8%. UK inflation eased from 3.6% to 2.6%. As a consequence, official interest rates fell more slowly than during some previous rate-easing cycles. The Fed cut its rate by three quarters of a percentage point to 3.5-3.75% during the second half of 2025 but subsequently left it unchanged for the remainder of the period. The European Central Bank increased its key rate from 2% to 2.25% while the Bank of England cut Bank Rate by half a point to 3.75% in late 2025 but made no changes subsequently. The main reason for increased inflation was the US-Israeli war against Iran and the closure of the Strait of Hormuz to oil and gas shipping, which left the oil price 40% higher in sterling during the year under review. The US responded by temporarily relaxing sanctions on Russian oil and depleting its strategic petroleum reserve to stabilise prices. In the longer term, increased supply from Venezuela, following the ousting of President Nicolas Maduro, the growth of renewable energy and advances in battery storage may cause oil prices to fall. Higher inflation and the slow pace of monetary easing proved a headwind for bond markets, which returned just 0.62% in dollar terms although the sterling return was 3.89% as the dollar rose against the pound. Although high nominal bond yields appeared attractive, credit spreads, the excess return on corporate bonds compared to sovereign bonds of the same maturity, were low at around one percentage point. Credit spreads, which have not been this narrow since before the 2007-09 great financial crisis, offered insufficient compensation for the higher risk inherent in holding corporate bonds. Some commentators said public credit markets might be vulnerable to contagion from private debt markets, where lending standards appeared too lax, as witnessed by some significant defaults and the closure of private debt funds to withdrawals. PORTFOLIO REVIEW Your Company’s total return over the year under review was 20.92%. By comparison, the Investment Association Mixed Investment 40-85% Shares sector, a peer group of funds with a multi-asset approach to investing and a typical investment in global equities in the 40-85% range, rose 17.12%. Your Company gained more than the peer group mainly because of strong performance by Polar Capital Global Technology, its largest investment, and its high allocation to equities in Asia excluding Japan and emerging markets. The MSCI AC World Total Return Index rose 28.19% in sterling over the year while the MSCI UK All Cap Total Return Index rose 21.86%. UK government bonds rose 2.44%. Your Company’s multi-asset portfolio includes investments in lower risk multi-asset funds, bond funds and cash and, in consequence, lagged rising equity markets but should prove more defensive in falling markets. Global technology stocks rose 51.2% in sterling over the year and Polar Capital Global Technology outperformed, gaining 129.47%. Your Company took profits in April 2026, selling £4 million of shares, yet Polar Capital Global Technology remained your Company’s largest investment even after this reduction. The holding benefited from the manager’s bias towards IT hardware stocks in preference to large technology companies such as Amazon, Microsoft, Google, Meta and Oracle, known as ‘hyperscalers’, and software stocks. The hardware suppliers are akin to the makers of picks and shovels in a gold rush and have a low exposure to the fortunes of any single platform or device. It is difficult to predict the return on capital the hyperscalers will achieve on their artificial intelligence (AI) data centre investments because the pace of adoption of a new technology and the appropriate level of depreciation for the huge sums invested are unknown. The hyperscalers have been highly profitable and cash-generative businesses but they are now taking on debt to fund their capital investment programmes. The combination of high operational gearing combined with financial leverage may lead to higher earnings volatility, increased default risk and potentially significant capital destruction. The software companies, which account for about half the US technology sector, are potential losers because AI can write code and manage data, functions that traditionally have been the province of software suppliers. Asia ex-Japan and emerging market equities rose 51.17% and 48.86% in sterling respectively over the year. Within the portfolio, there was a bias towards equity income funds, which contributed to your Company’s ability to pay significant dividends. Schroder Oriental Income Investment Trust did best within the allocation, up 59.67%, but Cusana Sector Emerging Markets Equities gained only 6.87%. The Schroder trust, with its high allocation to IT hardware companies, benefited as Taiwan Semiconductor Manufacturing Company, Samsung Electric and Hynix rose 130.37%, 465.48% and 811.13% in sterling respectively. The hyperscalers’ data centre investments and strong demand from the consumer and automotive sectors led to price hikes, generating high profits for semiconductor manufacturers. In South Korea, Samsung promised workers 10% of semiconductor operating profits in bonuses, amounting to estimated individual payouts of about £250,000, to avert strikes. Your Company’s Asia ex-Japan and emerging markets allocation increased through a £1 million purchase of Schroder Asian Income Maximiser in January, a £2 million purchase of Barings Korea in April and a £2.5 million purchase of Pacific North of South EM Equity Income Opportunities in February. Alongside major semiconductor manufacturers, South Korea is home to leading power transformer manufacturers, which have been benefiting from buoyant demand, and the world’s largest shipyard. Indian stocks underperformed, down 8.78% in sterling, and Stewart Investors Indian Subcontinent did worse, falling 14.18%. As an energy importer, India suffered from higher prices following the outbreak of war in the Middle East. India is, however, one of the world’s fastest growing economies, benefiting from the pro-business policies of Narendra Modi, the prime minister, and your Company responded to the stock market weakness by investing £2 million in Goldman Sachs India Equity in May. Vietnamese stocks rose 57.97% in sterling but Vietnam Enterprise Investments lagged, up only 27%. In December, the trust announced plans for the first of three tender offers for 10% of its shares. This followed a vote by investors owning more than 20% of its equity in favour of a discontinuation resolution. Your Company sold £543,000 of its investment in the January 2026 tender offer and a further £451,000 of shares in the second tender offer, which occurred in July 2026, shortly after the year end. Your Company benefited from its relatively low allocation to US equities, which lagged over the year, up 26.30% in sterling. The US equity risk premium, the excess return investors demand to hold US stocks in preference to low-risk assets such as short-dated government bonds was about one percentage point, an historically low level that did not offer investors sufficient compensation for the risk of capital loss. Concentration risk was also at an historically high level, with just ten stocks, including the largest hyperscalers, accounting for more than one third of the value of the US stock market. Within your Company’s portfolio, the iShares S&P 500 exchange-traded fund (ETF) rose 26.20%. The yield on Baillie Gifford Global Income Growth, in which US equities account for more than 40% of the assets, was just over 2% and the holding was sold in two tranches in February and April. In April, a further £1 million was invested in Clearbridge Global Infrastructure Income, an addition that made it one of your Company’s largest investments. This fund aims to deliver income and an above-inflation total return by focusing on companies with recurring cashflows operating in regulated or contractual frameworks that allow revenues to rise in line with inflation. It should also benefit from structural growth opportunities arising from electrification and the transition to clean energy. Demand for electricity is being driven by datacentres and AI as well as accelerating industrial activity, leading to record investment in generation, transmission and storage capacity. UK stocks underperformed, up 21.86%, and small companies did worse, up just 7.12% because of weak domestic trends. Funds with high allocations to UK companies provided diversification because the UK has a relatively small technology sector while its large companies have geographically diverse sources of earnings. Within the portfolio, Man GLG Income, a value-oriented investment, rose 23% but Aberforth Geared Value & Income, an investment trust that focuses on smaller companies, rose just 3.68%. Premier Miton and River Global were sold in June, realising losses. Equities in Europe excluding the UK also lagged, up 22.90% in sterling. In October, £3 million was invested in Lightman European, which has a value-oriented approach and pays an income. Amongst lower-risk investments, the sterling-hedged holdings in Schroder Strategic Credit and the iShares $ Treasury Bond 7-10 Years ETF rose 6.12% and 3.19% respectively. The Franklin Templeton Emerging Market Bond holding was sold in June. The EF Brompton Global Conservative Fund, which has a low-risk multi-asset mandate, rose 10.67%, outperforming its benchmark, the Investment Association Mixed Assets 0-35% Shares index, which rose 8.76%. Your Company’s investment in dollar cash benefited from the dollar’s 3.25% rise against sterling over the year. OUTLOOK At the year end, the prospects for global equities appeared positive overall but there were good reasons to be selective. The most attractive market areas appeared to be equity markets on relatively low valuations such as Asia excluding Japan, emerging markets, UK large companies with international reach and Europe excluding the UK. Attractive sectors included IT hardware, utilities and infrastructure. The maiden Budget of the new chancellor, John Healey, in October may, however, hurt companies reliant on the domestic UK economy and government bonds should he fail to address concerns regarding the UK’s fiscal deficit and high public sector indebtedness. Investments in equity income and bond funds and dollar and sterling cash contribute to your Company’s ability to pay a dividend. Investments in lower-risk assets such as EF Brompton Global Conservative, bond funds and dollar cash also provide diversification and may prove defensive should equity markets fall. SCHEDULE OF LARGEST HOLDINGS AT 30TH JUNE 2026 | | Market Value at 30th June 2025 | Purchases/
(Sales) | Market Movement | Market Value at 30 June 2026 | Distributions | % of Net
Assets | | | £'000 | £'000 | £'000 | £'000 | £'000 | | | Polar Capital Global Technology | 8,290 | (4,000) | 10,261 | 14,551 | - | 10.11 | | Man Income Fund | 6,550 | - | 1,145 | 7,695 | 304 | 5.34 | | iShares Core S&P 500 | 5,845 | - | 1,463 | 7,308 | 63 | 5.08 | | TM Redwheel Global Equity Income Fund | 6,106 | - | 1,046 | 7,152 | 193 | 4.97 | | Schroder Asian Income Maximiser Fund | 3,289 | 1,000 | 1,236 | 5,525 | 251 | 3.84 | | FTF Clearbridge Global Infrastructure Income | 3,655 | 1,000 | 729 | 5,384 | 161 | 3.74 | | EF Brompton Global Equity | 3,767 | - | 955 | 4,722 | 14 | 3.28 | | EF Brompton Global Conservative Fund | 3,861 | - | 406 | 4,267 | 66 | 2.96 | | EF Brompton Global Opportunities Fund | 3,391 | - | 735 | 4,126 | 24 | 2.87 | | Vietnam Enterprise Investments Limited | 3,610 | (543) | 1,004 | 4,071 | - | 2.83 | | MI Chelverton UK Equity Income Fund | 3,990 | - | (24) | 3,966 | 241 | 2.75 | | EF Brompton Global Growth Fund | 3,195 | - | 653 | 3,848 | 26 | 2.67 | | Aquilus Inflection Fund A | 4,568 | - | (789) | 3,779 | - | 2.62 | | MI Brompton UK Recovery | 3,100 | - | 664 | 3,764 | 84 | 2.61 | | First Sentier Indian Subcontinent Fund | 4,241 | - | (619) | 3,622 | - | 2.52 | | WS Lightman European Fund | - | 3,000 | 353 | 3,353 | 85 | 2.33 | | Schroder Strategic Credit Fund Income | 3,106 | - | (8) | 3,098 | 189 | 2.15 | | Aberforth Geared Value & Income Trust | 2,998 | - | 92 | 3,090 | 216 | 2.15 | | Prusik Asian Equity Income Fund | 2,642 | - | 424 | 3,066 | 123 | 2.13 | | Barings Korea Trust Open-End Fund | - | 2,000 | 989 | 2,989 | - | 2.08 | | | 76,204 | 2,457 | 20,715 | 99,376 | 2,040 | 69.03 | | Accumulated income | - | 207 | (207) | - | - | - | | Balance not held in investments above | 26,838 | (2,272) | 2,995 | 27,561 | 680 | 19.14 | | Total investments (excluding cash) | 103,042 | 392 | 23,503 | 126,937 | 2,720 | 88.17 | | Cash and short term deposits | 18,220 | 672 | (1,282) | 17,610 | 549 | 12.23 | | Other net current liabilities | (122) | (458) | - | (580) | - | (0.40) | | Net assets | 121,140 | 606 | 22,221 | 143,967 | 3,269 | 100.00 | | | | | | | | | | The income return from the largest holdings above is not included in the table. | | | | | | | | | | The investment portfolio, excluding cash and bank deposits, can be further analysed as follows: | | | | | | | | | | Investment funds | 99,390 | | | | Investment companies and exchange traded funds | 24,038 | | | | Unquoted investments, including loans of £0.2m | 3,424 | | | | Other quoted investments | | | | 85 | | | | | | | | 126,937 | | |
STRATEGIC REVIEW The Strategic Review is intended to provide shareholders with a fair, balanced and comprehensive review of the development and performance of the Company during the year ended 30th June 2026, its position at the year end and the principal factors likely to affect its future development and performance. The Strategic Review should be read in conjunction with the Chairman’s Statement and the Investment Manager’s Report, which provide further commentary on the Company’s performance during the year and the outlook for the future. STATUS The Company is an investment company under section 833 of the Companies Act 2006. The Company has been approved by HM Revenue & Customs as an investment trust under the Investment Trust (Approved Company) (Tax) Regulations 2011 (the ‘Regulations’) and conducts its affairs in accordance with those Regulations so as to retain its status as an investment trust and maintain exemption from liability to United Kingdom capital gains tax. However, the Company did not meet the requirements of the Regulations for a short period at the end of the last financial year and the beginning of this financial year. The Company, therefore, lost investment trust tax status for the years ended 30th June 2025 and 30th June 2026. HMRC has confirmed that the Company meets the requirements to be an investment trust, from 1st July 2026. The Company is categorised as a small registered Alternative Investment Fund Manager for regulatory purposes. PURPOSE, CULTURE AND VALUES The Company’s purpose is to generate attractive long-term total return through capital growth and income for the benefit of its investors. The Board considers that the Company’s culture is established through its leadership, oversight and decision-making processes. As the Company has no employees and relies on external service providers to undertake its day-to-day activities, the Board seeks to promote a culture characterised by integrity, independence, accountability, transparency, constructive challenge and prudent stewardship of shareholders’ capital. The Board expects the Company’s service providers to demonstrate high standards of conduct and to operate in a manner consistent with the Company’s values and the long-term interests of shareholders. STAKEHOLDER RESPONSIBILITIES (S.172 STATEMENT UNDER COMPANIES ACT 2006) The Directors have a duty under section 172 of the Companies Act 2006 to promote the success of the Company for the benefit of shareholders as a whole, while having regard to the likely consequences of decisions in the long term and the interests of other stakeholders. As an externally managed investment trust, the Board considers the Company’s principal stakeholder groups to be limited to the Company’s shareholders, its third-party advisers and service providers and regulatory authorities. Shareholders The Board maintains ongoing engagement with shareholders. Shareholders have opportunities to engage with the Board through the Annual General Meeting, shareholder correspondence and meetings with the Chairman when requested. The Board reviews shareholder feedback, shareholder register analysis and share price performance, including the level of any discount or premium to Net Asset Value ("NAV"). Key decisions taken during the year, including those relating to the Company's dividend policy and investment strategy, were made with regard to their anticipated impact on shareholders and the long-term success of the Company. The Board assessed the potential benefits to shareholders when considering the level of dividend required to maintain investment trust tax status, the recommendations to vote in favour of the resolutions at the AGM and the asset allocation within the investment portfolio. The Board is satisfied that the existing governance processes mean that the Company can act fairly as between individual shareholders and takes account of Mr Duffield’s significant shareholding. Service Providers As the Company has no employees, all operational functions are delegated to specialist third-party providers. The Board receives regular reports from each principal service provider and reviews their performance, internal controls, risk management arrangements, business resilience procedures and regulatory compliance. The Board maintains a constructive and collaborative relationship with its service providers while ensuring appropriate oversight and challenge. Regulatory and Governance Considerations The Board seeks to maintain high standards of corporate governance and regulatory compliance. The Company Secretary provides regular updates on legal, regulatory and governance developments to support the Board in fulfilling its duties and responsibilities. The Directors consider that the Board's engagement procedures and governance framework enable the Company to have appropriate regard to the interests of all key stakeholders and support the long-term success of the Company. Investment Objective The Company’s investment objective is to achieve long-term total return through capital growth and income. Investment Policy The Company’s investment policy is to allocate assets across a broad range of global investment opportunities through investment in equity, bond, commodity, real estate, currency and other markets. The Company’s assets may have significant weightings to any one asset class or market, including cash. The Company may invest in pooled investment vehicles, exchange traded funds, futures, options, limited partnerships and direct investments. Direct investments may represent up to 15% of net assets at the time of investment. The Company adopts a flexible and unconstrained investment approach and does not seek to track any benchmark or index. The principal investment restrictions are as follows: Aggregate exposure to any one of the United States, United Kingdom, Europe excluding the United Kingdom, Asia excluding Japan, Japan or Emerging Markets will not exceed 50% of net assets at the time of investment. Exposure to any individual industry sector will not exceed 50% of net assets at the time of investment. Investment in unlisted securities (excluding unquoted pooled investment vehicles) will not exceed 20% of net assets at the time of investment. No single investment will exceed 15% of net assets at the time of investment. Net short exposure may represent up to 30% of net assets, with individual short positions limited to 5% of net assets at the time of investment. Borrowings may represent up to 30% of net assets. No more than 10%, in aggregate, of the value of the Company’s total assets may be invested in other closed-ended investment funds except where such funds have themselves published investment policies to invest no more than 15% of their total assets in other listed closed-ended investment funds. Derivative instruments and forward foreign exchange contracts may be used for the purposes of efficient portfolio management, currency hedging and investment purposes consistent with the Company’s investment objective. FINANCIAL REVIEW Net assets at 30th June 2026 totalled £143,967,000 compared with £121,140,000 at 30th June 2025. In the year under review, the NAV per Ordinary share increased by 18.84% from 170.56p to 202.70p. The increase in NAV per share of 32.14p resulted from capital returns of 31.66p, revenue returns of 4.03p less dividends paid of 3.55p. A final dividend of 1.85p per share in respect of 2025 and an interim dividend for 2026 of 1.70p per share were paid. The Company’s gross revenue fell slightly to £3,269,000 (2025: £3,398,000). Dividend income was similar to last year, however interest from the bank deposits decreased by £156,000 mainly as the result of falling interest rates. After deducting expenses and taxation, the revenue profit for the year was £2,859,000 (2025: £3,021,000). Total expenses, including the management fee charged to capital, for the year increased to £1,306,000 (2025: £1,119,000). In the year under review the investment management fee increased to £822,000 (2025: £742,000), reflecting the Company’s higher average NAV over the period. Total expenses rose by £187,000, as a result of the increased management fee (£80,000) and capital related expenses (£74,000). Further details on the Company’s expenses may be found in notes 3 and 4. Significant investment gains were made during the year, mainly as a result of buoyant global markets. This is described in more detail in the Investment Managers’ report. Nevertheless, following the change in the Company’s tax status, the Company realised capital losses in 2026. The Company has been able to reduce substantially the taxation payable on the realised gains of £8.2 million for the year-ended 30th June 2025. A provision of £340,000 has been made to cover tax payable on 2025 capital gains as a result of the Company losing investment trust tax status temporarily. Historically, dividends have not formed a central part of the Company’s investment objective. The increased investment in income focused funds over the last few years and the charging of management fees to capital since 2023 has enabled the Directors to declare an increased dividend more recently. At the half year the Company paid a dividend of 1.70p per share (2025: 1.70p). The Directors propose a final dividend of 1.85p per Ordinary share in respect of the year ended 30th June 2026 (2025: 1.85p). If approved at the Annual General Meeting, the dividend will be paid on 11th December 2026 to shareholders on the register at the close of business on 20th November 2026 (ex-dividend 19th November 2026). The primary source of the Company’s funding is shareholder funds. While the future performance of the Company is dependent, to a large degree, on the performance of international financial markets, which in turn are subject to many external factors, the Board’s intention is that the Company will continue to pursue its stated investment objective in accordance with the strategy outlined above. Further comments on the short-term outlook for the Company are set out in the Chairman’s Statement and the Investment Manager’s report. PERFORMANCE MEASUREMENT AND KEY PERFORMANCE INDICATORS The Board regularly reviews a range of key performance indicators ("KPIs") to assess progress against the Company's objective and to evaluate the effectiveness of the Investment Manager. The principal non investment portfolio KPIs include: NAV total return; Share price total return; Revenue earnings per share; Dividend levels and dividend cover; Premium or discount to NAV; and Relative performance against relevant peer groups. The Board reviews performance information against these measures at each Board meeting. Throughout the year the Company’s investments included seven funds managed by the Investment Manager (2025: seven). No investment management fees were payable directly by the Company in respect of these investments. Performance is discussed in the Chairman’s Statement and Investment Manager’s Report. PRINCIPAL RISKS AND UNCERTAINTIES The Board has established a process for identifying, evaluating and managing the principal and emerging risks facing the Company. The Audit and Risk Committee undertakes a formal review of the risk register at least twice each year and reports its findings to the Board. The Board also considers emerging risks and changes in the external environment which may have an impact on the Company, its strategy, business model, future performance, solvency or liquidity. The principal risks and uncertainties identified by the Board at 30th June 2026, together with the measures in place to mitigate those risks and the Board's assessment of changes in the risk profile during the year, are set out overleaf. | Principal Risk | Mitigation and Controls | Change in Risk Profile During the Year | | Investment Strategy Risk | The Company may fail to achieve its investment objective as a result of inappropriate asset allocation, investment selection or portfolio positioning. The Board reviews investment performance, asset allocation, portfolio exposures and strategy at each meeting and challenges the Investment Manager where appropriate. The Investment Manager provides detailed portfolio and attribution analyses to support the Board's oversight. | Unchanged. The Board remains satisfied that the Company's flexible multi-asset investment approach is appropriate for prevailing market conditions and the long-term investment objective. | | Market and Economic Risk | | -->
en | GB0002631041 | NEW STAR INVESTMENT TRUST PLC | boerse | 70426939 |
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