The investment manager said it demonstrated that multi-manager gave investors access to areas not usually open to them.
Ben Robinson, a spokesman for New Star, said: “A lot of people seem to see fund of funds as doing much the same as other funds but we hope this shows that this isn’t the case.”
He added that the decision to invest in uranium would not have been an ethical one. He said: “I think it is very much an investment decision to make money. But if you did look at it from an ethical basis you could probably say that it is greener than investing in other energy sources like coal.”
The price surge came as a result of the entrance of speculative buyers into the market with many claiming the prices could continue rising.
Mark Harris, head of New Star Fund of Funds, said: “This is an important long-term theme underpinned by the willingness of governments to consider alternative fuel sources, the resurgence of the nuclear industry and positive forecasts for growth in world energy demand, particularly from China and India.”
The tactical fund has 3% exposure to uranium and the cautious fund 1%, with indirect exposure across the rest of the multi-manger range.
source news : ftadviser.com
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