New City’s annual results for the year ended 30 September 2013 show a fall in the NAV of 19.2% and in the share price of 6.5%. The performance is attributed to falling commodity prices (on fears of slowing Chinese growth) and the strength of Sterling over the period. the Board has negotiated a reduction in the management fee from 2% to 1.375%. The manager plans to increase the fund’s exposure to shale oil & gas companies at the expense of traditional oil & gas companies.
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