The Fund is an open-ended mutual fund company that was incorporated with limited liability under the laws of the Bermuda on April 22, 1998. The Fund is classified by the BMA as a Bermuda Standard Scheme under the BMA (Collective Investment Scheme Classification).
The fund invests all of its assets in New Castle Market Neutral Fund, L.P., a limited partnership organized under the laws of Bermuda. The Fund acquires Class B limited partnership interest in the Fund. Class A limited partnership interests are offered exclusively to U.S. investors. Both Class A and Class B limited partnership interest will be invested together in a single portfolio. However, the net asset value of each Class will be determined separately.
The Fund's investment objective is to maximize total return. It seeks to achieve this objective primarily by taking long and short positions in stocks and other equity related instruments while attempting to maintain a relatively market neutral portfolio. The investments emphasis of the Fund will be placed on purchasing stocks which are believed to be undervalued or to otherwise present attractive investment opportunities and selling short and equal amount of stocks which are believed to be overvalued or otherwise likely to decline in value.
The Investment Manager for the Fund is New Castle Holdings, Inc. (New York)
The listing of New Castle Market Neutral Offshore Fund Limited is sponsored by Quorum Sponsors Limited (Bermuda).
Mark Kurland, Chief Executive Officer of Bear Stearns Asset Management, Inc. said, "When we launched New Castle Market Neutral Offshore Limited one of our goals was to be listed on the BSX and to have achieved our listing is very exciting".
"The BSX is pleased to bring New Castle Market Neutral Offshore Fund Limited to listing", said Mr. James S. McKirdy, Listing Manager of the BSX. "Building on Bermuda's reputation as one of the top offshore jurisdictions for Collective Investment Schemes, the BSX continues to attract a broad variety of mutual funds."
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For further information on New Castle Market Neutral Offshore Fund Limited, please contact Peter Martin at telephone: 441-295-9671, facsimile: 441-292-5962.