More than £20m was added to the value of New Star International Property yesterday when the £678m fund reverted to pricing its units on an offer basis.

John Duffield, founder and chairman of New Star Asset Management, said: 'A lot of funds go backwards and forwards. We had two days on a creation basis and now it’s back on an offer basis, so the £20m has been recovered — but it may happen again, depending on sales and redemptions.

'Since launch, the fund is 1% down on a capital basis but up 4% on income. During this time, markets have gone down by 25%.'

Daily Telegraph