Interim Management Statement

RNS Number : 5319X

Oryx International Growth Fund Ld

17 August 2009

ORYX INTERNATIONAL GROWTH FUND LIMITED

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 JUNE 2009

Oryx International Growth Fund Limited ('Oryx' or the 'Company'), is publishing this Interim Management Statement in accordance with DTR 4.3 of the FSA Handbook.

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 April 2009 to 30 June 2009, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Manager's Review

The stock market started a recovery in early April with the Financial Times Stock Exchange Index rising by 8.2% over the three month period to 30 June 2009. The net asset value of Oryx rose by 12.6% although overall performance was held back by the unquoted portfolio where there was no meaningful change during the period.

The movement in the market appears to reflect the anticipation of an economic recovery in 2010 and is ignoring very weak corporate earnings for the current year.

Our strategy has been to take advantage of this by rebuilding cash positions and focussing heavily on new situations when we believe the share price substantially undervalues the private market value of the business.

Material Transactions

Since 1 April 2009 the Company purchased for cancellation a total of 930,824 ordinary shares at an average cost of £1.468 per share.

Material Events

There were no material events during the quarter ended 30 June 2009.

Report and Accounts

On 22 July 2009, the Company posted its Annual Report and Accounts for the year ended 31 March 2009, to Shareholders, together with a circular containing notice of the Company's Annual General Meeting and details in relation to the proposed Rule 9 waiver.

Financial Highlights

	30 June 2009	31 March 2009	31 December 2008	30 September 2008

NAV	£1.97	£1.75	£1.73	£2.15

Mid-market price	155.0p	100.0p	118.5p	192.0p

FTSE All-Share Index	2172.1	1984.2	2209.29	2483.67

Standard & Poor's 500 Composite Index**	558.2	556.6	628.2	653.4

Russell 2000**	308.6	294.9	347.4	381.3

US Dollar / Sterling Exchange Rate	1.6469	1.4334	1.4378	1.7825

** Sterling adjusted

Twenty Largest Equity Investments at 30 June 2009

	%
RPC Group Plc	8.03
Celsis International Plc	6.46
Orthoplastics Limited	6.01
AssetCo Plc	5.47
Dialight Plc	5.40
Bavaria Industriekapital AG	4.94
Journey Group Plc	4.55
Avanti Communications Plc	4.33
Catalyst Media Group Plc	4.16
Castle Support Services Plc	4.13
Quarto Group Inc	4.10
BBA Aviation Plc	4.04
Augean Plc	3.40
Inspired Gaming Group Plc	3.05
Bionostics Holdings Limited	2.57
Payzone Plc	2.51
Gleeson (MJ) Group Plc	2.33
Communisis Plc	2.12
Essenden Plc	1.96
Nationwide Accident Repair Services Plc	1.94


% of total portfolio	81.50