Interim Management Statement

RNS Number : 0489B

Oryx International Growth Fund Ld

10 February 2011

ORYX INTERNATIONAL GROWTH FUND LIMITED

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2010

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 October 2010 to 31 December 2010, 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 FTSE All-Share TR Index (£) returned 7.38% over the fourth quarter. Risk assets were in demand after the announcement of further quantitative easing in the United States and on the back of greater economic optimism, particularly on signs of recovery in the US economy. December was a particularly strong month for developed market equities including the UK stock market. Reflecting this increased risk appetite, the FTSE Small Cap TR Index outperformed the broad index, returning 9.05%. Against this backdrop, the Fund's NAV rose by 11.28%, while its share price advanced 20.25% to £2.375. The discount to NAV narrowed sharply from 21.72% at the start of the quarter to 15.41% at the end of December.

Material Transactions

Since 1 October 2010 the Company has purchased for cancellation the following shares:

12 November 2010 a total of 15,000 ordinary shares at a gross price of £2.10 per share.

19 November 2010 a total of 15,000 ordinary shares at a gross price of £2.10 per share.

10 December 2010 a total of 37,860 ordinary shares at a gross price of £2.15 per share.

Material Events

There were no material events during the quarter ended 31 December 2010.

Report and Accounts

On 11 November 2010, the Company posted its Interim Report for the six months ended 30 September 2010, to Shareholders.

Financial Highlights

	31 December 2010	30 June 2010	31 March 2010	31 December 2009

NAV	£2.81	£2.35	£2.28	£2.26

US Dollar / Sterling Exchange Rate	1.5657	1.4961	1.5169	1.4378

Twenty Largest Equity Investments at 31 December 2010

	%

Chrysalis Group Plc	9.66
Gleeson (M J) Group Plc	6.89
BBA Aviation Plc	6.71
CVS Group Plc	5.78
RPC Group Plc	5.25
Idox Plc	4.84
Quarto Group Inc	4.79
Catalyst Media Group Plc	4.46
Orthoproducts Ltd	4.41
Bavaria Industriekapital AG	4.30
Journey Group Plc	4.03
IS Pharma Plc	3.90
Phoenix Group Holdings	3.18
Augean	3.01
Innovation Group Plc	2.85
Focus Solutions Group Plc	2.76
Vislink Plc	2.63
Nastor Inv Ltd Zero Dividend Preference Shares	2.52
Assetco Plc	2.30
RPC Group Plc nrp rts 21/01/2011	1.93

% of total portfolio	86.20