Interim Management Statement

RNS Number : 2204N

Oryx International Growth Fund Ld

12 February 2009

ORYX INTERNATIONAL GROWTH FUND LIMITED

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2008

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 2008 to 31 December 2008, 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 finally showed a flicker of life in December, with the FTSE All Share Total Return Index up 3.67% in sterling terms. Bad news on the economic and corporate fronts continued unabated, but began to lose its power to shock. Only time will tell if December's advance is the start of a more enduring move, but valuations are undeniably attractive and any improvement in credit conditions, signs that the fiscal stimulus is having some effect, or a pick-up in corporate activity will have a big positive impact.

For the quarter ended 31 December 2008, the Fund's NAV declined by 19.5%, whilst the share price was down 38.3%. The discount to NAV widened to around 31%. As the Chairman reported in his half year statement, in order to manage the discount, the Board will purchase shares in the market when appropriate, in a bid to reduce the current discount level.

Material Transactions

Since 1 October 2008 the Company purchased for cancellation 175,000 ordinary shares on 6 November 2008 at 130p per share and 40,000 ordinary shares on 20 November 2008 at 107p per share.

Material Events

There were no material events during the quarter ended 31 December 2008.

Report and Accounts

On 28 November 2008, the Company posted its Interim Report for the six months ended 30 September 2008, to Shareholders.

Financial Highlights

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

NAV	£1.73	£2.15	£2.45	£2.55

Mid-market price	118.5p	192.00p	231.75p	239.00p

FTSE All-Share Index	2209.29	2483.67	2855.69	2927.05

Standard & Poor's 500
Composite Index**	628.2	653.4	643.2	665.5

Russell 2000**	347.4	381.3	346.5	346.1

US Dollar / Sterling Exchange Rate	1.4378	1.7825	1.9902	1.9875

** Sterling adjusted

Twenty Largest Equity Investments at 31 December 2008

	%
RPC Group Plc	6.97
Celcis International Plc	5.24
Orthoplastics Ltd	5.19
Bavaria Industriekapital AG	5.08
Dialight Plc	4.81
Electronic Data Process PLC	4.68
Augean Plc	4.42
Fayrewood Plc	4.35
Communisis plc	3.96
Castle Support Services plc	3.71
Journey Group Plc	3.16
Quarto Group Inc	3.02
Inspired Gaming Group	3.01
Payzone Plc	2.85
BBA Aviation plc	2.85
Avanti Communications Plc	2.84
AssetCo plc	2.71
Meadow Value Corp Inc	2.60
Bionostics Holdings Ltd	2.46
Catalyst Media Group Plc	2.21


% of total portfolio	76.12