Friends Ivory & Sime this week launches its Aim VCT2 run by Bill Brown and Robert Mitchell. Over th...
Friends Ivory & Sime this week launches its Aim VCT2 run by Bill Brown and Robert Mitchell.
Over the next three years the trust will invest in some 50 companies with a tilt toward technology and related sectors, such as medical, business software and biotechnology.
Fund managers Brown and Mitchell already run the Aim VCT and the Aim investment trust.
Mitchell said: "Although there has been a correction in the price of technology stocks, we believe this is still a growth market and there is plenty of upside left. We are very selective and do not back all new Aim issues, we prefer to concentrate on finding focused businesses that are crucial to the new economy rather than business to consumer dot.coms."
There is 3% initial commission available to intermediaries and launch costs will be capped at 5%.
There is an annual management fee of 2% and an annual performance fee has been added based on cash distributions made to shareholders. These kick in for each distribution in excess of 36p per share.
Brown said: "A maximum of 15% of the portfolio can be invested outside Aim, however, we expect that all of this 15% will be devoted to companies which will be listed within 12 months."
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