Unicorn Asset Management's second investment trust, Falcon, has raised £36.152m through a placing an...
Unicorn Asset Management's second investment trust, Falcon, has raised £36.152m through a placing and offer for subscription.
The trust, managed by Peter Webb and Paul Harwood, will invest in UK smaller companies with a market capitalisation between £150m and £1bn. It is a follow-up to the Eaglet Investment Trust, which invests in UK smaller companies with a market cap below £150m.
Falcon has a management fee of 1% of gross assets, plus a performance fee of 10% of the NAV outperformance of its benchmark, the Hoare Govett Smaller Companies Index ex-investment trusts.
Falcon will have a fairly focused portfolio, investing in between 30 and 40 holdings. Peter Walls, director at Unicorn, said it is unlikely there will be many £1bn companies, and that the average market cap will be around £350m.
The trust looks to identify undervalued companies with experienced and motivated management, products and services that supply growth markets, sound operational and financial controls, and good cash generation to finance ongoing development.
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