The Battle Against Cancer Investment trust (BACIT) has revealed details of its holdings as it invests an initial £200m worth of assets.
The trust, managed by ex-Cazenove man Tom Henderson, chaired by Jeremy Tigue (pictured) and backed by other high profile figures including Jupiter's John Chatfeild-Roberts, floated on the stock exchange on 22 October.
BACIT said it had invested 70.4% of its end-October net asset value by 5 November, across 22 funds run by 17 managers.
The largest positions are in Peter Spiller's Capital Gearing Portfolio Dollar fund, which accounts for 7.8% of the trust's portfolio, Majedie Asset UK Equity, at 5.9% of NAV, and the Maga Smaller Companies fund, also at 5.9% of NAV.
Richard Plackett's BlackRock UK Special Situations fund is the next largest holding, at 4.9% of the portfolio, with other notable investments including positions in the SW Mitchell European fund (3.4%), the Polar Capital Japan Large Cap fund (2.9%), the BlackRock World Resources Income fund (2%) and the Baker Steel Dynamic Genus fund (2%).
Just over 20% of NAV is invested in global vehicles, with 14.8% in Europe, 10.8% in the UK, 10.3% in the US and the remainder in Asia Pacific and emerging markets.
Equity hedge strategies account for 19.6% of NAV, followed by commodity plays (at 15.9%), equity funds (13.7%), fixed income (7.8%) and emerging markets (6.8%), with the remainder split between relative value, global macro and credit strategies.
As per its policy of seeking only fee-free investments, some 15 of the 22 funds have agreed not to charge management or performance fees, with the remaining 7 rebating or donating fees back to the trust in the form of cash or shares.
The trust, which does not charge any fees, will donate 0.5% of its assets every year to the Institute of Cancer Research, with a further 0.5% going to a group of charities selected by shareholders.
A further 1% of NAV can be invested in the medical and drug development sector.
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