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Shortlist for this year's VCT(s)

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
Blagdon
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Shortlist for this year's VCT(s)

#708961

Postby Blagdon » January 31st, 2025, 5:08 pm

Anyone brave enough to suggest a shortlist for this year's VCT(s)?

Any views on AIM versus Generalist - I am tempted by AIM but not sure if that is wise?

UncleEbenezer
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Re: Shortlist for this year's VCT(s)

#708968

Postby UncleEbenezer » January 31st, 2025, 6:03 pm

Blagdon wrote:Anyone brave enough to suggest a shortlist for this year's VCT(s)?

I might be tempted to shortlist several offers that are now closed.

Perhaps a startingpoint could be broker "favourite" lists, such as https://www.wealthclub.co.uk/venture-capital-trusts/ . Within that, I'm basing my final choice for the year on being one with a track record and which I haven't topped up in recent times.

As for AIM, the political effect on AIM shares of IHT exemptions and the halving of that will be working through the system. You'll want to take a view on how that might play out over your investment timescale.

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Re: Shortlist for this year's VCT(s)

#708974

Postby Aurelius » January 31st, 2025, 6:48 pm

I have Baronsmead, Mobeus, BSC, Pembroke, Octopus Apollo and Octopus AIM at present. For the 25-26 tax year, Mobeus would be an automatic choice if it comes. I'm trying to diversify a bit more, so would also consider Albion, Northern or Puma 13, and maybe add to Pembroke. Dont expect to buy any more Baronsmead, and not very keen on any other candidates, for various reasons.

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Re: Shortlist for this year's VCT(s)

#709001

Postby Snowbadger » February 1st, 2025, 12:12 am

Same as last years list. Take the first page of the best 5yr performance on VCTs on the AIC website ( also influenced by 10yr tab ) and choose from what is available at a decent performance. Look to sell any mature VCTs to max out investment.

Good luck,

SB

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Re: Shortlist for this year's VCT(s)

#709213

Postby Kidman » February 2nd, 2025, 11:19 am

This financial year I have sold the last of my Northerns and over half of my Baronsmeads. That has funded some additions to my Pembroke and British Smaller Cos. holdings with a bit left over.
I am now thinking of taking a small position in Maven 1. Years ago I had Maven 4 but this time have picked 1 arbitrarily to see how it goes.

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Re: Shortlist for this year's VCT(s)

#709631

Postby whatafool » February 4th, 2025, 8:43 am

Does anyone have any strong opinions on the Albion VCTs, in particular Crown? I have held Crown previously, and still hold AAEV and AADV. I'm considering buying some Crown, mostly for diversification. Anything that makes it particularly better or worse than other VCTs out there?

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Re: Shortlist for this year's VCT(s)

#709641

Postby londoninvestor » February 4th, 2025, 9:13 am

whatafool wrote:Does anyone have any strong opinions on the Albion VCTs, in particular Crown? I have held Crown previously, and still hold AAEV and AADV. I'm considering buying some Crown, mostly for diversification. Anything that makes it particularly better or worse than other VCTs out there?


From what I can see, the current Albion offering is for the C share class of Crown, which is the old AAVC portfolio.

That does give you some mild diversification from other VCTs - it still has a bit of money invested in what we used to call "asset-backed" VCT investments (a tydroelectric power station and a private school). However, investments like that haven't been allowed since 2016ish, so there will be no more of those. And in mid-2026 the C shares will be merged with the mainline Crown shares (i.e. the pre-rename and pre-merger Crown Place VCT portfolio.

So in the medium/long term, these are likely to perform pretty much in line with the other Albions.

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Re: Shortlist for this year's VCT(s)

#710163

Postby james188 » February 6th, 2025, 4:47 pm

In addition to the usual suspects, I think that the ProVen VCTs are worth a look, not least because they offer diversity. Performance for both ProVen VCTs has been somewhat muted in recent years with some painful failures and the (very) heady days of the Watchfinder and Chargemaster disposals are a rather distant memory.

However, I think that they now have very interesting portfolios and there have been recent decent exits, including the rump stake in Monica Vinader, which was an outstanding investment. Understandably, Beringea are very pleased with the January 2025 5.2x cash-on-cash disposal of Lupa Foods to a trade buyer. I am hopeful that more very good exits will follow fairly soon - e.g. MPB Group and Luxury Promise, which are both performing very well.They are one of the only houses I can think of with in depth expertise of consumer stocks and they also have better experience than most in the US markets.

I am very happy to hold both the VCTs (and add through DRIS), as part of a balanced VCT portfolio. I see that Wealth Club have today posted an interview with Karen McCormick of Beringea, which is worth a look for anyone thinking about these VCTs.


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