That ain't working, that's the way to do it ...

[naflod]

Thanks to BBB for the suggestion here is a new, still incomplete table of the rewards to the fund managers for raising cash.

If anyone can supply the missing percentages, please let me know (ditto any typos in the table), otherwise I will update the list as I come across them.

Code: Select all

                                             fund     war      Manager's
                        Date        Cash     raising  chest    fee        Value
2017                                £000's   £m       £000's              £'s
Albion Dev              31/12/2016  10,153   4.0      14,153   2.25%      318,443
Albion Enterprise       31/12/2016  8,629    6.0      14,629   2.50%      365,725
Albion Tech&Gen         31/12/2016  6,752    6.0      12,752
Albion VCT              30/09/2016  6,706    6.0      12,706   1.90%      241,414
Baronsmead VT           30/09/2016  21,591            21,591   2.00%      431,820
Baronsmead 2VT          30/09/2016  24,110            24,110   2.50%      602,750
Br Smaller Cos          30/09/2016  29,544   4.3      33,844   2.29%      775,028
Br Smaller Cos 2        31/12/2016  15,863   4.2      20,063   2.51%      503,581
Chrysalis               31/10/2016  6,318             6,318    1.65%      104,247
Crown Place             31/12/2016  4,855             4,855    2.50%      121,375
Downing One             30/09/2016  8,118             8,118
Edge H                  31/08/2016  2,112             2,112
Foresight 1 Ord       # 31/12/2016  39,355            39,355   2.00%      593,550
Income & Growth         30/09/2016  29,310            29,310
Maven 4 VCT             31/12/2016  4,394             4,394
Maven 5 VCT             30/11/2016  4,103             4,103
Mobeus I&G              31/12/2016  21,657            21,657   2.00%      433,140
Mobeus I&G 2            30/09/2016  18,202            18,202
Mobeus I&G 4            31/12/2016  22,246            22,246
Northern VT             30/09/2016  8,552    4.3      12,852
Northern VT 2           30/09/2016  11,093   4.3      15,393
Northern VT 3           30/09/2016  1,542    4.3      5,842
Octopus Titan           31/10/2016  100,644  120.0    220,644  2.00%      4,412,880
ProVen                  31/08/2016  36,329            36,329
ProVen G&I              31/08/2016  10,578   39.0     49,578
 
# Foresight take full
2% on the first £20m
of cash, then 1%
thereafter

No wonder Octopus are so keen on large fund raisings, £4.4million! But then, none are figures to be sneezed at.

Although not ideal, I must give mild credit where due to Foresight, for their reduction on the excess.

Looking at the table, it does reinforce my long held view that VCTs would be acting more in members' interests if they used their borrowing powers short term ahead of the latest offering. This would offer the twin benefits of avoiding shareholders questioning the motives behind the size of fund raisings and the potential conflict of interest and, given the latest weighted average exceeding three years on my cash pile summary, relieve time pressures on making qualifying investments.

Given the speed with which the latest round filled up, fund managers should have no fears of being left carrying debt long term.

naflod

[BusyBumbleBee]

This is brilliant Naflod thank-you so much

I will try to get figures together when I have time.

Interestingly there are some VCTs which cannot raise new money (they have invested in wind and sun which are now no longer allowed as new investments in VCTs), A couple of them have reduced fees to 1.5 per cent.

[Shavtedagin]

Naflod
An excellent table. Doesn't it make scary reading, money for old rope. There is some evidence of this money coming back as dividends as the NAVs are evidently reducing, however the fees are obscene.

[Julian]

Naflod
An excellent table. Doesn't it make scary reading, money for old rope. There is some evidence of this money coming back as dividends as the NAVs are evidently reducing, however the fees are obscene.

Scary indeed. I for one and becoming less and less inclined to make new VCT investments. I'm not saying "never again" but I am definitely inclined to sit on the sidelines for a year or two and maybe longer to see how all this unfolds in terms of adjustments to the new investment rules, deploying these huge cash piles into worthwhile investments at reasonable entry prices, and fee structures.

Right now there are many things that I am nervous about in the VCT universe. If this carries on then I wonder how many more rounds of fund raising will be met with floods of applications.

- Julian

[naflod]

Alongside the cash piles update, here is the update of the value to the fund managers of all that cash raised, now updated to include a few more fee percentages:

Code: Select all

                                       fund     war      Manager's
                        Date        Cash     raising  chest    fee        Value
2017                                £000's   £m       £000's              £'s
Albion Dev              31/12/2016  10,153   4.0      14,153   2.25%      318,443
Albion Enterprise       31/12/2016  8,629    6.0      14,629   2.50%      365,725
Albion Tech&Gen         31/12/2016  6,752    6.0      12,752
Albion VCT              31/03/2017  10,496            10,496   1.90%      199,424
Baronsmead VT           31/03/2017  4,329             4,329    2.00%       86,580
Baronsmead 2VT          31/03/2017  2,711             2,711    2.50%       67,775
Br Smaller Cos          31/03/2017  29,314            29,314   2.29%      671,291
Br Smaller Cos 2        31/12/2016  15,863   4.2      20,063   2.51%      503,581
Chrysalis               30/04/2017  7,508             7,508    1.65%      123,882
Crown Place             31/12/2016  4,855             4,855    2.50%      121,375
Downing One             31/03/2017  22,023            22,023
Edge H                  28/02/2017  1,927             1,927    2.25%       43,358
Elderstreet             31/12/2016  3,853             3,853
Foresight 1 Ord       # 31/12/2016  39,355            39,355   2.00%      593,550
Income & Growth         31/03/2017  22,226            22,226
Maven 4 VCT             31/12/2016  4,394             4,394
Maven 5 VCT             30/11/2016  4,103             4,103
Mobeus I&G              31/12/2016  21,657            21,657   2.00%      433,140
Mobeus I&G 2            31/03/2017  14,614            14,614
Mobeus I&G 4            31/12/2016  22,246            22,246
Northern VT             31/03/2017  26,583            26,583   2.06%      547,610
Northern VT 2           31/03/2017  24,163            24,163   2.06%      497,758
Northern VT 3           31/03/2017  14,081            14,081   2.06%      290,069
Octopus Titan           30/04/2017  172,030           172,030  2.00%      3,440,600
Pembroke "B"            31/03/2017  1,501             1,501    2.00%       30,020
ProVen                  28/02/2017  33,210            33,210   2.00%      664,200
ProVen G&I              28/02/2017  46,450            46,450   2.00%      929,000
 
                                    575,026  20.2     595,226
 
# Foresight take full
2% on the first £20m
 of cash, then 1%
thereafter

Please let me know if you spot any typos

naflod

[naflod]

Hot on the heals of my other periodic spreadsheet, here is the latest showing the value to the fund managers persuading the directors to launch large fundraisings:

Code: Select all

                                         fund     war      Manager's
                          Date        Cash     raising  chest    fee        Value
                                      £000's   £m       £000's              £'s
Albion Dev                31/03/2018  6,762             6,762    2.25%           152,145
Albion Enterprise         31/12/2017  10,955            10,955   2.50%           273,875
Albion Tech&Gen           31/03/2018  10,887            10,887   2.75%           299,393
Albion VCT                31/12/2017  11,526            11,526   1.90%           218,994
Baronsmead VT             31/03/2018  653               653      2.00%            13,060
Baronsmead 2VT            31/03/2018  780               780      2.50%            19,500
Br Smaller Cos            31/03/2018  19,764            19,764   2.29%           452,596
Br Smaller Cos 2          30/06/2018  15,306            15,306   2.51%           384,181
Chrysalis                 30/04/2018  5,909             5,909    1.65%            97,499
Crown Place               31/12/2017  9,406             9,406    2.50%           235,150
Downing One               31/03/2018  35,456            35,456   1.80%           638,208
Edge H                    28/02/2018  1,219             1,219    2.25%            27,428
Elderstreet               31/03/2018  15,987            15,987
Foresight 1 Ord         # 31/12/2017  61,870            61,870   2.00%           818,700
Foresight 4 Ord           31/03/2018  10,655            10,655   2.00%           213,100
Income & Growth           31/03/2018  37,776            37,776   2.40%           906,624
Maven 4 VCT               31/12/2017  11,587            11,587   2.50%           289,675
Maven 5 VCT               31/05/2018  4,346             4,346    1.60%            69,536
Mobeus I&G                30/06/2018  32,064            32,064   2.00%           641,280
Mobeus I&G 2              31/03/2018  20,559            20,559   2.00%           411,180
Mobeus I&G 4              30/06/2018  24,366            24,366   2.00%           487,320
Northern VT               31/03/2018  20,539            20,539   2.06%           423,103
Northern VT 2             31/03/2018  25,540            25,540   2.06%           526,124
Northern VT 3             31/03/2018  21,458            21,458   2.06%           442,035
Octopus Titan             30/04/2018  242,237           242,237  2.00%         4,844,740
Pembroke "B"              31/03/2018  3,577             3,577    2.00%            71,540
ProVen                    28/02/2018  28,671            28,671   2.00%           573,420
ProVen G&I                28/02/2018  44,062            44,062   2.00%           881,240
 
                                      733,917  0.0      733,917
 
# Foresight 1 take full
2% on the first £20m
 of cash, then 1%
thereafter

If anyone can provide the Elderstreet Draper Esprit percent please that would fill the last gap that I have.

naflod

[tjh290633]

Naflod,. I think that you have used the wrong type of table, as yours wraps, rather than staying on one line, accessed by sliding the bar below the table. I think that the "pre" version would work properly.

TJH

[naflod]

Hi TJH

I think that you have used the wrong type of table, as yours wraps, rather than staying on one line, accessed by sliding the bar below the table. I think that the "pre" version would work properly

That's interesting. I'm not seeing any wrapping of the data.

The column headings are slighty askew, however, and should be:

Date
Cash £000's
fund raising £m
war chest £000's
Manager's fee
Value £'s

Wrapping of data is more of an issue I have with the VCT cash piles postings and normally need a couple of tweaks between previewing and posting.

naflod

[kiloran]

Hi TJH

I think that you have used the wrong type of table, as yours wraps, rather than staying on one line, accessed by sliding the bar below the table. I think that the "pre" version would work properly

That's interesting. I'm not seeing any wrapping of the data.

naflod

The wrapping depends on the screen resolution and the width of the browser window. If I reduce the width of my Chrome browser (on Windows 7), the data in the Code window does wrap.

--kiloran

[UncleEbenezer]

That's interesting. I'm not seeing any wrapping of the data.
naflod

Depends how you view it. He's probably either using a small screen (phone) or a low-vision aid (magnifier).

Anyway, stick to what you're doing. It's readable (albeit not pretty) even when wrapped. If you try another solution, you'll be up against the limitations of what's feasible with the lemonfool's system. The <pre> solution he suggests is another ugly hack, would be a nightmare to write here, and is liable to fall down in a heap in other circumstances.

[GentlemansFamily]

This makes very informing reading.
I don't like the fees/cash piles and a few other things of VCTs and having a bit of transparency is very useful for future investment and buying/selling.

[BusyBumbleBee]

Hi Naflod - trust you are keeping well in this extraordinary time. Posting here to float this one to the top of the lists and hoping you can update your marvellous and really useful table which will make us all happy or sad when we see how much the managers are getting.

with kind regards - BBB