The VCT aims to generate sufficient returns to maximise tax-free dividends while giving capital growth over the medium to long term. The current fundraising is for Ordinary shares, which will have an income target of 4.5% of NAV. Returns will be generated by investing in a portfolio of mainly unquoted companies across different industries.
The report give into detail on the VCT’s investment process, including how the Investment Manager sources and selects investments and how it supports and monitors them after investment. It covers the effect of fees and gives past performance information both on the VCT and for Calculus Capital as a whole, as well as supplying the basic diligence information that investors require.
Team: One of the longest-standing managers in the VCT/EIS area, Calculus has a highly experienced and stable team.
Past performance: Write-offs over the last couple of years have adversely affected the company’s previously very good performance. An average realised 9% IRR is still credible.