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AIC introduces VCT sector classification system

The Association of Investment Companies is introducing a classification system for venture capital trusts which will create six new sub-sectors.

These sectors expand on the current specialist and generalist categories and also distinguish between VCTs according to the three year investment requirement rule.

The AIC says this should enable investors and advisers to differentiate more easily between VCTs.

The sectors are VCT Generalist, VCT AIM Quoted, VCT Specialist: Healthcare & Biotechnology, VCT Specialist: Environmental, VCT Specialist: Media, Leisure and Events and VCT Specialist: Technology.

The new classification system will be published in the monthly AIC Stats booklet from this month and will be included in the AIC’s online statistics.

Association of Investment Companies director general Daniel Godfrey says: ‘‘The AIC is pleased to be playing a key role in the development of the VCT sector and these changes should give investors and advisers alike the appropriate tools to help distinguish between different VCTs.

“In addition to the expanded sector classifications, VCTs will also be divided according to whether they meet the three year investment rule, namely that they must have at least 70 per cent of their investments in qualifying investments, which must be invested within three years of a VCTs’ launch. This will allow investors to distinguish more easily between VCTs that are fully invested and avoid the distortions that VCTs that have not yet met the investment criteria can have on performance averages.’’

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