View more on these topics

Calculus sees in the New Year with EIS fund

Calculus Capital, which established the first Inland Revenue approved EIS fund in 2000, has brought out the Calculus Capital EIS Fund 2006.

Susan McDonald and John Glencross, who have both invested in unquoted companies since 1997, founded the company in 1999. The company has launched four generalist EIS funds, which are now fully invested. Calculus says half of the money invested in these funds is the personal money of UK fund managers and other City professionals and is aiming the new fund at high-net-worth clients who can meet the 50,000 minimum investment.

The 2006 fund aims for capital growth with a managed level of risk by investing in a portfolio of 10 to 12 EIS qualifying companies. It is a generalist fund so its portfolio will span pre-flotation companies, smaller management buy-ins and buy-outs and Aim companies.

The focus will be on established companies looking for capital to expand, while start ups and seed stage companies will be avoided because the manager regards the risks as unacceptably high for this type of fund.
The companies that make it into the portfolio will need to have excellent growth prospects and proven management teams. Calculus expects many to be in traditional sectors such as financial services and transport, with a focus on those can prosper in uncertain economic conditions. It is also important to Calculus that the companies provide a clear exit route for investors.

Calculus are alerted to potential investments through several avenues. They may be contacted directly by companies seeking investment or approached by syndicates looking for partners in larger investments.
?Other investment ideas will come through intermediaries and contacts.
This fund offers the diversity that a single EIS investing in one business cannot provide and having an experienced team to select the investments may provide a comfort factor for investors. However, unquoted companies may have small management teams which rely on a few key individual and may also be going through a lot of change, making this fund higher risk than a portfolio of quoted companies.


Allianz launches Bric fund

Allianz Global Investors is to launch the UK’s first onshore Bric fund.The fund will be managed by Michael Konstantinov and will focus on the fast-growing economies of Brazil, Russia, India and China. The fund will employ a top-down, systematic country allocation model, along with bottom-up stock selection. It will hold between 50 and 60 stocks, […]

Tory reshuffle sees Hammond take work and pensions role

The Tories have reshuffled their front bench following David Cameron’s leadership victory, with Philip Hammond taking the work and pensions position and Theresa Villiers joining the Shadow Cabinet. Hammond takes over from Malcolm Rifkind, who quit the Cabinet after not being offered the role of Shadow Foreign Secretary. Hammond was Shadow Chief Secretary to the […]

Blair wants pension credit to be axed

Tony Blair has told a national newspaper he wants pension credit to be phased out, putting him at odds with the Chancellor.LibDem work and pensions spokesman David Laws says the statement has made Gordon Brown look even more isolated. Laws says it is now time for the Government to act to end means-testing by bringing […]

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm