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Collins Stewart fishes for blue chips

Collins Stewart has unveiled a split capital investment trust that invests in UK large-caps.

The blue chip value and income fund is a Guernsey-based investment trust that consists of ordinary shares and zero-dividend preference shares with a redemption yield of 8.75 per cent a year. It has a planned life of six years and this will be reviewed on April 30, 2007.

The fund is invested in two components — one that produces income and one that produces capital growth. The growth element makes up 75 per cent of the fund and invests in UK equities. The remaining 25 per cent of the fund is invested in the income element which contains fixed interest and high yielding securities.

It is likely to attract fairly sophisticated investors with a firm idea of their investment objectives and who want the tax advantages that come with investing offshore.

Reduced interest rates and tax cuts in the US seem to have halted the slowdown in the country&#39s economy, which has had a knock-on effect in the UK. Consequently, stockpicking may involve selecting undervalued stocks that look likely to rise in value when the UK stockmarket fully recovers.

According to Standard & Poor&#39s, the Collins Stewart international growth fund is ranked 6 out of 111 funds based on £1,000 invested on a bid to bid basis with gross income reinvested over one year to May 28, 2001.

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