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Gartmore&#39s Prvulovich zeros in on stable growth fund

Gartmore is calling on the skills of star manager Richard Prvulovich for the launch of a new fund of zeros.

The stable growth fund is set for launch on July 11 and will invest in the zero-dividend preference shares of multi-share class closed-end investment trusts, such as split-caps.

The fund aims to provide long-term capital growth. It will have a gross redemption yield of 8.4 per cent.

Initial charge is 1.59 per cent and annual 1.5 per cent. There is an exit charge of 1.5 per cent for the first five years. Commission is 3 per cent initial with 0.5 per cent renewal. Minimum investment is £1,000. An Isa and Pep transfer version, the stable growth Isa, will be launched, with a minimum investment of £3,000. The Isa offers a monthly savings scheme from £50 a month.

It is the third zero fund from a major investment house this year following launches from Jupiter and Framlington.

Prvulovich says: “We think zero funds are ideal investments for a sizeable portion of retail investors. You are getting 2 or 3 per cent in a bank or building society but here is a slightly alternative investment which gives better returns for not much more risk in a tax-efficient manner.”

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