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ISIS takes AiM

Friends Ivory & Sime

ISIS AiM Growth Fund

Type: Oeic.

Aim: Growth by investing in UK companies listed on the alternative

investment market and larger companies listed on the TechMARK


Minimum investment: Lump sum £1,000, monthly £50.

Investment split: 80 per cent AiM, 20 per cent TechMARK index.

Isa link: Yes.

Pep transfers: Yes.

Charges: Initial 4.75 per cent, annual 1.5 per cent.

Commission: Initial 3 per cent, renewal 0.5 per cent.

Tel: 08457 992299.

Broker Panel:-

Nick Rogers, IFA, Lauren Charles Financial Management.

Douglas Croft, Partner, Andrews Gwynne &


Scott Clayson, Principal, Professional Financial Services.

Bob Vaughan, Partner, Ashley Vaughan Partnership.

Broker Ratings:-

Suitability to market 5.5

Investment strategy 6.5

Past performance 6.4

Company&#39s reputation 7.0

Charges 6.3

Commission 6.0

Product literature 6.3

Friends Ivory & Sime has introduced its ISIS Aim growth

fund, an Oeic which allows investors to invest in companies listed on

the alternative investment market and the TeckMARK index.

Looking at how the fund fits into the market Vaughan says:

"Although this fund could be described as just another

high tech or dot com fund it is a new launch without the baggage

associated with existing funds and previous poor stock selections.

This new fund can start clean and hopefully find some sensibly

priced investment opportunities. By investing via a fund the risk is

spread amongst a number of companies rather than individual


Croft says: "The Aim fund is unusual and usefully extends

the range of funds available. The dynamic and zero dividend

preference share funds represent additions to a growing sector. The

smaller companies fund sector is already


Clayson says: "A quality higher risk fund. A good

alternative to technology funds." Rogers says:

"Innovative and interesting but could be very poor timing

due to recent events and impact on consumer


Identifying the type of client the fund is suitable for Croft says:

"These are not for widows and orphans. Clients will need

an appetite for risk and funds such as the Aim fund will represent

only a small part of the total portfolio."

Rogers thinks that it will appeal to the more sophisticated and

financially aware investor and those with a very optimistic or

aggressive attitude.

Vaughan says: "The literature suggests younger investors

with spare capital investing for the long term would be most suited to

investment in the AiM fund. I would add to this anyone wishing to take

a punt on new ventures or developing technology but who are also

aware, from more recent performance, how volatile this type of

investment can be."

On the other hand Clayson believes wealthier clients with a long-term

investment horizon would find this fund attractive. He says:

"I would not recommend more than 5 per cent of a portfolio

in this fund because of its high-risk profile."

Analysing the marketing opportunities the fund will provide Croft says:

"The AiM fund in particular adds a string to the

IFA’s bow."

Clayson thinks the fund will provide an opportunity for investors who

are frightened of the high tech stocks. Whereas Rogers believes the

opportunities are limited due to the launch timing,

"It’s ok within a balanced portfolio of an

aggressively minded investor," he says.

Vaughan says: "Having witnessed the volatility of the high

tech and dot com funds it requires a brave investor with a long term

or cavalier outlook to commit to funds at the present time. I feel

regular premiums would perhaps be more popular for younger

investors and small single premiums for wealthier older clients

— both via Isas."


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