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Track record is key for Baronsmead


Baronsmead VCT 2 C Shares

Venture capital trust

Growth by investing in established unquoted UK companies

Minimum investment:
Lump sum £3,000

Closing date:
January 28, 2005

Special offer:
Extra 1% allocation of shares

Offer period:
Until October 15, 2004

Initial 5%,
annual 2%

Initial 3%

Tel: 0845 799 2299

Isis Asset Management is issuing C shares for the baronsmead 2 venture capital trust, established in 1998. This will expand the portfolio from 60 to 80 holdings.

Allenbridge Tax Shelter analyst Richard Allen highlights baronsmead&#39s strong, established brand within the VCT market. He says: “It has a good private equity VCT track record. The fund managers have performed well in the past, producing consistent returns. There is a dividend re-investment scheme, whereby investors may elect to have their dividends reinvested.”

Allen likes the bonus share allotment available for early subscriptions and points out that a larger fund size will yield cost efficiencies. He adds: “The baronsmead series of four VCTs gives access to larger deals through co-investment, which is not normally available to VCTs. This is an advantage in the private equity sector where syndication is common.”

Considering the drawbacks of the VCT Allen says: “The C share issue means investors may wait nearly three years before gaining access to the existing portfolio. There is no instant spread of risk as there is no access to dividends from the ordinary share portfolio in the intervening period.”

He also regards the size of the fund &#45 potentially incorporating 80 companies with total net assets valued at approximately £62 million if fully subscribed &#45 as a potential disadvantage.


Suitability to Market: Good
Investment Strategy: Good
Charges: Good
Adviser Remuneration: Good

Overall 8/10


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