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VCTs urged to open up on NAVs and holdings

Venture capital trust pundit Martin Churchill is calling on VCT managers to standardise their performance reporting in a bid to boost clarity across the sector.

Churchill, who runs the IFA information service Tax Efficient Review, says current performance reporting is erratic and often as infrequent as bi-annual.

He would like to see VCT managers produce regular reporting of net asset values and disclosure of holdings so investors can have a clear view of how their investments have performed.

Currently, VCTs are only obliged to announce their NAVs twice a year, and are under no obligation to produce complete lists of holdings. Many simply produce details of their top 10 holdings.

Churchill says: “Our website is the only site to contain more detail on the performance of existing VCTs than just a rate of return. It has become clear as we collated the information that investors are ill-served by the lack of industry standards for the reporting of net asset value and disclosing investments held.

Some VCTs reported net asset value on a six-monthly basis only and some disclosed only their top 10 holdings. We are calling on the boards of all VCTs to report their net asset value and a complete list of holdings quarterly.”

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