VCT News
ProVen Growth & Income VCT is AIC's Top Performing VCT - 2006
30 January 2007 - London - The Association of Investment Companies (AIC) has named ProVen Growth & Income VCT as its top performing VCT member in 2006.
According to the AIC, Proven Growth & Income VCT generated a return of 42% over the year to 31 December 20061. The AIC currently has 73 VCT members, which is around 80% of the UK VCT market by assets.
ProVen Growth & Income VCT, managed by Beringea Ltd, was launched in February 2001. After a strong performance over its first five years, ProVen Growth & Income raised a further £25m through a 'C' share offer in 2006. The offer was well received in the VCT marketplace and was fully subscribed ahead of schedule.
The fund recently paid out a 50p special dividend to Ordinary shareholders, bringing the total dividends paid since launch on the Ordinary shares to 68.9p.
ProVen Growth & Income VCT invests alongside Beringea's other venture capital trust, ProVen VCT. Both are generalist funds, although they can invest up to 25% of the portfolio in media companies – an area in which Beringea has specialist expertise.
Fund manager Stuart Veale commented that the AIC's findings were consistent with the VCT's longer-term performance. 'ProVen Growth & Income VCT is the top performing fund of its launch year, and the second highest performing VCT with a track record of three years or more, based on IRR since launch , according to Tax Efficient Review2.
For those interested in investing in the ProVen VCTs, ProVen Growth & Income VCT is closed for investment, however ProVen VCT launched a £15m 'C' Share Offer in November. The fund has already raised £5m and is expected to be fully subscribed before the end of the current tax year. This 'C' share offer has been rated highly by the independent VCT commentators, Tax Efficient Review (TER) and Tax Shelter Report (TSR), with TER giving it the best ranking for a generalist VCT2, and TSR giving it a AA+ rating3.
The AIC promotes high standards within the investment company industry and publishes guides and industry information for boards and their advisers on emerging issues and trends.
For more information on the ProVen VCTs, please visit www.provenvcts.com, or contract Beringea Sales Director Jeff Cornish on 020 7845 7820.
1.Performance figures are mid market share price with net income reinvested and a 3.5% deduction for charges, stamp duty and market spread. Discrete performance figures - share price total return on £100 lump sum:
| Performance From | 31/12/05 | 31/12/04 | 31/12/03 | 31/12/02 | 31/12/01 |
|---|---|---|---|---|---|
| Performance To | 31/12/06 | 31/12/05 | 31/12/04 | 31/12/03 | 31/12/02 |
| Duration Years | 1 | 1 | 1 | 1 | 1 |
| ProVen Growth and Income VCT | 141.68 | 113.63 | 125.74 | 77.2 | 98.83 |
(Source : Produced by AIC using Fundamental Data)
2. Tax Efficient Review (www.taxefficientreview.com)
3. Allenbridge (www.taxshelterreport.co.uk)
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.