Active Capital Trust

A focused portfolio of UK microcaps undergoing change.

  • 0.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 2.01%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 2.40%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

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    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Fund data last updated 08 March 2006

This is winding up and is progressively returning capital to investors over time. This trust invests mainly in microcaps quoted on AiM. The investment policy and gearing mean that the asset value can be expected to be volatile. The board recently passed a resolution to extend the life of the company to May 2012. The management team is incentivised to return more than 222.5p in cash to shareholders by this date.

Fund summary

Sector
Structure X-INVESTMENT TRUST
Launched
Size £0m
Yield 0.00%
Charging basis
Dividends paid

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 2.01%
Ongoing charges figure 2.40%

Allocation

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Investment process

This trust was formed following the merger of Aim Trust and 3PC in July 2003. The objective is to provide shareholders with medium to long term capital growth, by investing in a portfolio of predominately UK smaller companies, which have the potential to increase their value either by delivering on a growth business plan (emerging companies) or by structural, corporate or shareholder change (mature companies). Investee companies will usually be capitalised below £100 million.

Manager research

Average monthly relative returns

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  • 19/20 0.00%

Bestinvest MRI

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  • Career 0.00%
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Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

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About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 May 2012

36.2% Aortech International
25.5% Cambridge Sensors
18.8% I S Solutions Plc
17.7% Quindell Portfolio Plc
Source: Trustnet

Sector breakdown

Health Care 62.00%
Technology 19.00%
Financials 18.00%
Consumer Goods 5.00%

Portfolio

The majority of the portfolio is invested in AIM stocks (c55%) with the balance in FTSE Small Cap, unquoted stock (c10%) and cash. There are approximately 100 holdings and no single investment will represent more than 5% of total assets at time of purchase.

Key Investor Information

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