Review: Puma VCT 13

Archived article

Archived article: please remember tax and investment rules and circumstances can change over time. This article reflects our views at the time of publication.

One of 14 Puma VCTs that have been established since 2005, Puma VCT 13 launched in 2017 as a limited life VCT and has now moved to an evergreen structure. 

The VCT’s £18.9 million net assets are held in nine unquoted investments and a small portfolio of listed main-market UK equities. 

In the last 12 months the VCT has achieved a 23% growth in its NAV per share – past performance is not a guide to the future. 

Managed by Puma’s private equity arm 

Puma Investments has invested in UK SMEs through VCT and EIS since 2005: over £235 million into 65 qualifying companies, with 33 full exits – past performance is not a guide to the future. 

Rupert West is lead manager. Justin Waine, manager of Puma’s AIM IHT portfolio, is responsible for managing the VCT’s listed equity portfolio.

This review first appeared in our investment newsletter published on 16 February 2021. It is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value, so you could get back less than you invest.

Scale-up investment strategy 

Puma VCT 13 targets scale-up opportunities: well run, established, companies with £3-£15 million revenues and limited external debt. Puma’s established network is expected to provide the pipeline. The investment team also anticipates deal flow from strong growth businesses short of cash due to Covid-19.


The portfolio includes nine companies ranging from disruptive direct cremation provider Pure Cremation to influencer marketing platform Influencer, as wells as a microbrewery franchise and pub businesses. Puma VCT 13 expects to co-invest with Puma Alpha VCT and Puma Alpha EIS on most investments. 

Examples of coinvestment are Le Col Holdings, a premium cycling apparel brand, Dymag Group, which manufactures the world’s first high-end, carbon-fibre wheels for cars and motorbikes, and Tictrac, a fast-growing health and wellbeing platform with blue-chip customers.

Performance and dividends 

The VCT is still relatively young, so has a limited track record. The target dividend is 4-6p per share – variable and not guaranteed. Earlier dividends may be lower, potentially increasing as the investments mature. The last published NAV per share was 111.59p (Aug 2020), up from 100.33p in February 2020 as strong performance from Le Col and Pure Cremation helped offset weaker performance from the two pub companies, as uncertainty in the hospitality sector continues.

Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31 Dec 2014 – 30 Sep 2020.

What to consider next  

Visit the Puma VCT 13 offer page to download the provider documents and read more, including risks and charges. You can apply online.

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – tax-efficient investments. You should base your investment decision on the provider's documents and ensure you have read and fully understand them before investing. This review is a marketing communication. It is not advice or a personal or research recommendation to buy the investment mentioned. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.

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