Downing ONE VCT
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This VCT is are not currently open for investment, but we will update this page as soon as information on new offers becomes available.
Downing ONE VCT holds a mix of growth and income-producing investments, split around 40:60. The growth portfolio includes many AIM-listed companies. The income portfolio is entirely in unquoted companies, many of which are asset-backed.
- Well-diversified VCT with around 80 investments
- Experienced and well-resourced team
- Backs talented entrepreneurs and management teams
- Aims to provide income alongside capital growth
- Target dividend of 4% of Net Asset Value per annum (not guaranteed)
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Downing LLP is a well-established manager of venture capital and EIS funds. It has three main strands to its business: quoted equity and unquoted equity. The unquoted side is then split between asset-backed and renewable investments. In total, Downing currently manages over £1.7 billion of assets.
Watch an exclusive video interview with Downing partners Jonathan Boss and Judith MacKenzie:
The VCT’s portfolio
61% of the Downing ONE VCT portfolio is income-focussed (of which all are unquoted businesses).
39% of the portfolio is in growth-focussed investments, including many AIM-listed companies.
The portfolio holds a range of businesses including hotels, wedding venues and care homes.
There is a target to pay dividends of at least 4% of Net Asset Value (NAV) per annum. The asset-backed businesses are primarily structured to generate income. Dividends are variable and not guaranteed.
Due to the higher proportion of AIM-listed businesses, the Downing ONE VCT arguably has more liquidity than most generalist VCTs, although like all VCTs it should be considered an illiquid and long term investment.
Exits within the portfolio have been fruitful over the last few years, largely down to a better banking environment, according to Downing. There has been a mix of trade buyers and management teams refinancing to purchase businesses.
Due to the large percentage of assets held in AIM listed companies, the Net Asset Value of the VCT may be more volatile than other generalist ones.
The usual risks with smaller companies exist with this VCT offer. For instance, VCT investments are illiquid and capital is at risk. Investors should not invest money they cannot afford to lose.
The value of tax relief will depend on the circumstances of the individual investor and tax rules could change in future.
Changes to VCTs were announced in the Autumn budget, which could affect the investment strategy of this VCT in future.
How to invest
There is no current share offer, but you can register your interest now to be alerted as soon as VCT offers open.
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- Target dividend
- Initial charge
- Initial saving via Wealth Club
- Net initial charge
- Annual rebate
- Funds raised / sought
- No current offer
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