Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a705633
Cancer fighting trust seeks £100m for four new managers
by Robert St George on Sep 27, 2013 at 07:56
The Battle Against Cancer Investment Trust (Bacit) has revealed its plans to raise another £100 million, having persuaded four new fund managers to sign up to its unique model.
Bacit launched in October last year, and has already grown to hold £233 million, as a listed fund of funds. The funds in which it invests – including BlackRock UK Special Situations and Majedie Asset UK Equity – do not charge any fees for their services, and each year Bacit donates 1% of its net asset value to cancer charities. Its backer include Jupiter chief investment officer John Chatfeild-Roberts.
The proceeds of the proposed share issue will go towards investments in four new funds, which Bacit argued ‘should complement the existing portfolio and which should provide the company with exposure to geographic areas and asset classes which have hitherto not formed part of its portfolio’.
The proposed additions to the Bacit portfolio are Salt Rock Capital Partners, Hall Commodities, Portland Hill Capital, and Lancashire Holdings.
Salt Rock is owned and managed by Mark Painting, and runs a global macro strategy focused on North America and Northern Europe. Bacit expected the fund to generate returns from interest rates, foreign exchange and ‘the opportunities created by the unwinding of quantitative easing on both sides of the Atlantic’.
Hall Commodities, owned and managed by Tony Hall and Arno Pilz, will offer exposure to oil and metals trading, with Bacit commending its exposure to ‘the opportunities created by the shale revolution, the evolving Arab Spring, and the rebalancing of the Chinese economy’.
Meanwhile Portland Hill, owned and managed by Thierry Lucas, is a long/short investor in European equities, with an emphasis on event-driven situations. Bacit explained that this would play on the European recovery ‘without necessarily increasing the company’s long bias’.
Lancashire Holdings, founded by Richard Brindle and with Darren Redhead as a portfolio manager, is an insurance investor that Bacit tipped for ‘attractive risk-adjusted returns from an asset class minimally correlated to any other’.
Between its debut and 31 July, Bacit returned 15% compared with 19% from the FTSE All Share.
News sponsored by:
The Citywire guide to investment trusts
Investment trusts have proved to be a highly effective way to invest in the market. Citywire has interviewed the experts to find out more.
Today's top headlines
More about this:
Look up the funds
Look up the investment trusts
Look up the fund managers
On the road
J.P. Morgan Elect on investment growth, income and cash. More information on J.P. Morgan investment trusts.
on Dec 06, 2013 at 14:28