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Investment Trust Insider: The best new trusts in the class of 2012
by James Carthew on Feb 12, 2013 at 00:01
There is also a long list of other managers, some of which might be listing investment companies of their own in the future. Barring the sudden discovery of a cure for all cancer (which we might all wish for but seems unlikely), Bacit is likely to be around for a long time. There are continuation votes every five years but, unless the investment performance is a total disaster, I doubt it will be wound up. This means Bacit’s investment managers can invest for the genuinely long term and it will be fascinating to see how that plays out over the coming years.
BlueCrest BlueTrend launched in March, bucking the trend in the ever shrinking investment company hedge fund sub-sector. It is a feeder fund for BlueTrend Master fund and a leveraged version of that fund. It invests in bonds, interest rates, equities, foreign exchange, and commodities and, as the name suggests, it aims to generate returns by jumping onto a trend as it develops and jumping off again before it dissipates. The target return is 15%-20% per annum; it is unfortunate therefore that from launch to the end of December 2012 BlueCrest BlueTrend only managed to generate NAV growth of 1.72%, the most disappointing period for performance from the fund for many years. Shareholders might be able to take some comfort, however, that the performance so far in January 2013 has been at least as good as for the nine months of operation in 2012.
One observation, in the midst of the debate about corporates paying UK tax: all three of these funds are domiciled in Guernsey and only one of the new issues, Ground Rents Income (which I might have a look at another time) is domiciled in the UK, and it is taking advantage of the Reit regime.
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